Ethema Releases Profitable Quarterly Results

Rhea-AI Summary

Ethema Health Corporation (GRST) reported a significant improvement in financial performance in the third quarter of 2023, with a net income of $1,529,599 for the nine months ended September 30, 2023, compared to a net loss of $167,162 for the same period in 2022. The company attributes this increase to profits from the purchase and sale of its real estate leased by its ARIA subsidiary. ARIA subsidiary's EBITDA for the nine months ended September 30, 2023, was $883,603, and the Company's wholly owned subsidiary, PB Billing LLC, reported an EBITDA of $50,860. The CEO, Mr. Shawn Leon, expressed satisfaction with the significant income numbers, balance sheet improvement, and debt reduction. The company is also focused on raising new equity investment through its Reg A+ offering and new strategic partners, priced above the current market prices.

Positive

• Significant improvement in financial performance
• Positive net income for the nine months ended September 30, 2023
• Growth and record monthly high in claims billed by ARIA subsidiary
• Focus on revenue growth and debt reduction
• Efforts to raise new equity investment through Reg A+ offering and new strategic partners

Negative

• None.

WEST PALM BEACH, FL, Nov. 22, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Ethema Health Corporation (OTCPINK: GRST) (“Ethema” “GRST” or the “Company”) filed the third quarter 2023 10-Q on November 20, 2023 for the period ended September 30, 2023.  The Company’s Net Income for the nine months ended September 30, 2023 was $1,529,599 compared to a Net Loss of $167,162 for the nine months ended September 30, 2022.  The Net Income for the three months ended September 30, 2023 was $2,076,049 compared to a Net Income of $288,748 for the three months ended September 30, 2022.  The large increase was largely due to profit made on the purchase and sale of the Company’s real estate leased by its ARIA subsidiary.  The ARIA subsidiary continued its growth and reports that its EBITDA for the nine months ended September 30, 2023 was $883,603 and the EBITDA for the Company’s wholly owned subsidiary, PB Billing LLC was $50,860.00 for the nine months ended September 30, 2023.  

Mr. Shawn Leon, Company CEO, reported, “We are pleased to report tremendous income numbers in this quarter, along with a huge improvement to the balance sheet, with the elimination of so much debt.  The great results continued in October and claims billed set another record monthly high for ARIA.  We have delivered on our commitment to grow revenue and cut debt and expect to continue to deliver on these two fronts.”

The Company is working on raising new equity investment through both its Reg A+ offering and new strategic partners.  These prospective financings are priced well above the current market prices.  

About Ethema Health Corporation
Ethema Health Corporation (OTCPINK: GRST) operates in the behavioral healthcare space specifically in the treatment of substance use disorders. Ethema developed a unique style of treatment over the last decade and has had much success with in-patient treatment for adults. Ethema will continue to develop world class programs and techniques for North America.  For more information you can visit our website at www.ethemahealth.com. 

Notice Regarding Forward-Looking Statements
The information contained herein includes forward-looking statements.  These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.  You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements.  Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity.  We assume 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.

For information please contact:
Ethema Health Corporation
shawn@ethemahealth.com     
Text to 416-500-0020
Twitter @healthethema

What is the net income for Ethema Health Corporation in the third quarter of 2023?

The net income for the nine months ended September 30, 2023, was $1,529,599, compared to a net loss of $167,162 for the same period in 2022.

What are the EBITDA figures for ARIA and PB Billing LLC for the nine months ended September 30, 2023?

ARIA's EBITDA for the nine months ended September 30, 2023, was $883,603, and PB Billing LLC reported an EBITDA of $50,860.

What is the focus of Ethema Health Corporation's CEO, Mr. Shawn Leon, in the third quarter of 2023?

Mr. Shawn Leon expressed satisfaction with the significant income numbers, balance sheet improvement, and debt reduction. The company is also focused on raising new equity investment through its Reg A+ offering and new strategic partners.

How is Ethema Health Corporation planning to raise new equity investment?

The company is focused on raising new equity investment through its Reg A+ offering and new strategic partners, priced above the current market prices.