Mr. Mitchell Geisler reports
LEVELJUMP ANNOUNCES Q2 2024 FINANCIAL RESULTS
Leveljump Healthcare Corp. has released its financial results for the quarter ended June 30, 2024.
Financial and operational highlights:
- Revenues from Canadian Teleradiology Services Inc. (CTS) were $4.4-million for the second quarter.
- Gross profit from CTS operations was $911,000 for the quarter.
- CTS year-over-year second quarter revenues increased by 42 per cent.
2024 Q2 (second quarter) financial results for Leveljump:
- Consolidated net income in the second quarter of 2024 was $179,316. Year-to-date net loss was $322,039.
- Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) in the second quarter of 2024 was $655,484. Year-to-date EBITDA was $757,344.
Management comments
"The second quarter was quite strong and we are now tracking over $16-million annually in revenues," said Mitchell Geisler, chief executive officer. "As our Yonge Sheppard location opens, we expect revenues to grow to over $20-million annually with gross margins of 20 per cent or more."
Non-IFRS (international financial reporting standards) financial measures
This news release contains financial terms (such as adjusted EBITDA) that are not considered in IFRS. Such financial measures, together with measures prepared in accordance with IFRS, provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the company. The company's determination of these non-IFRS measures may differ from other reporting issuers and therefore are unlikely to be comparable with similar measures presented by other companies. Further, these non-IFRS measures should not be considered in isolation or as a substitute for measures of performance or cash flows prepared in accordance with IFRS. These financial measures are included because management uses this information to analyze operating performance and liquidity.
Adjusted EBITDA and annual revenue run rate
Management believes adjusted EBITDA is a useful supplemental measure to determine the company's ability to generate cash available for working capital, capital expenditures, debt repayments, interest expense and income taxes.
EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income), and income tax expense (recovery). The company defines adjusted EBITDA as EBITDA, plus stock-based compensation expense, restructuring, fair value adjustments, listing expense and transaction costs, impairment, and finance income.
A reconciliation of adjusted EBITDA to net income (loss) is provided in the attached table.
For further details on the results, please refer to Leveljump's management's discussion and analysis and consolidated financial statements for the three months and six months ended June 30, 2024, which are available on the company's website and under the company's profile on SEDAR+.
About Leveljump Healthcare Corp.
Leveljump provides telehealth solutions to client hospitals and imaging centres through its teleradiology division, as well as in-person radiology services through its diagnostic centres. Leveljump focuses primarily on critical care for urgent and emergency patients, establishing integral relationships in the communities it serves.
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