Jack Nathan Health Announces Its Q4 and Year End Fiscal 2024 Financial Results

April 29, 2024
  • Revenue of $19.1 million for the year ended January 31, 2024 versus prior year of $15.5 million.
  • 24% Overall growth in revenue
  • The Company expanded to 245 locations globally (185 corporately owned and operated)

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 2024, and fiscal year ended January 31, 2024. Jack Nathan Health’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

Management Commentary

In discussing the company's performance and future prospects, Dr. Glenn Copeland, Chairman and Chief Executive Officer, emphasized: "Our partnership with Walmart continues to drive robust financial outcomes, evidenced by a stronger 24% increase in revenue year over year. As our main partner, Walmart plays a pivotal role in laying the groundwork for our future expansion. We anticipate reaping the rewards of our joint efforts as the newly opened clinics reach maturity."

Marcy Herriman, Chief Operating Officer added: “The Company has designed, constructed and opened 9 new state of the art clinics in fiscal 2024 in Canada. This was only possible due to the hard work of the team. Going forward, the Company will focus on increasing its footprint in the medical space in Canada and ramp up sales in the newly opened clinics.”

Laura Camacho, Managing Director, JNH Mexico commented: “JNH Mexico experienced a significant growth last year with a 23% increase in clinic footprint, 78% increase in revenues, and 155% increase in net income. With the opening of the first Multidisciplinary clinic and the projection to open 2 more in fiscal 2025, the Company is positioning itself to improve access to highest quality healthcare.”

Financial Highlights for the fiscal year ended January 31, 2024

Operating Results

Three months ended January 31 Year ended January 31














Operating expenses





Loss from operations





For the three months ended January 31, 2024, total revenues were $5,409,709 (January 31, 2023 - $3,685,689), an increase of $1,724,020 or 47%. For the year ended January 31, 2024, revenues were $19,144,923 (January 31, 2023 - $15,487,698), resulting in an increase of $3,657,225 or 24%. The Company saw significant growth in revenues driven from its clinic operations. The Company expects license revenues to be a smaller percentage of total revenues as clinic operations continue to grow.

Clinic operations revenues of $5,219,950 accounted for 96% of total revenues for the three months ended January 31, 2024, compared to $3,349,234 or 91% of revenues for the three months ended January 31, 2023. The clinic operations revenues during the three months ended January 31, 2024 increased due to the opening of additional clinics. For the year ended January 31, 2024, clinic operations revenues of $16,873,212 accounted for 88% of total revenues compared to $12,708,992 or 82% of revenues for the year ended January 31, 2023. Clinic operations increased by 33% compared to last year due to the expansion of the medical clinics throughout Mexico and due to the new medical services offered in Canada. As of January 31, 2024, the Company owned and operated 24 medical clinic locations inclusive of four rehab and six MedSpa locations in Canada and 155 corporate owned and operated clinics in Walmart locations across Mexico, 5 clinics inside Walmart Distribution Centers servicing Walmart Associates, and 1 Multidisciplinary clinic. 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.

Loss from operations for the year ended January 31, 2024 was $6,444,092 (2023 - $6,960,701) representing a decrease of $516,609 or 7%. The decrease in net loss was primarily due to prior year containing an impairment loss which was not present in the current year. The direct clinical costs increased at the same rate as revenues and produced the same margins year over year. All other expenses decreased slightly contributing to the overall decrease in net loss.

Balance Sheet as of January 31, 2024

  • Cash of $3.07 million (January 31, 2023 - $1.46 million)
  • Total assets of $11.19 million (January 31, 2023 - $6.45 million)
  • Total liabilities of $17.13 million (January 31, 2023 - $8.32 million)

Shares Outstanding

As of January 31, 2024, the Company had 87,099,159 common shares outstanding, 5,365,000 stock options outstanding, 8,500,000 RSUs outstanding and 502,506 DSUs outstanding.

The Company also has outstanding a secured convertible debenture in the principal amount of $8,000,000, which is held by Wal-Mart Canada Corp. (“Wal-Mart”). Subject to earlier conversion, the Debenture will mature on July 20, 2026. The principal amount outstanding under the debenture is convertible, at the option of Wal-Mart, into units of the Company at a price of $0.105 per unit. Each such unit shall consist of one common share of the Company and one warrant, with each such warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.105 until the date that is three years following the date of issue of such warrant.

For further information regarding the Company’s financial results for fiscal year ended January 31, 2024, please refer to the audited annual consolidated financial statements of the Company as at and for the 12 months ended January 31, 2024 together with the corresponding MD&A, available at www.sedarplus.ca and the JNH website https: //www. j acknathanhealth.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 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 centers, 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 centers. In Canada, the Company has 81 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec and 3 independent locations for a total of 84 clinics. There are currently 24 corporate owned and operated clinics of which 4 include Rehab services and 6 include MedSpa services. In Mexico, the Company has 155 corporate owned and operated clinics in Walmart locations, 5 Clinics inside Walmart Distribution Centers servicing Walmart Associates, and 1 Multidisciplinary clinic. During the most recent quarter, Jack Nathan Health, Mexico started operation of its first medical center in Mexico City.

For more information, visit www.jacknathanhealth.com or www.sedarplus.ca.

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; 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.

Source: Jack Nathan Medical Corp.

Jack Nathan Medical Corp., Bharat Choudhary, Chief Financial Officer, 416-637-2240

Source: Jack Nathan Medical Corp.