Alternate Health Corp. Reports Second Quarter 2017 Financial Results
Second Quarter Revenue of
Second Quarter 2017 Financial Highlights
- Q2 Revenue of
$7.2 million increased 87% compared to$3.9 million in Q1 of 2017 Revenue was Nil in Q2 of last year - Adjusted EBITDA of
$25k compared to$1.4 million in Q1 of 2017 and Nil in Q2 2016 - Net loss of
$3.6 million compared to a loss of$0.6 million in Q1 of 2017 and up from a loss of$0.1 million in Q2 of last year - Working capital of
$7.5 million compared to$10.5 million in Q1 of 2017 and$0.5 million at year end 2016 - Total assets of
$30.5 million compared to$30.9 million in Q1 of 2017 and$28.2 million from year end 2016 - The company ended the quarter with
$5.7 million in cash on hand and$0.5 million in debt
During the quarter,
Second quarter net loss of
Note –
Management Commentary
"We are very pleased with the second quarter results, especially the very significant growth in our lab business, said
Second Quarter 2017 Operational Highlights
- Reached an agreement to launch CanaCard Patient Management System in National Access Cannabis (NAC) clinics across
Canada . NAC operates ten clinics acrossCanada , with a specific focus on connecting patients with clear information on the legal treatment options available. This is a very strategic investment expected to impact the growth of our CanaCard business. - Announced strategic changes in the operational structure of its wholly-owned clinical laboratory,
Alternate Health Laboratory, Inc. ("AHL") to maximize profitability while also positioning AHL to service a potentially larger base then currently available. AHL will be transitioning from a reference laboratory servicing hospital client to a full-service clinical laboratory providing toxicology, blood, and pharmacogenetics testing on samples sent directly to AHL by physicians and other healthcare providers. - Entered into an agreement to acquire the Neubauer Hyperbaric Neurological Center in
Florida to be used to facilitate ongoing research and the study of CBD and. Hyperbaric Oxygen Treatment.
Second Quarter 2017 Corporate Financial Summary |
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$ in Millions, except per share data or otherwise noted |
2017 |
Second Quarter |
First Half |
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Q1 |
2017 |
2016 |
Change |
2017 |
2016 |
Change |
|
Revenue |
|
|
$ - |
|
|
|
|
IFRS Net Loss |
( |
( |
( |
( |
( |
( |
( |
IFRS Net Loss Per Share |
( |
( |
$ - |
( |
( |
( |
( |
EBITDA(1) |
( |
( |
( |
( |
( |
( |
( |
EBITDA Margin |
(11.0%) |
(51%) |
(245%) |
194 pts |
(37%) |
(163%) |
126 pts |
Non-IFRS Adjusted Net Income (Loss)(2) |
|
|
( |
|
|
( |
|
Adjusted EBITDA(2) |
|
|
( |
|
|
( |
|
Adjusted EBITDA Margin |
35.3% |
0% |
(245%) |
245 pts |
12% |
(163%) |
175 pts |
(1) |
Adjusted earnings before interest, taxes, depreciation a amortization |
(2) |
A reconciliation of IFRS to non-IFRS adjusted results is included in this press release and our Management Discussion and Analysis dated |
About
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations, business prospects and financing plans, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward looking statements. The Company cautions that the EBITDA and adjusted Net Income figures reported in this new release do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.
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