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Bloom Health Partners Inc. (CSE: BLMH) (OTCQB: BLMHF) (FSE: D840) ("Bloom" or the "Company"), a leading provider of operational health and health technology, is pleased to provide the following guidance and corporate update following the release of it's Fiscal Year 2021 financial results where the Company announced $9.8M in revenues with $2.4M in Adjusted EBITDA(1) from operations. Full report posted on www.sedar.com.
Guidance for Fiscal Year 2022
Bloom anticipates Fiscal Year 2022 Revenues of CAD $25M - $28M from continued business with new and existing clients and markets. The Company also expects positive EBITDA(1) from operations in Fiscal 2022.
Expansion in Fiscal Year 2022 and Positioning for Growth
- In November 2021, Bloom announced the opening of a new facility in Dallas, TX to expand laboratory and business operations.
- Expanded lab capacity in Atlanta, GA to meet demand for client base in the surrounding region was announced in November 2021.
- In January 2022, Bloom announced a new laboratory in New Jersey to serve a growing client base in New York, New Jersey and the surrounding region.
Clients and Growth in FY 2022
As Bloom builds it's Operational Health and Health-Tech business in 2022, the Company has a strong client list to help support it's growth. Bloom announced a state contract in November, 2021 for schools across the state of Alabama. In January, 2022, the company announced a contract for testing at schools across the state of Texas. The company continues to test for major Film/TV productions in the New York area, Atlanta and Dallas. Bloom is also providing a cloud software platform to all current clients to manage and track health services. With a strong Operational Health team, the Company is leveraging its field and clinical expertise for growth in 2022 -- bringing new types of health services to market as it expands it's client base and services.
(1) This is a non-IFRS measure. Refer to the section "Non-IFRS Financial Measures" for information on the calculation of these non-IFRS measures.
CEO Comments
"Our team has done the ground-work for our next stage of growth," said Andrew Morton, CEO of Bloom. "Our results from Fiscal Year 2021 point to good momentum into Fiscal 2022. Our contract announcements with Alabama and Texas add to our ongoing business with Film/TV productions, such as Ozark and Fortune 500 clients. All of which are a foundation for our team to deliver comprehensive Operational Health Services in new areas, such as employee health management, wellness and mental health-all backed by a secure, cloud data platform. With a focus on keeping businesses and organizations running, we're executing on our mission of 'Unstoppable is Possible' for our clients."
Non-IFRS Financial Measures
We believe that providing certain non-IFRS financial measures provide users with important information regarding the operational performance of our business. The non-IFRS financial measures used by management do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Accordingly, these measures should not be considered as a substitute or alternative for IFRS measures as determined in accordance with IFRS. By considering these measures in combination with the comparable IFRS financial measures, we believe that users are provided a better overall understanding of our business and financial performance during the relevant period than if they considered the IFRS financial measures alone.
EBITDA and Adjusted EBITDA
EBITDA is defined as earnings before interest, income taxes, depreciation, and amortization and is utilized by management to assess and evaluate the financial performance of its operations. Management believes that EBITDA improves comparability between periods by eliminating the impact of interest, income taxes, depreciation, and amortization.
Adjusted EBITDA excludes items that are not considered to be indicative of operational and financial trends either by nature or amount to provide a better overall understanding of the Company's underlying business performance. The most directly comparable GAAP measure to EBITDA and Adjusted EBITDA is net income before tax, calculated as follows:
| For the year ended September 30 | ||||||
| 2021 | 2020 | |||||
| Net income before tax | $ | 149,452 | $ | (416,109 | ) | |
| Amortization of intangibles | 679,493 | - | ||||
| Depreciation | 32,397 | - | ||||
| Interest expense | 249,181 | 2,159 | ||||
| EBITDA | 1,110,523 | (413,950 | ) | |||
| Listing expense | 1,328,871 | - | ||||
| Gain on debt settlement | (39,768 | ) | - | |||
| Adjusted EBITDA | $ | 2,399,626 | $ | (413,950 | ) | |
Disclosure on Financial Guidance
Anticipated revenue figures and EBITDA are based on modelling and estimates developed by management and updated as of January 31, 2022. These estimates are based on our Fiscal Year 2021 results, including market size, and assume only ongoing business with announced contracts with Texas and Alabama schools, as well ongoing business with Film/TV productions and existing Fortune 500 clients, as well as marginal growth in fixed costs through Fiscal Year 2022. Readers are cautioned that actual results could differ materially from these estimates based on increases in operating costs, failure to maintain regulatory licensing, inability to execute on existing contracts with schools in Texas and Alabama, failure to attract and retain qualified employees, or a reduction in customer demand.
About Bloom Health Partners Inc.
Bloom Health Partners Inc. (CSE: BLMH, OTCQB: BLMHF, FRA: D840) is a global platform for healthcare security, diagnostic testing and occupational health-tech. Our mission is to ensure that "unstoppable is possible" for businesses and their employees through innovative, customized healthcare models. Bloom offers a system for businesses and organizations that helps engage employees and creates strategies to manage health and safety. Our stable, scalable system is an integrated health-tech platform that securely manages data while delivering comprehensive workplace health and safety outcomes.
For more information: investors@bloomhealthpartners.com
On behalf of the board of directors,
Andrew Morton, Chief Executive Officer
Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in the Company's forward-looking statements include the potential that milestones may not be satisfied, acquisitions may not achieve expected benefits, financing requirements, and the other risk factors described in the Company's filings with Canadian securities regulators on www.sedar.com. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113243
