Carerx Corporation · TSX:CRRX
Carerx — Q4 2023 Earnings Presentation
15 slides from Carerx's earnings presentation, Mar 7, 2024
Slide 1: Q4 2023 Earnings Call
Q4 2023 Earnings Call March 7, 2024
Slide 2: Cautionary Statements
Cautionary Statements Forward Looking Statements Certain of the statements contained in this presentation are "forward looking information within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, business strategy, plans and other
Slide 3: Puneet Khanna, President & Chief Executive Officer
Puneet Khanna President & Chief Executive Officer 3
Slide 4: Q4 2023
Q4 2023 • Revenue in Q4 2023 of $91.1 million • Adjusted EBITDA in Q4 2023 of $7.5 million • Completed comprehensive refinancing of credit facilities 4
Slide 5: Andrew Mok, Chief Financial Officer
Andrew Mok Chief Financial Officer 5
Slide 6: Q4 2023 Financial Results | Revenue
Q4 2023 Financial Results | Revenue (millions) 110 • Average beds serviced of 91,465: -2.5% vs Q4 2022 100 $94.3 $93.8 $91.1 • Year-over-year revenue decline primarily the 90 result of a change in the mix of branded and 80 generic drugs dispensed during the fourth quarter 70 of 2023. This did not ne
Slide 7: Q4 2023 Financial Results | Adjusted EBITDA
Q4 2023 Financial Results | Adjusted EBITDA (millions) 10 9 8 $7.3 $7.5 $7.1 • Year-over-year and quarter-over-quarter 7 Adjusted EBITDA increase primarily the result of 6 certain efficiencies and cost savings initiatives implemented during the second half of 2023 5 4 • Adjusted EBITDA margin increa
Slide 8: Q4 2023 Financial Results | Net Income
Q4 2023 Financial Results | Net Income (millions) • Year-over-year decline in net loss driven primarily by decreases in share-based compensation expense and change in fair Q4 2022 Q3 2023 Q4 2023 value of contingent consideration liabilities, in 5 addition to the impact of certain cost savings initi
Slide 9: Comprehensive Debt Refinancing Transaction
Comprehensive Debt Refinancing Transaction • Completed comprehensive $70 million debt refinancing transaction in December 2023 with a syndicate of lenders led by a Canadian Schedule 1 chartered bank • Legacy term loan, subordinated debt facility and March 2019 convertible debentures repaid in full a
Slide 10: Balance Sheet
Balance Sheet (millions except ratio) • Quarter-over-quarter decrease in cash balance due to completion of comprehensive debt At Dec 31/23 refinancing transaction Cash $7.0 M • Total debt declined to $62.1 million from $93.4 million1 Net Debt1 $55.2 M • Improved cash flows from operations to $27.4 N
Slide 11: Puneet Khanna, President & Chief Executive Officer
Puneet Khanna President & Chief Executive Officer 11
Slide 12: Operational Optimization
Operational Optimization • Procurement initiatives and best practices to augment purchasing power • Standardized operating model and policies and procedures to enhance operational efficiencies • Expanding Lean methodology to generate data-driven decisions that increase productivity, promote continuo
Slide 13: Growth Opportunities
Growth Opportunities Organic Bed Wins • Increased penetration and broadening scope of services (e.g. Revicare, BOOMR., etc.) • Leverage scale and capabilities to provide superior pharmacy services offering • Increased focus on expansion to other congregate care settings • LTC occupancy increasing po
Slide 14: 2023 Review
2023 Review • Increased focus on driving efficiencies, improving workflows, standardization of operations • $16 million equity financing • Comprehensive debt refinancing transaction • CEO transition 14
Slide 15: Questions
Questions Visit our website at www.carerx.ca | Follow @CareRx on Twitter