Pathway Health (TSX-V:PHC) said its adjusted EBITDA loss improved by 20% to C$1.3 million during the third quarter of 2022, from $1.7 million in the previous quarter, reflecting management's continued focus on streamlining operations and cash conservation measures.
Revenue came in at $2.4 million for the three months to end September 30, 2022, compared to $2.7 million for the year-ago quarter, which the firm said was a reflection of the downward trend in the Canadian medical cannabis market.
Pathway told shareholders that it hopes to offset this by focusing on specialty group markets and offering more comprehensive services to targeted markets.
READ: Pathway Health inks collaboration deal with Sunshine Drugs for medical cannabis management
Gross margins were $1.2 million versus $1.3 million in 3Q 2021, a result of the increase in products and provincially insured and non-insured physician services as a total percentage of overall revenue compared to the same prior year period, according to Pathway.
During 3Q, Pathway entered into a $3.5 million revolving line of credit to support working capital and expansion requirements and expanded services to veterans, RCMP and first responders with the acquisition of the operating assets of IRP Health Ltd. The firm also expanded its medical cannabis management system program with the addition of Sunshine Drugs family of 15 community pharmacies, bringing its collaborative agreements to over 2,000 pharmacies.
CEO Ken Yoon said the company remains committed to the goal of supporting a patient's journey to wellbeing through a comprehensive suite of services and products from both traditional and alternative sources of medicine.
“In the third quarter, we have taken another step toward achieving these goals with the acquisition of the operating assets of IRP Health Ltd, a multidisciplinary pain management and physical therapy program that will allow us to better serve at-risk patient groups such as veterans, RCMP and first responders," Yoon said in a statement.
"We are excited about the company's path forward, as it looks to continue to expand its service offerings to these patient groups in need throughout Canada and potentially international markets," added Yoon.
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 eleven 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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