Agility Health Reports First Quarter 2017 Financial Results
(firmenpresse) - GRAND RAPIDS, MICHIGAN -- (Marketwired) -- 05/30/17 -- Agility Health, Inc. (TSX VENTURE: AHI) ("Agility Health" or the "Company"), today reports its financial results for the three-month period ended March 31, 2017. All amounts are expressed in U.S. dollars unless indicated otherwise.
During the first quarter of 2017 the Company experienced revenue growth of 11.5% relative to first quarter 2016. The growth was the result of its normal operations and the acquisition of Medic Holdings Corp. ("Medic") in March 2017.
Financial and Operating Highlights for the First Quarter
(All comparative figures are for the corresponding period of the prior year)
"The acquisition of Medic was a significant transaction during the 1st quarter of 2017. Although expenses were incurred to close the acquisition, it lays the ground work for Agility to both expand its geographic footprint and grow its service line offerings," stated Pierre G. Gagnon, Agility Health's interim Chief Executive Officer. "We continue to work with our advisors to aggressively pursue strategies that will reduce the Company's cost of capital and debt. We also continue to work with our financial partners while pursuing those strategies."
Selected Financial Information
Condensed Interim Consolidated Statements of Financial Position
Selected Financial Information
Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income
About Agility Health
Through its U.S. subsidiary and principal operating entity, Agility Health, LLC, Agility Health operates a multi-state network of outpatient rehabilitation clinics and provides contracted services to hospitals, nursing homes and other institutional clients, providing care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers, and a variety of other injuries and conditions. In addition, Agility Health provides a number of ancillary services related to physical rehabilitation, including practice management software systems and custom orthotics. As of January 1, 2017, Agility Health operates 84 outpatient or onsite rehabilitation locations in 14 states. Agility Health's contract therapy services business provides rehabilitative services to 36 hospitals and inpatient rehabilitation units and 37 nursing homes, long-term care facilities and other service locations in 11 states.
In Canada, Medic Holdings Corp., Agility's primary Canadian subsidiary, operates twelve (12) foot care clinics and manufactures orthotics and prosthetics.
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Non-IFRS Financial Measures
Agility Health's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The Company also uses certain non-IFRS measures, such as EBITDA, to measure its financial performance. EBITDA is defined by the Company as the addition of net loss, depreciation and amortization and financial expenses. The Company uses EBITDA for the purpose of evaluating its historical and prospective financial and operational performance. Management believes that EBITDA is a useful measure for evaluating the performance of the Company. EBITDA is not a performance measure recognized under IFRS, therefore it does not have any standardized meaning prescribed by IFRS and may not be comparable to similarly titled financial metrics reported by other companies.
Forward-Looking Information
This press release contains forward-looking statements regarding Agility Health and its business. Such statements are based on the current expectations and views of future events of Agility Health's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including the anticipated future growth of Agility Health, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumption and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Agility Health undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Wayne Cockburn
Vice President, Corporate Development
(905) 505-0770
Ray Matthews
Ray Matthews and Associates
(604) 818-7778
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Datum: 30.05.2017 - 20:30 Uhr
Sprache: Deutsch
News-ID 545290
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GRAND RAPIDS, MICHIGAN
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Healthcare
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