Pathway Health (TSX-V:PHC) Corp, a chronic pain solutions and management services company, reported fiscal first-quarter revenue of C$2.5 million, compared to C$2.6 million a year ago despite more restrictive Covid-19 measures in a number of provinces.
Since the lifting of these restrictions, Pathway has seen improvements in revenue in recent months, the company said.
"During the first quarter, the company concentrated on streamlining its operations to effectively manage resources,” CEO Ken Yoon said in a statement. “We continue to review and develop our patient retention and acquisition strategies and look forward to being able to leverage these changes in future quarters.”
READ: Pathway Health sees FY2021 revenue of C$10.9M as sales hold steady amidst pandemic challenges
Pathway said it posted a net loss of $1.9 million or $0.02 per share in the three months ended March 31, 2022, compared to $1 million or $0.02 per share a year earlier. Cash on hand was $1.3 million as of March 31, compared to $2.6 million at the end of 2021. The company said it is currently discussing a draw-down debt facility with its largest shareholder.
Pathway has added two physicians to its team of specialists at Silver Pain Centre and an additional fluoroscopy suite, the company said. These additions will allow the company to offer additional treatment options for patients suffering from chronic pain.
The company also continues to expand on its partnerships with retail pharmacy companies as it launches the Medical Cannabis Management System in pharmacy locations across Canada.
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.
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