Skylight Health Group Inc. (TSXV: SHG) reported on Monday its financial performance for the quarter ending June 30, 2021. The results highlighted a quarterly revenue of $10.5 million, down from Q1 2021’s revenue of $5.2 million but up from Q2 2020’s revenue of $3.7 million.
The company attributed the year-on-year revenue increase to the contribution earnings from acquired clinics. This quarter marks the first three-month period that covers revenue contributions from acquired firms Rocky Mountain and Doctors Center Inc.
With $10.2 million in operating expenses, the firm recorded an operating loss of $3.5 million. This further led to incurring a quarterly net loss of $4.2 million, down from last quarter’s loss of $2.3 million and last year’s loss of $0.8 million. The company relayed that this bottom-line figure is partially driven by $0.9 million in expenses related to its recent Nasdaq listing. The quarterly loss translates to $0.11 per share.
On the other hand, adjusted EBITDA came in at a loss of $1.5 million compared to a loss of $1.3 million last quarter and a gain of $0.4 million for the same period last year.
The company ended the quarter with a cash and cash equivalents position of $11.8 million from a balance of $20.1 million at the beginning of the year. This puts the total current assets at $19.0 million while current liabilities came in at $11.9 million.
The health tech firm also shared that it will continue to prioritize the integration of its health technology solutions to push an industry shift from a traditional fee-for-service to a value-based care model. It also expects that historic organic growth in insurable services can be a potential revenue growth source for the company in future periods.
Skylight Health Group Inc. last traded at $4.42 on the TSX Venture.
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