Leveljump Healthcare (TSXV: JUMP) today reported its fiscal 2020 financial results. The company recognized revenues of $5.45 million for the fiscal year, along with a net loss of $11.6 million.
The fourth quarter saw revenues of $1.48 million for the period ended December 31, 2020, which is down slightly from the $1.51 million recognized in the prior quarter. The company recognized a net loss of $11.7 million for the quarter, primarily a result of listing expenses of $8.8 million and a royalty buyout of $2.0 million. Adjusted EBITDA for the quarter meanwhile came in at $83,000.
For the fiscal year, the company reported revenues of $5.45 million along with adjusted EBITDA of $283,000. Net income here was again impacted by the aforementioned listing expense and royalty buyout. Revenue was up on a year over year basis from the $5.37 million recognized by the company for 2019.
Looking ahead, the company indicated that it is looking to grow its client base to increase trailing twelve month revenues to $10 million on an annualized basis while reducing operating costs and improving margins.
“In the midst of the pandemic, we had a very exciting year in terms of growth, increased revenue and going public onto the TSXV. We were able to navigate through a tough second quarter due to COVID-19 and still have increased revenue and profitability for 2020. This represents the fifth consecutive year over year revenue growth for our operations.”Mitch Geisler, CEO
Leveljump Healthcare last traded at $0.23 on the TSX Venture.
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