Business
Skylight Health Group Reports Third Quarter 2022 Financial Results
Skylight Health Group Reports Third Quarter 2022 Financial Results.
About this update from Skylight Health Group Inc.
[{"type":"text","content":"\n TORONTO, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Skylight Health Group Inc. (TSXV:SLHG; OTCQX:SLHGF) (“Skylight Health” or the “Company”), a multi-state primary care management group in the United States, today announced its financial results for the third quarter ended September 30, 2022. Increased revenue to $20.8 million compared to $16.1 million in the previous quarter and 152% growth Year over Year.Net loss from continuing operations reduced by 16% from the previous quarter to $4.3 million compared to $5.2 million in the previous quarter.Adjusted EBITDA loss reduced by 27% from the previous quarter to $3.97 million compared to $5.4 million in the previous quarter.Established new Medicare Advantage (“MA”) plans in Florida with expected 2023 participation in ACO Reach with traditional Medicare members moving to full-risk.As of the date of this release on an unaudited basis, the Company has already reduced its annual cost base by over $10 million and expects further operational improvements by year end. Prad Sekar, CEO of Skylight Health, said, “We are pleased with our third quarter results, taking another major step towards achieving the goals we set for 2022. We increased our top line while reducing our costs and improving adjusted EBITDA. In Q1, we set an aggressive plan to work on operational efficiencies, right-size costs, and make material reductions on our annual cost basis. Exiting Q3, we forecast further improvement in adjusted EBITDA for Q4 as we remain committed to working towards adjusted EBITDA break-even by end of 2022. We accelerated our journey to VBC by three years through the acquisition of NMD and our partnership with CHS and are now fully equipped to grow our number of lives at risk. It is a proud moment for all of us at Skylight to continue executing in a positive direction even with the headwinds of a macro market and economy. We remain committed to our goals and are beyond excited for the quarters ahead.” Financial Highlights: Revenues for the three and nine months ended September 30, 2022 were $20.8 million and $44.6 million, respectively, compared to $8.7 million and $17.7 million, for the three and nine months ended September 30, 2021 (excluding revenue from discontinued operations of $2.8 million and $8.7 m...