- Skylight Health is an American health services and technology company that provides multidisciplinary care to more than 135,000 patients in 15 states.
- In 2020, the company announced 5 new clinical acquisitions representing 4 new U.S. markets, more than 50,000 new patients, and adds aggregate annualized revenue of approximately $ 13 million and EBITDA of $ 2.5 million.
- The company validated its strategic clinical acquisitions model at 3-7x EBITDA with aggressive organic growth plans through existing primary care and sub-specialty services
- In 2020, the Company completed 3 financings, including 2 purchased purchases, raising more than $ 22 million with the participation of more than 11 institutions in Canada and the United States.
- The company is leaving 2020 without long-term debt and with a strong cash balance to execute towards a robust and growing acquisition pipeline.
- Skylight Health has received conditional approval to list on the TSX Venture Exchange and expects to begin trading in early January 2021 under the symbol “SHG.V”.
- In the United States, the company began trading under the new OTCQX symbol “SHGFF” in December, switching from OTCQB.
TORONTO, December 31, 2020 (GLOBE NEWSWIRE) – Skylight Health Group Inc (CSE: SHG; OTCQX: SHGFF) (“SHG” or the “Company”), one of the largest multi-specialty healthcare systems in the States -Unis, is pleased to provide shareholders with a 12-month overview of revenue acceleration and profitability in 2020.
The US healthcare market represents a trillion dollar opportunity poised to be disrupted. Skylight has a hybrid approach to healthcare delivery. In-clinic services to meet the needs of patients when standards of care require the physical presence of a health care provider; and virtual telemedicine to support patients who may not need to travel or need more exposure while receiving the same quality of care in the comfort of their homes. With a multidisciplinary approach, the company brings together primary care, subspecialty, related health and wellness, and laboratory / diagnostic services under one roof.
Skylight is pursuing an organic growth strategy on the back of a growth by acquisition model. Acquisitions are attractively priced between 3 and 7 times EBITDA or, in some cases, less than 1 times turnover. The Company has already demonstrated its ability to target, qualify and acquire with more than 5 trades in the last 60 days. At any given time, there are over 200 potential acquisition opportunities in the market across the United States that are considered an ideal complement to Skylight Health. The Company believes that this path to growth will continue to translate into growth opportunities that enhance its core clinical offerings and add immediate revenue and positive EBITDA.
Along with each acquisition, the company uses a proven multidisciplinary platform backed by more than 25 years of clinical management expertise led by the founder, to enhance the existing clinical revenue base and expand the offerings available in each clinic. The company’s network of clinics will provide primary care services. Additional services will be based on each population defined in each region and will complement the health needs of patients.
The Company also operates a disruptive subscription-based telemedicine offering for uninsured / underinsured patients at US $ 199 / year that provides access to over 40 million Americans who cannot access health care in because of the high cost barrier.
As the company looks forward to 2021, the roadmap will be to execute against its three-pronged growth model, which includes growth through strategic acquisition, organic growth within each clinical practice, and expansion. of its subscription-based service.
Prad Sekar, CEO of Skylight Health, said: “2020 has been a year of transformation for the company. The positivity of Adjusted EBITDA, strengthening our balance sheet with cash and extinguishing long-term debt, and the addition of strong revenue growth and profitability at the exit of 2020 should help us to inspire all at Skylight and among our shareholders and other stakeholders to feel proud and excited for the year ahead. We certainly look forward to building on this momentum and further strengthening our position in the US market for 2021. We thank all of our stakeholders for their continued support. Best wishes and Happy New Year! “
About Skylight Health Group
Skylight Health Group (CSE: SHG; OTCQX: SHGFF) is a health services and technology company that works to positively impact the health of patients. The Company operates a US multi-state health network which includes physical multidisciplinary medical clinics offering a range of services ranging from primary care, subspecialties, allied health and laboratory / diagnostic testing. The Company owns and operates a proprietary electronic health record system that supports the delivery of patient care via telemedicine and other remote monitoring system integrations. With a patient roster of more than 120,000 patients, the company’s operations serve 15 states and continue to grow in departments and sites both organically and through strategic acquisitions.
The company primarily operates a traditional fee-for-service insurable model with Medicare, Medicaid, and other commercial payers. The Company also offers a disruptive subscription-based telemedicine service for the uninsured / underinsured population who have limited access to emergency care due to cost.
For more information, please visit www.skylighthealthgroup.com or contact:
Jonathan L. Robinson CFA
Oak Hill Financial
Use of currency, cautions and forward-looking statements
All currencies contained in this press release represent Canadian dollars, unless otherwise indicated.
Statements in this press release that are forward-looking statements are subject to various risks and uncertainties regarding specific factors disclosed here and elsewhere in the documents filed by Skylight Health with the Canadian securities regulators. When used in this press release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should” and similar expressions, are forward-looking statements. .
Forward-looking statements may include, but are not limited to, statements regarding the unaudited financial results of the company and its intended growth.
Although Skylight Health has attempted to identify material factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause actual results to differ. , performance or achievements do not match expectations, estimates. or expected, including, but not limited to: Skylight Health’s ability to execute its business strategy, continued revenue growth in line with management expectations, operating expenses continuing in line with management expectations, dependence on obtaining regulatory approvals; Skylight Health being able to find, complete and integrate target acquisitions effectively; changes in laws relating to the regulation of health care; dependence on management; additional funding requirements; competition; hamper market growth or other factors that may currently not be known to the Company.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates regarding future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Therefore, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release are made as of the date of this press release. Skylight Health disclaims any intention or obligation to update or revise this information, except as required by applicable law, and Skylight Health assumes no responsibility for disclosure relating to any other company mentioned herein.
Non-GAAP financial measures
This press release contains references to Adjusted EBITDA and Gross Margin. These financial measures are not measures that have standardized meanings prescribed by IFRS and are therefore called non-GAAP measures. Non-GAAP measures used by the Company may not be comparable to similar measures used by other companies. Adjusted EBITDA is defined as “income (loss) before interest expense, taxes, expenses related to listing on the Canadian Securities Exchange, amortization, foreign exchange and finance charges.
The Company uses these non-GAAP measures because they provide additional information on the performance of its business operations. These tools are frequently used in the business world to analyze and compare the performance of companies; however, the definition of these parameters by the Company may differ from that of other companies. Skylight Health will from time to time use certain non-GAAP financial measures to provide readers with additional information to help investors understand our financial and operating performance. Skylight Health believes that these non-GAAP measures provide readers with useful information about the Company’s operating results, improve the overall understanding of past financial performance and future prospects, and allow for greater transparency regarding key indicators used by management in its financial and operational activities. decision making.
Adjusted EBITDA excludes the effect of stock-based compensation costs and related payroll taxes, and removes substantial one-time costs related to unusual business activities. Further discussion on this can be found in the Skylight Health Management Discussion and Analysis filed on SEDAR.
These non-GAAP financial measures should be viewed as a supplement and not a substitute for the corresponding measures calculated in accordance with IFRS. See the Company’s audited financial statements for a reconciliation of non-GAAP measures.
No regulator or securities exchange has reviewed, approved, disapproved or accepts responsibility for the contents of this press release.