Further, the Company has seen a growth of 25% in patient visits during the month of April compared to the same period in the prior year. Total patient visits in April 2020 were 6,756 for the month compared to 5,366 in April 2019. The Company continues to see accelerated growth in patient volume driven through national brand exposure (30+ corporate-owned clinic locations in 12 states across the US), competitive marketing and patient acquisition strategies as well as effective patient retention programs.
Additionally, the Company expects to see further growth as a result of recent laws in the US allowing for telemedicine to be utilized for medical cannabis certifications across all the states the Company operates in. This will provide the Company the ability to access remote parts of each state where services are either limited or unavailable to patients. With a team of over 70 healthcare providers, the Company has the scale and size to support patients across the state and is focusing on expanding its marketing efforts to support this expansion.
The Company also recently announced the launch of Skylight Health Group (“SHG”) as part of its clinical operations in the United States. SHG, which will provide a range of integrated health services such as primary medical care, consultative specialist care and alternative health, wellness & multi-disciplinary services will operate under an insurable integrated model in accordance with the rules, regulations and requirements by the Centers for Medicare and Medicaid Services (“CMS”). Provision of insurable services to patients at a limited or no cost will allow greater access for patients who are currently unable to afford such care as a result of growing unemployment rates due to the Covid-19 pandemic.
Both initiatives in addition to other projects the Company is currently working on will be funded solely through profits generated from operations.
“Achieving positive EBITDA by Q2 was a commitment made to our shareholders and other company stakeholders over the last 6 months. I am glad to announce that we continue to execute on our business plan, focused on what is relevant to our core, and ensuring successful execution by our entire team to reach this significant milestone,” said Prad Sekar, CEO, CB2 Insights. “Profitability at a time in today’s market where leveraging external capital is highly dilutive and expensive, allows us as a Company to focus on building on and not just holding our current position; and doing so in the best interest of our shareholders and commitment to the long-term value we intend to achieve. Furthermore, it allows us a business to invest capital in growth areas such as data analytics and research to additionally boost future revenue and margins as we continue to establish ourselves in the traditional Healthcare and Technology industries.”
The Company continues to see strong demand within the month of May and will provide further updates over the coming months. CB2 Insights continues to bolster its data insights business unit with two interactive dashboards available at www.cb2insights/insights. These dashboards are in real-time and give users immediate results. Visitors to the website can also request further, custom insights from the Company.