LevelJump Announces Q3 2024 Financial Results; Provides Update on Cease Trade Order

Rhea-AI Summary

LevelJump Healthcare reported its Q3 2024 financial results, showing significant improvement. Q3 revenues reached $4.45 million, up 57% year-over-year, with gross profit of $880,194. The quarterly net loss narrowed to $(18,960) from $(1,668,916) in 2023, while EBITDA was $704,834. For the first nine months of 2024, revenues totaled $12.9 million with EBITDA of $1,365,030. The company opened a new location at Yonge Sheppard in September and is currently working to resolve a Cease Trade Order with the OSC to reinstate trading on TSX Venture Exchange.

Positive

• Revenue growth of 57% YoY in Q3 2024
• Significant reduction in net loss from $(1.67M) to $(19K) YoY
• Strong Q3 EBITDA of $704,834
• Annual revenue run rate exceeding $17 million
• Expansion with new Yonge Sheppard location

Negative

• Ongoing Cease Trade Order affecting stock trading
• Still operating at a net loss of $(749,839) for first 9 months
• Pending regulatory compliance issues with OSC

Toronto, Ontario--(Newsfile Corp. - December 2, 2024) - LevelJump Healthcare Corp. (TSXV: JUMP) ("LevelJump" or the "Company"), announced today its financial results for the quarter ended September 30, 2024.

Q3 Financial and Operational Highlights

• Revenues from operations were $4.45 million in the third quarter an increase of 57% compared to the third quarter of 2023.

• Gross profit from operations was $880,194 in the third quarter.

• Consolidated net loss in the third quarter of 2024 was $(18,960) compared to a loss of $(1,668,916) in 2023.
  
  
• EBITDA in the third quarter was $704,834.

2024 Nine Month Financial Results for LevelJump

• Revenues of $12.9 million in the first 9 months
  
  
• Year to date consolidated net loss of $(749,839), compared to a net loss of $(2,117,250) in the same period of 2023.

• Year to date EBITDA of $1,365,030.

• EBITDA for the first nine months of 2024, per share of $0.014.

Management Comments

"The third quarter was quite strong, and we are now tracking over $17 million annually in revenues", said Mitch Geisler CEO. "We are working diligently to add modalities to our centres and increase the patient volumes at our new Yonge Sheppard location, which opened in September."

Update on Cease Trade Order

Further to its new release of September 3, 2024, the Company advises that its application to revoke the FFCTO continues to be processed by the OSC. The Company has responded to an initial set of comments and is working diligently to reply to a secondary set of comments which includes finalizing the presentation of the 3^rd quarter financial statements. The Company is hopeful that it will be able to resolve all issues in the very near future and to commence the process to reinstate trading of the Company's shares on the TSX Venture Exchange.

Non-IFRS 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 to 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.

About LevelJump Healthcare

LevelJump Healthcare Corp., (TSXV: JUMP) provides telehealth solutions to client hospitals and imaging centers through its Teleradiology division, as well as in person radiology services through its Diagnostic Centres. JUMP focuses primarily on critical care for urgent and emergency patients, establishing integral relationships in the communities we serve.

ON BEHALF OF THE BOARD OF DIRECTORS OF

LEVELJUMP HEALTHCARE CORP.

Mitchell Geisler
Chief Executive Officer
info@leveljumphealthcare.com
647-340-2020

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the Company's industry. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, Canadian Teleradiology Services, Inc., their securities, or their respective financial or operating results (as applicable).

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232109

FAQ

What was LevelJump's (JMPHF) revenue growth in Q3 2024?

LevelJump's Q3 2024 revenue grew 57% year-over-year to $4.45 million.

How much did LevelJump (JMPHF) reduce its net loss in Q3 2024?

LevelJump reduced its net loss from $(1,668,916) in Q3 2023 to $(18,960) in Q3 2024.

What is the status of LevelJump's (JMPHF) Cease Trade Order in December 2024?

LevelJump is working with the OSC to resolve the Cease Trade Order, responding to secondary comments and finalizing Q3 financial statements presentation.

What was LevelJump's (JMPHF) EBITDA for the first nine months of 2024?

LevelJump's EBITDA for the first nine months of 2024 was $1,365,030.