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VANCOUVER, BC, Nov. 30,
2022 /CNW/ - CareSpan Health, Inc. (TSXV: CSPN)
("CareSpan" or the "Company"), the
'Clinic-in-the-Cloud' addressing the shortage in primary care and
improving the delivery of chronic and urgent care, as well as
mental health, today reported financial results for the three and
nine months ended September 30,
2022. Unless otherwise stated, all amounts are in US
dollars.
CareSpan delivered a 35% growth in patient visits and 6% growth
in revenue for in the first nine months of 2022 compared to the
same period in 2021. "The growth in revenues and patient visits is
a testament to the continued validation and strength of our
business model, our unique "Clinic-in-the-Cloud" platform, and our
team," said Rembert de Villa,
CareSpan's CEO. "We continue to be very focused on our mission to
tackle the primary care and mental health provider shortage and the
escalating cost of care through our focus on enabling quality
affordable access to underserved populations through nurse
practitioners as well clinicians in behavioral health."
- Revenues of $3.938 million for
the nine months ended September 30,
2022 was recorded compared to $3.710
million for the same period in 2021, representing an
increase of 6%.
- Operating loss for the period was $3,261,652 compared to $4,394,600 in 2021, resulting from cost
containment efforts.
- Patient visits for the nine months ended September 30, 2022 were 32,140 compared to 23,877
for the same period in 2021, a 35% increase from the same period in
2021. Due to the overall decline in Covid 19-related
reimbursements, revenue per encounter declined, offsetting volume
growth in patient visits.
- On July 1, 2022, the Company
reduced and restructured its investment in CareSpan Asia to 15%
from 50.1% to proportionately reflect a larger investment by the
regional partner/shareholder, and the Company no longer
consolidates its balance sheets and operating results.
Second Quarter 2022 Financial
Highlights
- Revenues for the third quarter ended, 2022 were $1.062 million compared to $1.398 million in the third quarter of 2021, due
to the reduction in COVID19 visits and related reimbursements.
- Operating loss was $1,357,170
compared to $982,527 in 2021 Q3, due
to non-cash items in 2022 offsetting continued cost containment
efforts.
- The Company's cash balance was $247,459 as of September
30, 2022 compared to $948,662
at December 31, 2021. Cash was used
mainly for working capital to support business operations and
growth.
Revenue Growth and Cost
Restructuring Plan
We continue to build our infrastructure, technology and
capability set for the implementation of remote patient monitoring.
According to Rembert de Villa, "We
aim to help our network providers drive and promote better health
outcomes through the combination of remote patient monitoring and
chronic care management."
While we continue to focus on growing our top line, we are
equally focused on continuing to implement the cost reduction plan
initiated in 2021. We are on track with our cost reduction
plans. "We believe that this adjustment in our cost structure is an
important step to get us on a path to achieve positive cash flow
from operations", said Leslie
Markow, Chief Financial Officer. "We have been very
deliberate in prioritizing our spend in improving areas of
technology and services that will drive revenue and improve
customer satisfaction."
Outlook
"CareSpan continues to be in a unique position to address the
shortage of primary care and the escalating cost of chronic care in
the U.S. Nurse practitioners are being recognized by more and more
states as an important solution to this problem and CareSpan is one
of the few companies to have designed its 'Clinic-in-the-Cloud'
offering to equip Nurse practitioners and other clinicians with
cost-effective, integrated digital tools necessary to deliver the
best care", said Rembert de
Villa.
About CareSpan Health,
Inc.
CareSpan Health, Inc. operates as a healthcare technology and
services company in the United
States. The company operates Clinic-in-the Cloud, a clinical
workflow driven platform that integrates remote patient monitoring,
diagnostic tools, patient's electronic health record, care
collaboration capabilities, patient engagement, e-prescribing, and
lab ordering to support in-person and virtual/telehealth care. It
also delivers primary and chronic, and urgent care, as well as
behavioral health care services through its platform.
CareSpan's vision is to enable care for the underserved
globally. In the U.S., the Company is currently focused on enabling
nurse practitioners in primary, urgent and chronic care in
healthcare shortage areas. With its partnership in Europe targets enabling care for the
fast-growing elderly population and in Southeast Asia, the focus is on leveraging the
Company's digital platform to provide better access to qualify care
for the masses.
Forward-Looking
Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. These statements include, but
are not limited to, statements regarding the implementation of the
cost reduction plan as means to achieve positive cash flow. The
Company cautions that all forward-looking statements are inherently
uncertain and that actual performance may be affected by a number
of material factors, many of which are beyond the Company's
control. Such factors include, among other things: risks and
uncertainties relating to general business, economic, competitive,
political and social uncertainties; and the delay or failure to
receive board, shareholder or regulatory approvals. Accordingly,
actual and future events, conditions and results may differ
materially from the estimates, beliefs, intentions and expectations
expressed or implied in the forward-looking information. Except as
required under applicable securities legislation, the Company
undertakes no obligation to publicly update or revise
forward-looking information.
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as
required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Related Links
https://www.carespanhealth.com
SOURCE CareSpan Health, Inc.