Skylight Health Group Inc. (TSXV: SHG) last night released its financial results for Q1 2021, recording revenues at $5.2 million, an increase of 76% compared to $2.9 million for the same quarter in 2020, and up 62% from $3.2 million in the fourth quarter of 2020. Skylight reported a net loss of $2.3 million.
The company reported a gross profit margin of 69% for the period, versus 65% for the same period in 2020, and 68% for Q4 of 2020. Gross profit was recorded at approximately $3.5 million compared to the same period in 2020 which was recorded at approximately $1.9 million.
Skylight further declared a cash balance of $15.3 million with the company’s adjusted EBITDA improving to 35% with a loss of $1.3 million, versus a loss of $2.1 million in Q4 of 2020, and a loss of $0.6 million for the same period of 2020.
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The company indicated within its outlook that it expects “higher growth in revenue” by year’s end as a result of acquisitions conducted, and “stronger EBITDA recognition.”
Skylight Health Group Inc. last traded on the TSX Venture at $6.83.
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