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Premier Well being of America Q2 income jumps with acquisition

Might 24, 2024

Premier Well being of America (TSXV: PHA), a Montreal-headquartered supplier of healthcare staffing, reported income rose 112.3% 12 months over 12 months in its fiscal second quarter ended March 31. The rise in income was pushed by its acquisition of Options Staffing in November 2023.

Although the quarter included the acquisition, Premier Well being pointed to quite a lot of one-time prices. The primary was an extra quantity of C$500,000 (US$369,102) in reference to the acquisitions and one other C$500,000 for numerous authorized charges. Gross margin was additionally impacted by a delay in activation of a brand new contract with Indigenous Companies Canada.

Premier Well being additionally famous Quebec is transferring ahead with new pricing beneath its Invoice 10. The corporate is planning to extend its market share to compensate for the anticipated decrease margins.

“Negotiations with the biggest Quebec nurses’ union are nonetheless ongoing. The principle roadblock stays the subject of flexibility requested by the federal government,” Martin Legault, CEO of Premier Well being, stated in a press launch. “The excellent news is that nurses who select to work for staffing companies like ours are largely searching for such flexibility. It’s only a query of time earlier than the general public system acknowledges we’re complementary. In the meantime, we are going to proceed our enlargement program exterior of Quebec.”

Premier Well being at present has six staffing enterprise strains:

  • Placement Premier Soin, a healthcare staffing agency serving greater than 480 healthcare organizations in Quebec. It supplies nurses, therapists and others on a brief and everlasting foundation.
  • Premier Well being Nordik, which supplies well being consulting, nursing and healthcare companies in distant communities within the northern areas of Canada.
  • Options Nursing, which was acquired in March 2021, supplies nursing employees to northern healthcare organizations in distant areas of Quebec and Nunavut.
  • Code Bleu, which supplies everlasting and short-term placement of nurses, caregivers and others in Quebec.
  • Canadian Well being Care Company, which supplies nursing companies to distant and semi-remote Indigenous communities in Ontario and Alberta.
  • Options Staffing Inc., which supplies brief and long-term healthcare assignments starting from one to 52 weeks throughout Canada.

The corporate reported that it supplied 411,657 hours of service within the three months ended March 31.

Click on to enlarge.

Share worth

Shares in Premier Well being have been down 15.0% to C$0.34 (US$0.25) as of 12:07 p.m. Japanese time in the present day. They have been 49.3% beneath their 52-week excessive.

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