Novo Integrated Sciences Announces Third Quarter 2021 Financial Results
2021年7月15日 - 5:05AM
ビジネスワイヤ(英語)
Novo Integrated Sciences, Inc. (NASDAQ:NVOS) (the “Company” or
“Novo Integrated Sciences”), a provider of multidisciplinary
primary healthcare, today reported financial results for its fiscal
third quarter period ended May 31, 2021.
Financial Highlights
- As of May 31, 2021, the Company’s cash and cash equivalents
were $8.3 million, total assets were $42.2 million, total
liabilities were $5.6 million, and stockholders’ equity was $36.6
million.
- Revenues for the three months ended May 31, 2021 were $2.38
million representing an increase of $1.342 million, or 129.3%, from
$1.038 million for the same period in 2020. The increase in revenue
is principally due to periodic easing of COVID pandemic related
restrictions which resulted in our practitioners being able to
provide more patients with additional in-person services compared
to the March 17 through June 1, 2020 period in which our
practitioners were limited to providing their services either
remotely or in-person to patients requiring emergency and essential
need treatment.
- Adjusted EBITDA for the three months ended May 31, 2021 was
$91,744.
“Even with the consequential impact of the COVID-19 global
pandemic having now challenged our business for over a year, the
Company’s total revenue from all clinic and eldercare related
contracted services for the most recent quarterly period ended May
31, 2021 has rebounded to approximately 90% of the Company’s last
fully operational, pre-COVID-19 quarterly period ended February 29,
2020,” stated Robert Mattacchione, the Company’s CEO and Board
Chairman. “While the current environment remains challenging, with
the acquisitions of both PRO-DIP LLC and Acenzia Inc. along with
recently adding proven senior leadership to the Novo family team,
we believe our financial condition is strong and we look ahead to
the remainder of 2021 with optimism and dedication to growth.”
Recent Milestones:
- On June 24, 2021, Novo Healthnet Limited, a wholly owned
subsidiary of the Company, completed the acquisition of Acenzia
Inc., a Windsor Canada based company that provides nutraceutical
health solutions through advanced bio-science research and
development, proprietary manufacturing, and personalized
diagnostics.
- On May 24, 2021, the Company completed the acquisition of
PRO-DIP, LLC (“PD”), a U.S.-based company that has developed an
innovative, patent-pending oral pouch delivery system technology
which allows for broad market applications related to nutritionally
focused products and medicinal based formulations. PRO-DIP is a
wholly owned subsidiary of the Company.
- On April 15, 2021, the Company formed a Medical Advisory Board.
The initial members of the Medical Advisory Board are Dr. Joseph M.
Chalil, Dr. Michael G. Muhonen, and Dr. Zach P. Zachariah. The goal
of the Medical Advisory Board is to provide the Company with
important insight and expertise as the Company expands its
personalized consumer engagement across all aspects of the
patient/practitioner relationship through the integration of
medical technology, advanced therapeutics, and rehabilitative
sciences.
- On April 13, 2021, the Company completed the closing pursuant
to a securities purchase agreement with certain accredited
institutional investors to purchase approximately $8.0 million of
its common stock in a registered direct offering under Form S-3 and
warrants to purchase common stock in a concurrent private
placement. The combined purchase price for one share of common
stock and one warrant was $3.35.
- On March 22, 2021, the SEC declared effective the Company’s
registration statement on Form S-3 (File No. 333- 254278) (the
“Form S-3”). The Form S-3 is a shelf registration statement
relating to (i) the offer from time to time of securities having a
maximum aggregate offering price of $75 million, and (ii) the
resale by certain selling stockholders of up to an aggregate of
597,352 shares of the Company’s common stock.
A reconciliation of the net loss for the three months ended May
31, 2021 to adjusted EBITDA is below:
Net Loss
$
(415,271
)
Interest
21,701
Depreciation
13,902
Amortization
367,600
EBITDA
(12,068
)
Stock-based compensation
103,812
Adjusted EBITDA
$
91,744
Adjusted earnings before interest, income taxes, depreciation
and amortization and before other non-operating costs and income
(“Adjusted EBITDA”) is a non-GAAP financial measure. Adjusted
EBITDA also includes stock-based compensation expense (a non-cash
expense consisting of common stock issued for services and fair
value of vested stock options). Other companies may calculate
Adjusted EBITDA differently. The Company calculates its Adjusted
EBITDA to eliminate the impact of certain items it does not
consider to be indicative of its performance and its ongoing
operations. Adjusted EBITDA is presented herein because management
believes the presentation of Adjusted EBITDA provides useful
information to the Company’s investors regarding its financial
condition and results of operations and because Adjusted EBITDA is
frequently used by securities analysts, investors and other
interested parties in the evaluation of companies in Novo
Integrated Sciences’ industry, several of which present a form of
Adjusted EBITDA when reporting their results. Adjusted EBITDA has
limitations as an analytical tool and should not be considered in
isolation or as a substitute for analysis of the Company’s results
as reported under accounting principles generally accepted in the
United States (“GAAP”). Adjusted EBITDA should not be considered as
an alternative for net income, cash flows from operating activities
and other consolidated income or cash flows statement data prepared
in accordance with GAAP or as a measure of profitability or
liquidity.
About Novo Integrated Sciences,
Inc.
Novo Integrated Sciences, Inc. owns Canadian and U.S.
subsidiaries which deliver, or intend to deliver, multidisciplinary
primary health care related services and products through the
integration of medical technology, advanced therapeutics and
rehabilitative science. Our clinicians and practitioners are not
authorized to practice primary care medicine and they are not
medically licensed to prescribe pharmaceutical based product
solutions.
We believe that “decentralizing” healthcare, through the
integration of medical technology and interconnectivity offers an
essential solution to the fundamental transformation of healthcare
delivery. Specific to non-critical care, ongoing advancements in
both medical technology and inter-connectivity are allowing for a
shift of the patient/practitioner relationship to the patient’s
home and away from on-site visits to primary medical centers with
mass-services. This acceleration of “ease-of-access” in the
patient/practitioner interaction for non-critical care diagnosis
and subsequent treatment minimizes the degradation of non-critical
health conditions to critical conditions as well as allowing for
more cost-effective healthcare distribution.
Novo Integrated Sciences’ decentralized healthcare business
model is centered on three primary pillars to best support the
transformation of non-catastrophic healthcare delivery to patients
and consumers. The first pillar is building a foundation of
traditional hands-on healthcare delivery, through small and micro
footprint sized clinic facilities, within a significant service
delivery network. The second pillar is the development,
integration, and deployment of sophisticated technology, through
interconnectivity, which expands the reach of healthcare related
service, beyond the traditional clinic location, to geographic
areas not readily providing advanced healthcare service to date,
including the patient’s home. The third pillar is the development
and distribution of effective wellness product solutions allowing
for the customization of patient preventative care remedies and
ultimately a healthier population. Additionally, the Company’s
science first approach to product innovation further emphasizes our
mandate to create and provide over-the-counter preventative and
maintenance care solutions. Innovation in science as represented by
the proprietary technology assures Novo of continued cutting edge
advancement in patient first platforms.
For more information concerning Novo Integrated Sciences, please
visit www.novointegrated.com. For more information on NHL, please
visit www.novohealthnet.com.
Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical facts
included in this press release are forward-looking statements. In
some cases, forward-looking statements can be identified by words
such as "believe," “intend,” "expect," "anticipate," "plan,"
"potential," "continue" or similar expressions. Such
forward-looking statements include risks and uncertainties, and
there are important factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. These factors, risks and uncertainties
are discussed in Novo Integrated Sciences' filings with the
Securities and Exchange Commission. Investors should not place any
undue reliance on forward-looking statements since they involve
known and unknown, uncertainties and other factors which are, in
some cases, beyond Novo Integrated Sciences' control which could,
and likely will, materially affect actual results, levels of
activity, performance or achievements. Any forward-looking
statement reflects Novo Integrated Sciences' current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to operations, results of
operations, growth strategy and liquidity. Novo Integrated Sciences
assumes no obligation to publicly update or revise these
forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in
these forward-looking statements, even if new information becomes
available in the future. The contents of any website referenced in
this press release are not incorporated by reference herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20210714005835/en/
Chris David, COO-President Novo Integrated Sciences, Inc.
chris.david@novointegrated.com (206) 617-9797
Novo Integrated Sciences (NASDAQ:NVOS)
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