Pathway Health (TSX-V:PHC) Corp announced fiscal 2021 revenue of C$10.9 million, which the company said continues to hold steady despite ongoing challenges related to the coronavirus (COVID-19) pandemic.
The integrated healthcare firm, which transitioned into a public company during the past year, noted it focused on the infrastructure development of a nurse practitioner-led telemedicine service model in 2021 to extend its footprint in several provinces and improve patient access to care.
“We remain optimistic about the future of the business as we expand and leverage on our leading partnership position with some of the largest retail pharmacy companies in Canada,” Pathway Health (TSX-V:PHC) CEO Ken Yoon said in a statement.
READ: Pathway Health to acquire assets of National Cannabinoid Clinics; transaction expected to close in 2Q 2022
“We are also now actively exploring international initiatives that look to leverage our leadership position as the largest provider of medical cannabis services in the country,” Yoon added.
The company said it also recorded fourth-quarter revenue of C$2.7 million, as its gross margins improved to 55.6% from 53.1% during 3Q.
As well, Pathway noted it ended 2021 with cash of C$2.6 million as of December 31, 2021, as it continues to prudently manage resources and expenses.
It added that selling, general and administrative expenses (SG&A) were C$3.7 million and C$11.7 million, respectively, for the three and twelve months periods as the company realized higher levels of expenses in 4Q due to a $0.4 million intercompany bad debt expense and $0.5 million wage and benefit accruals.
Pathway ended fiscal 2021 with a net loss of C$8.9 million for the year.
Pathway Health (TSX-V:PHC) is an integrated healthcare company that provides products and services to patients suffering from chronic pain and related conditions.
The company owns and operates nine community-based clinics across four provinces where its team of health professionals work together to help patients through a variety of evidence-based approaches and products, including medical cannabis.
Contact Sean at sean@proactiveinvestors.com