TORONTO - Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) ('Jack Nathan Health', 'JNH' or the 'Company') announced its audited consolidated annual financial results for the fourth quarter of fiscal 2022, and fiscal year ended January 31, 2022. Jack Nathan Health's financial statements are prepared in accordance with International Financial Reporting Standards ('IFRS').
Management Commentary
Commenting on the Company's performance and outlook, Dr. Glenn Copeland, Chief Executive Officer, and Chief Medical Officer stated, 'We finished the fiscal year with strong revenues bolstered by the acquisition of five profitable medical clinics in British Columbia. We continued our progress out of the pandemic, by further expanding our footprint, scaling our operations, strengthening our digital platform, and enhancing our foundation for growth. We finished the fiscal year with 20 corporate owned medical locations in Canada as well as 2 Rehab and 5 MedSpa locations. In Mexico, we turned profitable in November 2021 and expect that to continue. We also strengthened our operational and financial infrastructure and appointed our new COO, Marcy Herriman. We now have new and stronger plans for rapid growth within Walmart stores in Canada, under a new financing arrangement recently concluded with Walmart Canada, which will continue to accelerate our goal of improving access to high quality healthcare, while enhancing the patient-practitioner experience.'
Dr. Copeland continued, 'We have endured a difficult year for healthcare globally, but we have solidified our opportunity for many new omni-channel medical clinics inside Walmart in 2022 and beyond. The Company has plans for as many as 13 new locations in 2022, with 3 already in the planning and construction phases. Our team and JNH remains highly committed to this growth plan and driving added value to our shareholders.'
David Berman, Chief Financial Officer added, 'We achieved significant growth during a very challenging year, impacted by the global pandemic and recurring restrictions and lockdowns that affected patient care and clinic operations as well as completing an internal restructuring. With all the economic and external challenges, the Company was able to establish a strong corporate owned and operated clinic footprint with significant new revenues that drive new clinic profits to the overall bottom line. Consequently, we saw tremendous growth in total Q4 revenue to over $4 million, up 461% over Q4 in the previous year. As the effects of Covid lessen in both of the countries we operate in, we anticipate clinics will continue to get busier while addressing the backlog of medical and paramedical demand and this is anticipated to drive further positive cash flow, and improved bottom-line performance.'
About Jack Nathan Medical Corp.
Jack Nathan Medical Corp., operating as Jack Nathan Health, is one of Canada's largest healthcare networks. Jack Nathan Health is an innovative healthcare company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently located inside Walmart stores.
Jack Nathan Health provides an exceptional level of patient care, made possible through patient-centric physicians, a variety of medical services, technology, and programs, designed to put patients first. Our mission is to provide everyone access to the finest quality retail medical centres, with both in-clinic physicians and digital telemedicine, so you and your loved ones can 'Live Your Best Life'.
Jack Nathan Health was established in 2006 and continues to expand its international footprint, delivering exceptional, state-of-the-art, turn-key medical centres. In Canada, the Company has 76 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. 20 clinics, 2 Rehab and 5 MedSpa are corporate owned and operated. In Mexico, the Company has 108 corporate owned and operated clinics in Walmart locations.
For more information, visit www.jacknathanhealth.com or www.sedar.com.
Certain statements contained in this press release constitute 'forward-looking information' as such term is defined in applicable Canadian securities legislation. The words 'may', 'would', 'could', 'should', 'potential', 'will', 'seek', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' and similar expressions as they relate to Jack Nathan are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties, and assumptions Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative and other judicial, regulatory, political, and competitive developments; the economic and business impact of COVID-19 and operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward- looking information, other than as required by applicable law.
Contact:
Corporate Head Office
E: info@jacknathanhealth.com
JACK NATHAN MEDICAL CORP. 
