At the moment, the multi-trillion-dollar U.S. healthcare market is in shambles. In fact, the current system is fragmented, meaning there exists a lack of coordination that often results in an inefficient allocation of resources. “Fragmentation adversely impacts quality, cost, and outcomes. Eliminating waste from unnecessary, unsafe care is crucial for improving quality and reducing costs-and making the system financially sustainable,” says The American Journal of Managed Care (AJMC). However, with primary care companies, like Skylight Health Group Inc. (TSXV:SHG)(OTCQB:CBIIF), Oak Street Health Inc. (NYSE:OSH), WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF), 1Life Healthcare Inc. (NASDAQ:ONEM), and Jack Nathan Medical Corp. (TSXV:JNH) stepping in to help, that could soon change.
Better, there’s tremendous growth among primary care companies. Look at Oak Street Health, for example. CEO Mike Pykosz just noted, “In the first quarter we generated revenue growth of 47%. Our execution was further highlighted by the opening of seven new centers, including four new markets, during the quarter. As of March 31, we operated 86 clinics across 20 markets in 13 states. Our patient growth in the first quarter demonstrated the continued demand for Oak Street Health’s innovative model in all our markets.” However, that may only be the start to substantial growth for Oak Street and the industry.
Skylight Health Obtains Conditional Approval to List on NASDAQ Under the Symbol “SLHG”
Skylight Health Group Inc. (TSXV:SHG; OTCQX: SHGFF), a multi-state primary care management group in the United States, today announced that the Company has received conditional approval from The Nasdaq Stock Market LLC ( “Nasdaq”) to list its issued and outstanding common shares on Nasdaq. Final approval of the listing is subject to the Company fulfilling any remaining conditions as required by Nasdaq. The Company expects to satisfy all of the requirements and will issue a statement once a trading date has been confirmed by Nasdaq. The Company’s common stock will continue to trade in Canada on the TSX Venture Exchange under its current symbol SHG; and until the NASDAQ listing, in the U.S. on the OTCQX under its current symbol, SHGFF.
“The anticipated listing of our stock on the Nasdaq represents a significant milestone in our growth as a publicly-traded company,” said Prad Sekar, CEO and Co-Founder of Skylight Health. “We believe this anticipated listing will increase our visibility in the marketplace, improve liquidity, broaden and diversify our shareholder base, and ultimately enhance long-term shareholder value. I would like to thank our employees, management, directors and our many collaborators for their hard work in obtaining conditional approval for Skylight Health to list on Nasdaq, an important step that will help facilitate our mission to provide primary services to Americans across the country.”
Other related developments from around the markets include:
WELL Health Technologies Corp. announced its fiscal first quarter financial results for the three months ended March 31, 2021. Hamed Shahbazi, Chairman and CEO of WELL commented, “We are very pleased with our results from Q1-2021, in which quarterly revenue increased by 150% compared to the same period last year and we surpassed C$100 million annualized revenue run-rate. During Q1 we also announced the acquisition of CRH and subsequently closed the transaction in Q2, which puts us on track for an annualized revenue run-rate approaching $300 million. CRH accelerates our revenue growth and significantly boosts our free cash flow, which will be used to make additional cash flow generating acquisitions. I am also pleased to report that CRH, now operating as a stand-alone WELL business unit, is on track to meet its business plan goals to generate over US$150M in revenues and over US$40M in free cashflow before leverage and tax costs.”
1Life Healthcare Inc. announced financial results for the first quarter. “Through our human-centered and technology-powered model, we continue to perform, innovate, and grow to delight more members with better health, better care, and lower costs,” said Amir Dan Rubin, Chair & CEO. “In Q1 we continued demonstrating significant impacts by delivering record membership additions, showcasing reductions in total cost of care, and developing new markets and health network partnerships. Today, we are pleased to announce new plans to enter Dallas-Fort Worth, Texas with Baylor Scott & White as a health network partner. In addition to our nationwide telehealth services, we will soon deliver combined telehealth plus in-person care across 22 markets, extending the reach of our model to markets covering nearly 40% of the U.S. commercially-insured population. As we continue to expand across the nation, our results demonstrate how One Medical can transform healthcare at scale.”
Jack Nathan Medical Corp. announced its unaudited financial results for the third quarter ended October 31, 2020. Jack Nathan Health’s financial statements are prepared in accordance with International Financial Reporting Standards. “We went public at the end of Q3. This represents an important milestone for our long-term growth plans in supporting patients and how they access high-quality health care within their communities, through our relationship with Walmart. We are at an inflection point with a profitable, strong, and sustainable foundation. As a result, we are poised and well financed to materially scale and drive top and bottom-line growth,” said George Barakat CEO of Jack Nathan Health. “Over the coming year we plan to execute on our five key objectives to allocate funds strategically and drive shareholder value.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Skylight Health Group Inc. by Skylight Health Group Inc. We own ZERO shares ofSkylight Health Group Inc. Please click here for full disclaimer.