- CRH Medical Corporation ("CRH"), a wholly owned
subsidiary of WELL Health, through its existing subsidiary CRH
Anesthesia of Florida, LLC, has
completed two majority stake acquisitions for 70% of Destin
Anesthesia, LLC ("Destin")
and 51% of Pinellas County Anesthesia Associates, LLC
("PCAA").
- Destin's current estimated
annualized revenue run rate is approximately US$3.0M with EBITDA margins(1) of
nearly 40%, while PCAA's current estimated annualized revenue run
rate is approximately US$8.0 million
with EBITDA margins(1) of approximately 50%.
- These two accretive acquisitions mark CRH's 9th and
10th transactions, respectively, in FY2021 and increase
CRH's footprint to a total of 82 ambulatory surgical centers (ASCs)
or endoscopy centers across the United
States.
- These acquisitions also add 50 practitioners to CRH's team
which had already exceeded 800 advanced healthcare practitioners
who are all anesthesia providers.
VANCOUVER, BC, Oct. 7, 2021 /PRNewswire/ - WELL Health
Technologies Corp. (TSX: WELL) (the "Company" or
"WELL"), a company focused on positively impacting health
outcomes by leveraging technology to empower healthcare
practitioners and their patients globally announced today that it's
wholly owned subsidiary, CRH Medical Corporation ("CRH"),
has completed two accretive transactions whereby it has acquired
70% of Destin Anesthesia, LLC ("Destin") and 51% of Pinellas County
Anesthesia Associates, LLC ("PCAA").
"We are very excited to expand our anesthesia service line with
these two acquisitions. PCAA marks the largest group of
healthcare practitioners we have welcomed to the CRH family this
year," commented Jay Kreger,
President of CRH Anesthesia. "These two acquisitions mark our
9th and 10th transactions of 2021.
Joining the WELL network earlier this year has strengthened
our position as the anesthesia provider of choice for
Gastroenterologists and outpatient centers."
Destin provides anesthesia
services to an ambulatory surgical center in Destin, Florida and represents CRH's
38th transaction. The acquisition of Destin
Anesthesia is expected to be immediately accretive to CRH's
cashflows, with an estimated current annual revenue run-rate of
approximately US$3.0 million with
operating EBITDA margins(1) of nearly 40%.
The West Florida based, PCAA
provides anesthesia services to four (4) endoscopy ASCs and
represents CRH's 39th transaction. The acquisition is
expected to be immediately accretive to CRH's cashflows and
represents an estimated current annual revenue run-rate of
approximately US$8.0 million with
operating EBITDA margins(1) of approximately
50%.
Footnotes:
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|
1.
|
Earnings before
interest, taxes, depreciation, and amortization ("EBITDA")
and EBITDA Margin are each Non-GAAP measures. EBITDA should
not be construed as alternatives to net income/loss determined in
accordance with International Financial Reporting Standards
("IFRS"). EBITDA does not have any standardized meaning under IFRS
and therefore may not be comparable to similar measures presented
by other issuers. The Company believes that EBITDA is a meaningful
financial metric as it measures cash generated from operations
which the Company can use to fund working capital requirements,
service future interest and principal debt repayments and fund
future growth initiatives. For a reconciliation of EBITDA to Net
income, please refer to the Company's most recent Management
Discussion and Analysis on Sedar.com. EBITDA Margin is EBITDA as a
percentage of total revenue.
|
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed
Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL Health Technologies Corp.
WELL is a technology enabled healthcare company whose
overarching objective is to positively impact health outcomes to
empower and support healthcare practitioners and their patients.
WELL has built an innovative practitioner enablement
platform that includes comprehensive end to end practice management
tools inclusive of virtual care and digital patient engagement
capabilities as well as Electronic Medical Records (EMR), Revenue
Cycle Management (RCM) and data protection services. WELL
uses this platform to power healthcare practitioners both inside
and outside of WELL's own omni-channel patient services offerings.
As such, WELL owns and operates Canada's largest
network of outpatient medical clinics serving primary and
specialized healthcare services and is the provider of a leading
multi-national, multi-disciplinary telehealth offering. WELL
is publicly traded on the Toronto Stock Exchange under the symbol
"WELL" and is part of the TSX Composite Index. To
learn more about the Company, please
visit: www.well.company.
Forward-Looking Information
This news release may contain "Forward-Looking Information"
within the meaning of applicable Canadian securities laws,
including, without limitation: information regarding the expected
benefits of the acquisition. Forward-looking information is
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management, are inherently subject
to significant business, economic and competitive uncertainties,
and contingencies. Forward-looking information generally can
be identified by the use of forward-looking words such as "may",
"should", "will", "could", "intend", "estimate", "plan",
"anticipate", "expect", "believe" or "continue", or the negative
thereof or similar variations. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause future results, performance or achievements to be
materially different from the estimated future results, performance
or achievements expressed or implied by those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. WELL's statements expressed or implied by
these forward-looking statements are subject to a number of risks,
uncertainties, and conditions, many of which are outside of WELL 's
control, and undue reliance should not be placed on such
statements. Forward-looking statements are qualified in their
entirety by inherent risks and uncertainties, including: direct and
indirect material adverse effects from the COVID-19 pandemic;
adverse market conditions; risks inherent in the primary healthcare
sector in general; regulatory and legislative changes; that future
results may vary from historical results; inability to obtain any
requisite future financing on suitable terms; any inability to
realize the expected benefits and synergies of acquisitions; that
market competition may affect the business, results and financial
condition of WELL and other risk factors identified in documents
filed by WELL under its profile at www.sedar.com, including its
most recent Annual Information Form. Except as required by
securities law, WELL does not assume any obligation to update or
revise any forward-looking statements, whether as a result of new
information, events or otherwise.
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SOURCE WELL Health Technologies Corp.