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Nova Leap Health Corp
Symbol NLH
Shares Issued 86,309,252
Close 2023-08-02 C$ 0.195
Market Cap C$ 16,830,304
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Nova Leap expects Q2 sales of $6.67M (U.S.); CFO quits

2023-08-02 17:25 ET - News Release

Mr. Chris Dobbin reports

NOVA LEAP HEALTH CORP. PROVIDES GUIDANCE OF RECORD ADJUSTED EBITDA FOR Q2 2023 AND CHANGE OF CFO

Nova Leap Health Corp. has made a change to its chief financial officer (CFO). The company is also providing a financial update ahead of its second quarter 2023 results expected to be released on Aug. 10, 2023.

All amounts are in United States dollars unless otherwise specified.

Q2 2023 financial update

Based on currently available information, the company is providing the following guidance for its second quarter ended June 30, 2023. The company expects:

  • An increase in quarterly revenue, an increase in quarterly gross margin percentage, record quarterly adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the United States operating segment and record quarterly consolidated adjusted EBITDA;
  • Q2 2023 revenues of $6,677,000, an increase of 4.4 per cent relative to Q1 2023 revenues;
  • A continued increase in gross margin as a percentage of revenue to 36.8 per cent;
  • Record quarterly adjusted EBITDA for the U.S. operating segment of $597,000, an increase of 90 per cent relative to Q1 2023;
  • Q2 2023 consolidated adjusted EBITDA of $386,000, an amount 4.5 times higher than Q1 2023 adjusted EBITDA of $86,025 and the best in company history;
  • Head office and operations management expenses of $1,526,000, a decrease of 6.5 per cent from Q1 2023 due to management's continued streamlining of operations.

Change in CFO

With a great deal of gratitude and respect, the company announces Lisette Hachey has resigned from the roles of CFO and corporate secretary, effective immediately, as part of a planned transition. Ms. Hachey, who has been with the company over two and half years, was appointed CFO and corporate secretary in June, 2022, and had previously held the roles of corporate controller and director of finance.

Chris LeBlanc, previously Nova Leap's director of finance, has been appointed CFO and corporate secretary, effective immediately. Mr. LeBlanc has 20 years of progressive experience, including seven years in a publicly traded company, and has a strong background in financial management, including financial reporting, budgeting, financial analysis and treasury functions.

President and CEO's comments

"I would like to thank Lisette for her work with Nova Leap during these past two and a half years," said Chris Dobbin, president and chief executive officer of Nova Leap. "We have benefited from her experience and, with the disclosure of our upcoming record results, she leaves Nova Leap on a high note. I would also like to congratulate Chris on his appointment. Chris has played an important role since joining Nova Leap over a year ago and has the necessary leadership qualities required as we continue building Nova Leap."

About Nova Leap Health Corp.

Nova Leap is an acquisitive home health care service company operating in one of the fastest-growing industries in the United States and Canada. The company performs a vital role within the continuum of care with an individual- and family-centred focus, particularly those requiring dementia care. Nova Leap achieved the No. 42 ranking on the 2021 Report on Business ranking of Canada's top-growing companies, the No. 2 ranking on the 2020 ROB ranking of Canada's top-growing companies and the No. 10 ranking in the 2019 TSX Venture 50 in the clean technology and life science sector. The company is geographically diversified with operations in 10 different U.S. states within the New England, southeastern, south-central and Midwest regions, as well as in Nova Scotia, Canada.

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