Empower Clinics Inc reported a massive jump in revenue during its second-quarter 2021, driven by its Kai Medical acquisition and its coronavirus (COVID-19) testing services.
The healthcare company posted C$861,826 in 2Q revenue, a 1,005% increase from the C$85,775 it put up in the comparable year-ago quarter.
Empower’s net loss also narrows to C$412,209 or $0.00 per share over the $501,419 figure it saw in 2Q 2020.
READ: Empower Clinics and Pharmasave enter pilot program to supply Kai Testing Solutions to independent pharmacies
The firm’s cash balance also increased sequentially compared to 1Q 2021, leaving it with C$5.2 million in the bank at the end of June 2021.
In addition, Empower said it paid off its $2 million debt on its balance sheet.
Vancouver-based Empower, which is one of the largest operators of medical health and wellness centers in the US, acquired Kai with its 8,000-square-foot medical lab and covered drive-up testing center on October 6, 2020. Empower has been able to expand the impact of its integrated health model via a successful pivot towards the COVID-19 testing space through Kai Medical Laboratory.
"Our second quarter was one of robust corporate development as we continue to execute our strategic growth vision while prioritizing the overall fiscal health of Empower Clinics," said Steven McAuley, Empower’s CEO, in a statement accompanying the results.
"By discontinuing certain operations in 2Q, we paved the way for explosive growth across the company.”
McAuley told investors that the company is excited about the R&D product development opportunities and increased testing available in Canada and the US through the Kai Medical Laboratories expansion.
“We remain diligent on the progress of our Canadian clinic expansions and the distribution of MediSure devices. The entire Empower team is excited for the future."
Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, and world-class medical diagnostics laboratories.
Contact Angela at angela@proactiveinvestors.com
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