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Skylight Health Group Inc. (TSXV:SHG; OTCQX:SHGFF) announced its listing on the Nasdaq Capital Market under the ticker symbol 'SLHG' starting June 7, 2021. This strategic move aims to enhance access to investment opportunities for retail and institutional investors while improving liquidity for its common shares. The company operates a multi-state primary care network in the U.S., focusing on transitioning to a value-based care model, which emphasizes quality over volume in healthcare delivery.
Skylight Health has been selected as a clinical site for a Phase 2/3 trial evaluating ADG20, a monoclonal antibody, aimed at preventing symptomatic COVID-19. This grant-supported trial, to be conducted in Massachusetts, will enroll both existing patients and individuals from the general population. The trial, involving around 100 international sites, aims to assess ADG20's efficacy and safety in high-risk post- and pre-exposure cohorts. This milestone represents a new revenue opportunity for Skylight, enhancing its position in the healthcare sector amid ongoing COVID-19 challenges.
Skylight Health Group reported a 76% increase in revenue year-over-year for Q1 2021, reaching $5.2 million, and a 62% sequential growth from Q4 2020. Gross profit margin improved to 69% compared to 65% last year. The company closed two acquisitions, Apex and RCMA, contributing to growth. Despite a net loss of $2.7 million, adjusted EBITDA improved by 35% over the prior quarter. With a cash balance of $15.3 million, Skylight is positioned for future growth, focusing on acquiring primary care practices and transitioning to value-based care models.
Skylight Health Group Inc. announced the upcoming trading of its common shares on the Nasdaq Capital Market under the symbol SLHG, starting the week of June 7, 2021. This follows their share consolidation effective May 28, 2021. The company will maintain its listing on TSX Venture Exchange as SHG and continue trading on OTCQX as SHGFF. Skylight Health operates a multi-state primary care network, focusing on transitioning from fee-for-service to value-based care, enhancing patient outcomes and financial performance.