Nova Leap Health Corp. Posts Financial Results for Third Quarter 2020 TSX Venture Exchange:NLH


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HALIFAX, Nova Scotia, Nov. 05, 2020 (GLOBE NEWSWIRE) — NOVA LEAP HEALTH CORP. (TSXV: NLH) (Nova Leap or the Firm), a 2019 TSX Enterprise 50 ranked firm centered on the house well being care trade, is happy to announce the discharge of economic outcomes for the third quarter ended September 30, 2020. All quantities are in United States {dollars} except in any other case specified.

Nova Leap Third Quarter of 2020

Highlights for the quarter ended September 30, 2020 included the next:

President & CEOs Comments

We closed out the third quarter in a solid financial position, said Chris Dobbin, President & CEO of Nova Leap. While we saw marked improvement during Q3 in a number of our U.S. agencies, including one that produced its best ever quarter under our ownership, we still have one pocket in particular that has yet to rebound from the impact of COVID. Obviously, we were very pleased with the performance of our Canadian operating segment, which produced record results.

The deep experience of our operating teams and talented staff have allowed us to navigate the current environment and our organization has demonstrated a certain resilience in meeting these challenging times. Our strategy of buying smaller companies in different geographies has been part of our success.

During the quarter, we made some investments in regional personnel in the U.S. as we expect to grow significantly over the next couple of years and certainly for many years to come. I am extremely impressed with the quality of people we have been able to attract to our organization, including those who join the Nova Leap family as owners transition their businesses to us.

We announced the closing of an Arkansas home care company toward the very end of September and announced two further New England acquisitions, one of which closed in Massachusetts at the end of October and one currently making its way through State licensing. While the pandemic still provides some uncertainty in the global markets, we believe were in a good position to continue with our acquisition program while being mindful of the events unfolding.

This news release should be read in conjunction with the unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2020, notes to the financial statements, and management’s discussion and analysis, which have been filed on SEDAR.

About Nova Leap

Nova Leap is an acquisitive home health care services company operating in one of the fastest-growing industries in the U.S. & Canada. The Company performs a vital role within the continuum of care with an individual and family centred focus, particularly those requiring dementia care. Nova Leap achieved the #10 Ranking in the 2019 TSX Venture 50 in the Clean Technology & Life Sciences sector. The Company is geographically diversified with operations in 7 different U.S. states within the New England and South- Central regions as well as Nova Scotia, Canada.

NON-GAAP MEASURES:

Earnings before interest, taxes, depreciation and amortization (EBITDA), is calculated as the net income (loss), before acquisition and transaction costs, government grant income non-cash expenses (including loss from disposal of assets, impairments, amortization and depreciation and stock-based compensation), foreign exchange gains/losses, interest expense, net of interest income and income tax expense.

Adjusted net income (loss) is net income (loss) adjusted for stock-based compensation expense, acquisition expenses, foreign exchange gains/losses, impairment losses net of the related deferred tax recovery, restructure charges, and severance and other costs as well as non-recurring government grants net of income taxes .

FORWARD LOOKING INFORMATION:

Certain information in this press release may contain forward-looking statements, such as statements regarding future expansions and cost savings, the Companys expected annualized recurring revenue run rate, plans regarding future acquisitions and financings and estimates around the amount of potential forgiveness of PPP loans. This information is based on current expectations and assumptions, including assumptions concerning general economic and market conditions, availability of working capital necessary for conducting Nova Leaps operations, and Nova Leaps ability to integrate its acquired businesses and maintain previously achieved service hour and revenue levels, that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Risks that could cause results to differ from those stated in the forward-looking statements in this release include the impact of the COVID-19 pandemic or any recurrence, including government regulations or voluntary measures limiting the Companys ability to provide care to clients (such as shelter-in-place orders, isolation or quarantine orders, distancing requirements, or closures or restricted access procedures at facilities where clients reside), increased costs associated with personal protective equipment and sanitization supplies, staff and supply shortages; regulatory changes affecting the home care industry, other unexpected increases in operating costs and competition from other service providers. All forward-looking statements, including any financial outlook or future-oriented financial information, contained in this press release are made as of the date of this release and included for the purpose of providing information about management’s current expectations and plans relating to the future. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.

CAUTIONARY STATEMENT:

Neither TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.

For additional info:

Christopher Dobbin, CPA, CA, Director, President and CEO Nova Leap Well being Corp., 
T: 902 401 9480 F: 902 482 5177 
E:



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