Jack Nathan Health Announces Its Q4 and Year End Fiscal 2023 Financial Results

June 1, 2023
  • Fiscal 2023 Revenue of $15.5m Increased 61% over Fiscal 2022

Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) (“Jack Nathan Health”, “JNH” or the “Company”) announced today its audited consolidated annual financial results for the fourth quarter of fiscal 2023, and fiscal year ended January 31, 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 are pleased to have exceeded expectations with increasing annualized revenues to over $15m a year. We have continued investing and opening new omni-channel medical facilities, improving our economic outlook as well as improving access to state-of-the-art healthcare facilities across Canada & Mexico.”

Dr. Glenn Copeland added “The Company’s continued focus on productivity and controlling it’s operating costs over the past twelve months has resulted in continued reductions of its operating losses, while continuing to grow the top line, as evidenced by the reduced quarterly operational loss from Q3 to Q4 ($4.4m to $3.4 m) As we continue ramping up operations at the newly developed clinics, Hillside included, We expect to carry on these economies of scale forward towards profitability.”

Financial Highlights for the fiscal year Ended Jan 31, 2023

January 31, 2023 January 31, 2022
$ $




Total operating expenses



Income (loss) from operations



Other income (expense)



Net loss before income taxes



Adjusted EBITDA



Note: Please see Management Discussion and Analysis for the fiscal year ended Jan 31, 2023, for the detailed breakdown and commentary on Adjusted EBITDA(1).

For the year ended Jan 31, 2023, total revenues were $15,487,698 (2022 - $9,638,894), an increase of $5,848,804 or 61%. The Company continues its growth in revenues driven from its new clinic operations.

Clinic operations revenues of $12,708,992 accounted for 82% of total revenues for the year ended January 31, 2023, compared to $6,218,880 or 65% of revenues for the year ended January 31, 2022. The significant growth in clinic operations during the year ended January 31, 2023, compared to the same period last year, was driven by clinic operations acquisitions made in the second half of fiscal 2022 in Canada. Clinic operations revenues increased significantly due to the newly acquired Comox Valley and Bridger clinics purchased in August 2021 and November 2021, as well as due to less COVID 19 restrictions which impacted revenues last year. As of January 31, 2023, in Canada, the Company has 75 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec and 4 clinics outside Walmart. Of these, 18 medical clinics, 3 Rehab and 5 MedSpa are corporate owned and operated and 62 clinic locations are currently licensed to primarily medical as well as, dental, rehab, telemedicine, and imaging licensees. In Mexico, the Company has 131 corporate owned and operated clinics in Walmart locations, including servicing Walmart associates at 4 clinics inside Walmart’s Distribution Centres. Walmart has a total of 2400 locations in this country. 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.

For the year ended January 31, 2023, total operating expenses were $22,448,399 (January 31, 2022 - $18,107,422). The year-over-year increase was driven by the growth in Clinic Operation revenues of $6.5m noted above, that resulted in increases in several new investment areas related to clinic operations including higher associate fees for new medical services, higher clinic operation costs, higher salaries and wages and professional fees, and an increase in non-cash charges, Depreciation and Amortization. The operational increases are primarily attributable to the rapid expansion of medical clinics, medical and paramedical practitioners added, and new Rehab and MedSpa services provided.

For the year ended January 31, 2023, the Company reported a loss from operations of $6,960,701 (January 31, 2022 - $8,468,528) a decrease of $1,507,827. The overall decrease in 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.

Balance Sheet as of January 31, 2023

  • Cash of $1.5 million (January 31, 2022 - $1.1 million)
  • Total assets of $6.5 million (January 31, 2022 - $8.1 million)
  • Total liabilities of $8.3 million (January 31, 2022 - $4.1 million)

Shares Outstanding

As of January 31, 2023, the Company had 84,329,547 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 fiscal 2023, please refer to the audited financial statements for the year ended January 31, 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., Spence Walker, CFO, spence.walker@jacknathanhealth.com

Source: Jack Nathan Medical Corp.