Premier Health Reports 2025 First Quarter Results

About this update from Premier Health Of America Inc

[{"type":"text","content":"Premier Health Reports 2025 First Quarter Results\n\n\n\n MONTRÉAL, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Premier Health of America Inc. (TSXV:\n \n PHA\n \n ) (the “\n \n Corporation\n \n ”), a leading Canadian Healthtech company, announces it has filed its unaudited Quarterly Consolidated Financial Statements and MD&A for its first quarter ended on December 31\n \n st\n \n , 2024.\n \n\n\n\n\n\n\n\n\n\n\n\n\n Highlights\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n (in thousands of Canadian dollars)\n \n\n\n\n Dec. 30, 2024\n \n\n\n (3 months)\n \n\n\n Dec. 30, 2023\n \n (3 months)\n \n\n\n\n\n Revenues\n \n\n\n\n 32,132\n \n\n\n\n\n 36,973\n \n\n\n\n\n\n\n Gross margin\n \n\n\n (1)\n \n\n\n\n\n 5,137\n \n\n\n\n\n 7,657\n \n\n\n\n\n\n\n Gross margin as a % of revenues\n \n\n\n\n 16.0\n \n\n\n\n %\n \n\n\n 20.1\n \n\n %\n \n\n\n\n\n Adjusted EBITDA\n \n\n\n (1)\n \n\n\n\n\n 705\n \n\n\n\n\n 2,622\n \n\n\n\n\n\n\n Net Loss\n \n\n\n\n (2,261\n \n\n\n\n )\n \n\n\n (231\n \n\n )\n \n\n\n\n\n\n\n\n\n\n (1)\n \n\n\n See the Corporation’s MD&A for details on these non-GAAP measures.\n \n\n\n\n\n\n\n\n\n\n\n Summary\n \n\n\n\n Adjusted EBITDA for the quarter was $0.7M ($2.6M for the same period in 2023), mainly driven by a decline in the Quebec market.\n \n\n Net Loss for the quarter was $2.3M (loss of $0.2M for the same period in 2023), the result of lower Adjusted EBITDA and increases in financial expenses and depreciation and amortization.\n \n\n\n The effects of the implementation of Quebec’s Bill 10 continued impacting the Per Diem segment during this quarter. As a reminder, Bill 10 imposes capped rates and a series of restrictions for using independent labor in Quebec. The Travel Nurse’s and northern communities’ services are performing to our satisfaction. Although we saw lower volume than expected in BC, we still qualify our markets outside Quebec as stable. The Per Diem business now represents around 5% of revenues and gross margins.\n \n\n The Company has continued to work on the reorganization of its Quebec operations. During Q1, it continued to reduce the workforce assigned to the Per Diem businesses. The negotiations related to the termination of office leases and the procurement of spaces large enough to combine the Quebec operations also evolved in the right directions. During Q2, the ...

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