Business
CB2 Insights Announces Quarterly Revenue of $2.93 million for Q1 2020. EBITDA Nears Breakeven.
CB2 Insights Announces Quarterly Revenue of $2.93 million for Q1 2020. EBITDA Nears Breakeven..
About this update from Skylight Health Group Inc.
[{"type":"text","content":"\n TORONTO, July 14, 2020 (GLOBE NEWSWIRE) -- CB2 Insights Inc. (“CB2” or the “Company”) (CSE: CBII; OTCQB: CBIIF), one of the largest integrative healthcare systems in the United States, today reported its Q1 2020 consolidated financial results for the period ended March 31, 2020. Additional information concerning the Company, including its unaudited condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the period ended March 31, 2020, can be found at www.sedar.com and on the Company’s website (www.cb2insights.com). All amounts are expressed in Canadian dollars unless otherwise noted. CB2 has continued to see growth in patient visits and registrations, while ongoing improvements to its business model and operating structure have led to reduced costs for delivery of services;The Company is weathering the COVID-19 pandemic well and operational performance has materially improved subsequent to the end of Q1 2020;The Company has begun its expansion to traditional healthcare services including urgent and primary care, insurable services focused on Medicaid and Medicare eligible patients; representing the largest proportion of healthcare spending in the US;With CAD $1.2 million in cash at the end of June 2020, the Company is well positioned and focused now on growth through a 3-pronged approach including same services, new services (direct primary care) and accretive acquisitions. Prad Sekar, Chief Executive Officer of CB2 stated “Entering into Q1 2020, we remained committed to strengthening the foundation and fundamentals of the business to help us achieve profitability by Q2 2020. Our focus was on preserving capital and ensuring continued improvements to our operating model through process optimization and proprietary technology. We saw growth in new patient visits, technology contracts and were able to quickly adjust and stabilize our business from the impact of the COVID-19 Pandemic. We are now positioned to realize accelerated growth over 2020 and 2021.” Summary of Q1 2020 Key Milestones and Consolidated Results Total revenue for Q1 2020 was $2.93 million, up from $2.8 million from the prior year;Gross profit was $1.9 million in Q1 2020 compared to $2.2 million from the year prior; a decrease of 13.6% due t...