Empower Clinics (CSE: CBDT) this morning announced that one of its subsidiaries, KAI Medical Laboratory, has achieved several milestones as of late. Included within the update is the announcement that the subsidiary is currently on pace for an annual revenue run rate in excess of $10.0 million.
Milestones highlighted by the company this morning include considerable month-over-month growth being exhibited by the firm. February reportedly saw growth of 27% over that of January, with a single day seeing the processing of over 1,000 specimen units. The result of this is that the first two months have reportedly indicated this run rate of US$10.0 million on an annualized basis for the subsidiary, which is said to have “meaningful positive cash flow.”
The company this morning also announced that the firm has ordered 50,000 additional KAI Saliva PCR Test units with an aggregate value of $11.0 million as it looks to build an inventory. The announcement follows the news released in January that the firm had sold an aggregate of 25,000 units for total proceeds of $5.5 million.
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Finally, expansion work at the laboratory is expected to begin this month, which will see the total operation reportedly triple in size. The expansion is to improve operational efficiency and to meet anticipated demand from clients.
Empower Clinics last traded at $0.75 on the CSE.
Information for this briefing was found via Sedar, and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
