Empower Clinics Inc has reported a strong rise in third-quarter 2021 revenue as it grew its Kai Labs business, launched new clinics and acquired diabetes specialist MediSure.
The Vancouver, British Columbia-based healthcare company posted $405,707 in 3Q revenue from continuing operations, a 372% increase from the $85,960 it made in the comparable year-ago quarter.
Empower's loss from operations widened to $903,406 from $743,589 as it ramped up operations and pursued acquisitions but it reported net income from operations of $2.33 million compared to a net loss of $313,622 in 3Q 2020. This was primarily due to a non-cash gain on the fair value adjustment related to outstanding warrants resulting from movement in its share price, it added.
READ: Empower Clinics says MediSure subsidiary launches new subscription plan for Diabetes Awareness Month
"This quarter marked the start of a new chapter for the company and the Empower team," the company's chairman and CEO Steven McAuley said in a statement.
”We launched The Medi-Collective brand and clinics, expanded Kai Labs' facilities and completed the acquisition of MediSure. Each of these milestones is an intrinsic aspect of our strategic growth vision,” he added.
Following the end of the quarter, the company said its The Medi-Collective (TMC) unit expanded to five operational clinics and it announced the proposed acquisition of eight additional clinics in the Thornhill and Sudbury areas of Ontario.
The company noted that the clinics have the potential to add an aggregate of 600,000 new patients, greatly amplifying TMC’s patent database and reach.
Furthermore, it announced on October 25 that Kai Medical received approval from the Texas Department of State Health Services to commence administration of coronavirus (COVID-19) vaccinations. It plans to use its existing infrastructure from drive-up COVID-19 testing to administer vaccinations.
McAuley concluded: ”With positive year-over-year growth coming out of this quarter, we will maximize our fully operational divisions' capabilities and reach across Canada and the US. I'm encouraged by our partnerships and acquisitions progress into 4Q 2021 and look forward to the coming months."
Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, a medical device company, and world-class medical diagnostics laboratories.
Supported by an experienced leadership team, the company is aggressively growing its clinical and digital presence across North America
Contact the author at stephen.gunnion@proactiveinvestors.com