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Nova Leap Health Corp
Symbol NLH
Shares Issued 86,309,252
Close 2024-05-09 C$ 0.26
Market Cap C$ 22,440,406
Recent Sedar Documents

Nova Leap earns $473,073 (U.S.) in Q1 2024

2024-05-09 17:06 ET - News Release

Mr. Chris Dobbin reports

NOVA LEAP HEALTH CORP. POSTS Q1 2024 RESULTS

Nova Leap Health Corp. has released its financial results for the quarter ended March 31, 2024. All amounts are in United States dollars unless otherwise specified.

Nova Leap Q1 2024 financial results

Financial results for the first quarter ended March 31, 2024, include the following:

  • Q1 2024 revenues of $6,429,721 decreased by 1.9 per cent relative to Q4 2023 revenues of $6,551,865 and were higher than Q1 2023 revenues of $6,396,076 by 0.5 per cent.
  • Q1 2024 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $361,802 was a decrease of 36.7 per cent over Q4 2023 adjusted EBITDA of $571,270 and an increase of 321 per cent over Q1 2023 adjusted EBITDA of $86,025 (see calculation of adjusted EBITDA herein).
  • Adjusted EBITDA for the 12-month period from Q2 2023 to Q1 2024 was $1,753,348.
  • Gross profit margin as a percentage of revenues remained strong at 38.0 per cent in Q1 2024. Gross profit margin percentage was 39.8 per cent in Q4 2023 and 35.2 per cent in Q1 2023.
  • The company generated income from operating activities in Q1 2024 of $186,709, an increase of $369,573 from Q1 2023 and a decrease of $131,165 from Q4 2023.
  • The company recorded net income of $473,073 in Q1 2024 as compared with a net loss of $954,657 in Q4 2023 and a net loss of $296,876 in Q1 2023.
  • The company generated cash flow from operating activities of $374,304 in Q1 2024 compared with $555,093 in Q4 2023 and $294,327 in Q1 2023.
  • The company had no bank debt repayments in Q1 2024 as all bank debt was repaid in Q4 2023.
  • The company had available cash of $1,116,762 as of March 31, 2024, as well as full access to the unutilized revolving credit facility of $1,107,011 ($1.5-million (Canadian)). The cash balance increased by $221,997 from Dec. 31, 2023.
  • On April 25, 2024, the company executed a definitive agreement to acquire the business assets of a home care services company located in Massachusetts, United States. Under the terms of the agreement, the acquisition is for total consideration of $300,000, of which $250,000 is payable with cash on closing and $50,000 by way of a promissory note repayable over a two-year period. The acquisition was completed on May 3, 2024.

President and chief executive officer's comments

"This was a steady quarter for the company as we re-engaged our acquisition program," said Chris Dobbin, president and CEO of Nova Leap. "Following the repayment of all bank debt in Q4 2023, we continued to focus on operations and building cash while entering into discussions regarding acquisition opportunities. Those discussions led to the first acquisition of 2024, the closing of which was announced on May 6, 2024.

"As the company has no bank debt and has been generating positive cash flows, we continue to examine additional acquisition opportunities."

This news release should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2024, and 2023 including the notes to the financial statements and management's discussion and analysis dated May 9, 2024, which have been filed on SEDAR+.

About Nova Leap Health Corp.

Nova Leap is an acquisitive home health care services 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 Report on Business ranking of Canada's Top Growing Companies and the No. 10 ranking in the 2019 TSX Venture 50 in the clean technology and life sciences 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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