Business
Skylight Health to Enter into 15th State with Acquisition of Tennessee Clinic with $2.2 million in Revenue and $0.4 million EBITDA
Skylight Health to Enter into 15th State with Acquisition of Tennessee Clinic with $2.2 million in Revenue and $0.4 million EBITDA.
About this update from Skylight Health Group Inc.
[{"type":"text","content":"\n Tennessee-based Perimeter Pain and Primary Care Clinic is an established medical practice servicing over 12,000 patients per year.In 2019, the clinic generated CAD 2.2 million in revenues and CAD 400,000 in net income.Forecasted annual run rate now at over $20 million combined with the last 3 announced transactions.Skylight Health will pay a total cash consideration of CAD 1.03 million for the acquisition representing a 2.6x EBITDA multiple.This transaction will be immediately accretive to the Company adding complementary services and insurable revenue to the existing primary care model across 15 States. TORONTO, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Skylight Health Group Inc (CSE:SHG; OTCQX: CBIIF) (“SHG” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to announce that it has entered into a Letter of Intent (LOI) to purchase the assets of Healthcare Resources Management LLC (“HRM”) which operates Perimeter Pain and Primary Clinic (“Perimeter”) in Cookeville, Tennessee. The planned acquisition of HRM expands the Company’s bricks and mortar and telemedicine services to 15 States and will add 12,000 new patients to its current roster of 120,000. HRM has been operating Perimeter in Cookeville for over 7 years with strong patient retention. Services to patients include primary care, chronic pain management, interventional procedures, weight management, regenerative medicine and aesthetics. Services provided by Perimeter are primarily reimbursed through insurance carriers including Medicare, Medicaid and other commercial payors. The Company expects to see continued growth in patient registrations and visits as Perimeter continues to thrive among the challenges most clinics have faced due to the recent COVID-19 pandemic. Further, the Company will work quickly to expand on the current offering of services by leveraging its current telemedicine infrastructure to provide access to patients across the state of Tennessee. Upon completion, services offered by Perimeter will apply to Skylight Health’s entire patient base. These services are immediately accretive as they allow the Company to expand complementary billable services. Patients will continue to benefit from the expansion of services in-house. The Company will benefi...