Jack Nathan Health Announces Its Q1 Fiscal 2024 Financial Results

June 26, 2023
  • The Company expanded to 206 locations globally (157 corporately owned and operated)

Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) (“Jack Nathan Health”, “JNH” or the “Company”) announced today its unaudited interim consolidated financial results for the first quarter of fiscal 2024, three months ended April 30, 2023. 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 continued to make progress seeing clinic operations revenue increase by 11.2% while reducing net losses by 38% in Q1 over same period last year.”

Dr. Copeland continued, “The Company is continually investing in growth, delivering 206 locations globally, with 75 Canadian clinics servicing a loyal customer base of 2 million. I am pleased to announce that we have strategically restructured our operations. This transformation aims to not only reduce losses but also position us for remarkable growth by expanding our medical services. With a dedicated team in place, we are well-prepared to scale these new offerings, maximizing revenue potential and further enhancing our commitment to our valued shareholders."

Mike Marchelletta, Vice Chairman added: “Walmart’s recent vote of confidence with their commitment to an $8M debenture announced on June 15th improves our working capital position and is an important catalyst for accelerated growth as the Company continues to focus on scaling growth and driving added value to all stakeholders.”

The Company is building a foundation to operate many more corporate owned clinics in the coming years with Walmart’s support.

Financial Highlights for the Three Months Ended April 30, 2023

Operating Results

Three months ended April 30



$ $



Total operating expenses



Income (loss) from operations



Other income (expense)



Net loss before income taxes



Note: Please see Management Discussion and Analysis for the three months ended April 30, 2023, for the detailed breakdown and commentary on Adjusted EBITDA (1) .

For the three months ended April 30, 2023, total revenues were $4,227,391 (2022 - $3,893,322), an increase of $334,069 or 8.6%. The Company saw significant growth in revenues driven from its clinic operations.

Clinic operations revenues of $3,496,977 accounted for 82.7% of total revenues for the three months ended April 30, 2023, compared to $3,145,191 or 80.8% of revenues for the three months ended April 30, 2022. As of April 30, 2023, the Company has expanded to 206 locations globally. the Company owned and operated 18 medical clinic locations, 3 rehab and 5 MedSpa locations in Canada and a total of 131 medical clinics in Mexico. The increase in clinic operations is aligned with the Company’s strategic plan of expanding corporate-owned and operated medical centres with strategic partner Walmart.

The loss from operations for the three months ended April 30, 2023, was $748,360 (2022 - $1,258,176) representing a decrease in operating loss of $509,816. The overall decrease in Q1 loss from operations is attributable to the specific reductions in Consulting expense and Development Costs while variable operating expenses increased as they relate to a large growth in Clinic revenues. In addition, there were non-cash charges of $485k including Share Compensation Expense, Depreciation and Amortization contributing to the loss.

Balance Sheet as of April 30, 2023

  • Cash of $1.1 million (January 31, 2023 - $1,5 million)
  • Total assets of $5.8 million (January 31, 2023 - $6.5 million)
  • Total liabilities of $8.4 million (January 31, 2023 - $8.3 million)

Shares Outstanding

As of June 26, 2023, the Company had 85,452,751 common shares outstanding, 7,375,000 stock options outstanding, 8,750,000 RSUs outstanding and 502,506 DSUs outstanding.

For further information regarding the Company’s financial results for Q1 fiscal 2024, please refer to the unaudited interim financial statements for the 3 months ended April 30, 2023 together with corresponding MD&A, available at www.sedar.com and the JNH website https://www.jacknathanhealth.com

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 75 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. 18 clinics, 3 Rehab and 5 MedSpa are corporate owned and operated. In Mexico, the Company has 131 corporate owned and operated clinics in Walmart locations and 4 Clinics inside Walmart Distribution Centres servicing Walmart Associates

For more information, visit www.jacknathanhealth.com or www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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.

(1) Adjusted EBITDA

We believe Adjusted EBITDA is a useful measure to assess the ongoing performance of our Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of our underlying business performance as well as one-time or non-recurring expenses. We define Adjusted EBITDA as EBITDA adjusted to add back or deduct, as applicable, certain expenses, costs, charges, or benefits incurred in the period, which in management’s view, are not indicative of normal operations, including: (i) non-capitalized development costs, (ii) acquisition related costs, (iii) share compensation expense, (iv) bad debt expense(recovery), (v) finance costs (income), and (vi) foreign exchange gain or loss

Non-GAAP measure: Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) and Adjusted EBITDA should not be construed as alternatives to net income (loss) determined in accordance with IFRS. EBITDA and Adjusted EBITDA do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives.

Jack Nathan Medical Corp., Mike Marchelletta, Vice Chairman, mike@jacknathanhealth.com

Source: Jack Nathan Medical Corp.