Protech Home Medical Corp. (the “Company” or “Protech”) (TSXV:PTQ; OTCQX:PTQQF), a U.S. based leader in the home medical equipment industry, focused on end-to-end respiratory care, is pleased to announce record preliminary financial results for the third quarter of 2020, ending June 30, 2020.
Preliminary Financial Results – Quarter Ended June 30, 2020
“We are extremely pleased to reach our objective of $100 million in run-rate revenue. These preliminary third quarter results signify the strength and resiliency of our underlying business, which continues to be robust,” commented Greg Crawford, CEO and Chairman of Protech. “We continued to see strong momentum across our business in the third quarter, and to date, we are seeing overwhelming industry tailwinds which bodes well for Protech over the near and longer term. Leveraging our first-rate infrastructure and strongest financial position in the history of our company, we expect to be increasingly aggressive in growing our market share through inorganic and organic growth opportunities.
As always, our employees are the heart and soul of our organization and these preliminary financial results are a direct result of their hard work and dedication. Many of our employees are on the front lines in patient-facing roles and have continued to provide exceptional service with tremendous bravery. It is these individuals that have enabled Protech to assist in reducing the strain placed on the traditional healthcare system by helping to move non-COVID-19 related patients out of the hospital system and into the home. We believe the acceleration of in-home healthcare needs across the country will continue to provide Protech with continued opportunity, and we are ready to capitalize.
Given the ongoing COVID-19 pandemic, we felt it extremely important to continue to keep our shareholders apprised with our financial performance in real time. We look forward to sharing our full financial results and commentary in August.”
Chief Financial Officer, Hardik Mehta added, “Revenue continues to accelerate at a significantly higher rate than the industry, and our Adjusted EBITDA margins are tracking higher. We are extremely confident in our ability to continue with this trajectory, and our focus on this front remains driven by process improvement and cost rationalization. With our pristine balance sheet, we feel that we have the capabilities to further accelerate our growth and will be actively seeking appropriate opportunities in the coming months.”
Protech provides home delivery and efficient online set-up of equipment for, primarily, chronic conditions. The Company operates out of 42 locations in 10 states with over 17,000 referring physicians and approximately 85,000 current active patients.
ABOUT PROTECH HOME MEDICAL
The Company provides in-home monitoring and disease management services including end-to-end respiratory solutions for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions. The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient’s services and making life easier for the patient.
For further information please visit our website at www.protechhomemedical.com, or contact:
Cole Stevens
VP of Corporate Development
Protech Home Medical Corp.
859-300-6455
cole.stevens@myphm.com
Gregory Crawford
Chief Executive Officer
Protech Home Medical Corp.
859-300-6455
investorinfo@myphm.com