Jack Nathan Health Corporate Update
Jack Nathan Health Corporate Update
TORONTO–(BUSINESS WIRE)–#Healthcareinnovation—Jack Nathan Medical Corp. (TSXV: JNH) (“Jack Nathan Health” “JNH” or the “Company”) is pleased to provide the following corporate update:
As a leading provider of medical clinics, Jack Nathan Health is dedicated to revolutionizing the healthcare experience by offering quality, accessible healthcare with a focus on patient-first experiences located in Walmart. Jack Nathan Health is effectively positioned for growth, enhanced connectivity, and community impact, with a mission to empower you and your loved ones to “Live Your Best Life.”
Jack Nathan Health is on a mission to revolutionize healthcare by providing access to patients where they traditionally had no access. We have become a trusted symbol that is recognized and respected for offering accessible and affordable, quality healthcare to under-served areas, and we are impacting communities for the better.
The following highlights offer insight as to the recent developments at Jack Nathan Health:
Mexico Expansion: Mexico’s rapid expansion of JNH clinics is now underway as announced on November 19, 2020. With 50 new clinics now in the plans for 2021, JNH has now opened 8 clinics for operations and will continue this expansion aggressively.
Writi Acquisition: Jack Nathan Health’s latest acquisition of Writi Inc. (“Writi”), accelerates JNH’s technology roadmap including bringing hospital-quality care to the long-term care homes and completing the Circle of Healthcare™. Writi has created a fast-growing virtual healthcare platform with potential for large scale success and adoption from the heavily regulated LTC industry. In a short time, they have seen impressive pickup with 15 LTC Homes and 1,598 resident beds served on their platform and have generated approximately $300,000 in revenue to date, with the majority recurring. Writi will also play a significant role in aligning and servicing our technology-based home healthcare model.
New Chief Medical Director: In December 2020, JNH announced the onboarding of Dr. Glenn Copeland as the Company’s Chief Medical Officer. Plans and actions to expand corporate clinic operations in several locations across Canada in 2021 have started, with initial locations opening soon. Dr. Copeland has extensive expertise around practice management, providing JNH with the following:
- Industry Expertise – Dr. Copeland, with his experience and proven leadership, will continue to tap his vast network and add experienced practitioners in the field as we grow corporate run clinic operations. Building our nationwide team of physicians and clinicians is well underway.
- Deployment of Capital – JNH currently has several growth and acquisition opportunities in the pipeline to achieve its plans for corporate run, practice management led by Dr. Copeland and his team. The Company expects to close on more acquisitions in the coming weeks and is well capitalized to fuel this expansion.
- Driving New Revenues – JNH is now able to leverage its network of clinics in Canada, through existing locations and those planned to expand our service offerings, giving the Company a direct and built-in roadmap for expansion into practice management and corporate run clinics.
- Standardize JNH Clinic Operations and operating Margins: As JNH actively buys existing medical and paramedical clinics within its current footprint, led by Dr. Copeland, this will allow JNH to integrate a technology backbone that improves efficiencies, level of care, patient metrics, and margins.
Technology Roadmap: JNH has invested in core technology and is building and executing on a development roadmap. Serge Cinelli, JNH CTO, is progressing towards a rollout of clinic and patient integrated services that will drive patient engagement, clinic operations and analytics to support the JNH Circle of Healthcare.TM
Telemedicine: JNH has made telemedicine a priority. We launched telemedicine in Canada with coast-to- coast physician coverage in March 2020, and weeks later it was live on Walmart.ca. Shortly after, JNH launched telemedicine across its network in Mexico and it is currently accessible for patients nationwide. A Plan is in place for the JNH telemedicine platform to be live on Walmart Mexico’s website.
Continued Investor and Public Relations and Marketing: JNH continues to focus on reaching relevant investor and public relations channels to get its news and marketing efforts to the broadest possible audience. The Company has currently allocated capital and retained investor and marketing expertise to drive this initiative.
Q3 YTD Revenue and Adjusted EBITDA growth: The Company recently announced that Revenues for the 9 months ended October 31, 2020 increased by 12.6%. Adjusted EBITDA(2) for the 9 months ended October 31, 2020 increased by 103%.
A Vision with a Plan:
“Provide combined access to Primary Care Physicians, Specialists and Lifestyle Health Care practitioners, nationally and internationally”. Growth through expansion in Walmart, new stand-alone facilities, telemedicine, and acquisitions. Creating a circular health care experience by connecting the patient community through technology for: Appointment scheduling, patient services, health and lifestyle product purchases. Physician recommended, through the Jack Nathan Health app.
Our Vision will focus on the following three pillars:
- Growth: Through acquisition and expansion
- Connectivity: By developing and leveraging technology
- Community: Delivering better patient outcomes “Live your best Life”
(1) Unaudited Results
(2) Adjusted EBITDA. Management believes Adjusted EBITDA is a useful measure to assess the ongoing performance of the Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of our underlying business performance as well as one-time or non-recurring expenses. We define Adjusted EBITDA as EBITDA adjusted to add back or deduct, as applicable, certain expenses, costs, charges, or benefits incurred in the period, which in management’s view, are not indicative of normal operations, including: (i) stock compensation expense, (ii) interest income, (iii) other income (expense), (iv) loss on investments at fair value, (v) write down on investments, and (vi) listing expenses.
Non-GAAP measure: Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and Adjusted EBITDA should not be construed as alternatives to net income (loss) determined in accordance with IFRS. EBITDA and Adjusted EBITDA do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.
For further information regarding the Company’s financial results for these periods, please refer to the Company’s interim financial statements for the period ended October 31, 2020 together with the MD&A, available on Jack Nathan Health’s issuer profile on SEDAR at www.sedar.com and the Company’s website https://www.jacknathanhealth.com/.
About Jack Nathan Medical Corp.
Jack Nathan Medical Corp., operating as Jack Nathan Health®, was established in 2006 and is one of Canada’s largest health care networks and providers of consistent, quality healthcare.
By partnering with Walmart, the world’s biggest retailer, JNH taps into an opportunity to create a consistent and quality health care experience with Global reach and Local impact, both in-person and remotely via telemedicine.
Jack Nathan Health is currently delivering state-of-the-art, turn-key medical centres in 76 Walmart locations across Canada including British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec, as well as eight locations in Mexico, with plans for Global expansion.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to Jack Nathan are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties and assumptions Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative and other judicial, regulatory, political and competitive developments; the economic and business impact of COVID-19 and operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
David Berman, CFO, email@example.com
PR & Marketing:
Jennifer Usher, VP Marketing & Communications, firstname.lastname@example.org