Bloom Health Partners Inc (CSE:BLMH, OTCQB:BLMHF) has posted unaudited second-quarter results in its fiscal year 2022 that saw its revenue jump 92.1% year-over-year as it grew its business rapidly and scaled operations efficiently.
For the three-month period ended March 31, 2022, the Vancouver-based provider of operational health and health technology reported unaudited revenue of $11.1 million, nearly double the amount reported in its fiscal second quarter of 2021.
The company has logged year-to-date revenue of $16.9 million for the first half of its fiscal year 2022.
READ: Bloom Health Partners extends Texas contract for COVID-19 testing in K-12 schools
Bloom Health reported EBITDA, or earnings before interest, taxes, depreciation, and amortization of $2.1 million.
The company’s cash on hand as of March 31, 2022, was $1.7 million with receivables of $8.7 million.
"We continue to deliver what we've committed to clients and shareholders," Bloom CEO Andrew Morton said in a statement. "Our fiscal 2Q 2022 revenue of $11.1 million and EBITDA of $2.1 million show our team's ability to grow the business rapidly and scale efficient operations. Bloom is successfully evolving into a premium provider of operational health and health-tech to Fortune 500, Film and TV productions and large organizations.”
The Bloom boss noted that large organizations see “health as a key driver for productivity.”
“Bloom's end-to-end platform, comprised of laboratories, clinical operations and data, addresses the demands of modern workplaces and organizations," Morton added.
As previously announced on February 9, 2022, Bloom expects fiscal year 2022 revenue of $25 million to $28 million from business with new and existing clients and markets. The company also said it expects positive EBITDA from operations in FY 2022.
Bloom highlighted that it has been awarded an extension of its state-wide contract for coronavirus (COVID-19) testing in Texas for K-12 schools to the end of the 2022-2023 school year.
During the quarter, Bloom also launched the Bloom Shield health-tech software platform for workplace health deployments. The software is centered around a secure platform capable of handling large amounts of health data, worker vaccination records, and up-to-date health status.
Bloom Health Partners is a global platform for healthcare security, diagnostic testing and occupational health tech. Its stable, scalable system is an integrated health-tech platform that securely manages data while delivering comprehensive workplace health and safety outcomes.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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