PROTECH HOME MEDICAL ANNOUNCES RECORD PRELIMINARY THIRD QUARTER 2020 RESULTS STRONG MOMENTUM CONTINUES AS RUN-RATE REVENUE REACHES $100 MILLION
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Cincinnati, Ohio – July 20, 2020 – Protech Home Medical Corp. (the “Company” or “Protech”) (TSXV:PTQ; OTCQX:PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce record preliminary financial results for the third quarter of 2020, ending June 30, 2020.
Preliminary Financial Results - Quarter Ended
June 30, 2020
Revenue in the
range of $25.6 million to $25.9 million
· Adjusted EBITDA in the range of $5.3 million to $5.5 million
· Gross margins similar to those achieved in the three months ended March 31, 2020
“We are extremely pleased to reach our
objective of $100 million in run-rate revenue. These
preliminary third quarter results signify the strength and resiliency of our
underlying business, which continues to be robust,” commented Greg Crawford,
CEO and Chairman of Protech. “We continued to see strong momentum across our
business in the third quarter, and to date, we are seeing overwhelming industry
tailwinds which bodes well for Protech over the near and longer term.
Leveraging our first-rate infrastructure and strongest financial position in
the history of our company, we expect to be increasingly aggressive in growing
our market share through inorganic and organic growth opportunities.
As always, our
employees are the heart and soul of our organization and these preliminary
financial results are a direct result of their hard work and dedication. Many
of our employees are on the front lines in patient-facing roles and have continued
to provide exceptional service with tremendous bravery. It is these individuals
that have enabled Protech to assist in reducing the strain placed on the
traditional healthcare system by helping to move non-COVID-19 related patients
out of the hospital system and into the home. We believe the acceleration of
in-home healthcare needs across the country will continue to provide Protech
with continued opportunity, and we are ready to capitalize.
Given the ongoing
COVID-19 pandemic, we felt it extremely important to continue to keep our
shareholders apprised with our financial performance in real time. We look
forward to sharing our full financial results and commentary in August.”
Chief Financial Officer, Hardik Mehta added, “Revenue
continues to accelerate at a significantly higher rate than the industry, and
our Adjusted EBITDA margins are tracking higher. We are extremely confident in
our ability to continue with this trajectory, and our focus on this front
remains driven by process improvement and cost rationalization. With our
pristine balance sheet, we feel that we have the capabilities to further
accelerate our growth and will be actively seeking appropriate opportunities in
the coming months.”
Protech provides home delivery and efficient online set-up of equipment
for, primarily, chronic conditions. The Company operates out of 42 locations in
10 states with over 17,000 referring physicians and approximately 85,000
current active patients.