Skylight Health Provides 2020 Corporate Overview and 2021 Outlook
- Skylight Health is a US healthcare services and technology company providing multi-disciplinary care to over 135,000 patients across 15 states
- In 2020, the Company announced 5 new clinical acquisitions representing 4 new US markets, over 50,000 new patients and adds aggregate annualized revenue of approximately $13 million and EBITDA of $2.5 million
- The Company has validated its model of strategic clinical acquisitions at 3-7x EBITDA with aggressive plans for organic growth through existing primary care and sub-specialty services
- Over 2020, the Company completed 3 financings including 2 bought deals raising over $22 million with participation from over 11 institutions in Canada and the United States.
- The Company exits 2020 with no long-term debt and strong cash balance to execute towards a robust and growing acquisition pipeline.
- Skylight Health Received Conditional Approval of TSX Venture Listing and expects to commence trading in early January 2021 under the symbol “SHG.V”.
- In the US, the Company began trading under the new OTCQX Ticker “SHGFF” in December, upgrading from the OTCQB.
TORONTO, ON – December 31, 2020 – Skylight Health Group Inc (CSE:SHG; OTCQX:SHGFF) (“SHG” or the “Company”), one of the largest multi-specialty healthcare systems in the United States, is pleased to provide shareholders with a 12-month overview of accelerating revenue and profitability in 2020.
The US healthcare market represents a multi-trillion-dollar opportunity ripe for disruption. Skylight has a hybrid approach to healthcare delivery. In-clinic services to support patient needs where standards of care require the physical presence of a health care provider; and virtual telemedicine to support patients who may not need to travel or further expose themselves by receiving the same quality of care from the comfort of their home. With a multi-disciplinary approach, the Company brings primary care, sub-specialty, allied health & wellness and laboratory/diagnostic services under one roof.
Skylight operates an organic growth strategy on the back of a growth-by acquisition model. Acquisitions are attractively priced between 3 to 7 times EBITDA or in some cases, less than 1 times revenue. The Company has already demonstrated its ability to target, qualify and acquire with over 5 transactions in the last 60 days. At any given time, there are more than 200 potential acquisition opportunities in the market throughout the US that are seen as an ideal addition to Skylight Health. The Company believes this pathway to growth will continue to result in growth opportunities that are accretive to its core clinical offerings and add immediate revenue and positive EBITDA.
Incremental to each acquisition, the Company employs a proven multi-disciplinary platform backed by 25+ years of founder led clinical management expertise, to enhance the existing base of clinical revenue and broaden the offerings available within each clinic. The Company’s clinic network will offer primary care services. Additional services will be based on each population set in each region and will complement the healthcare needs of patients.
The Company also operates a disruptive subscription-based telemedicine offering for un/under-insured patients at US$199/year that enables access to over 40 million Americans who cannot access healthcare due to the high-cost barrier.
As the Company looks forward to 2021, the roadmap will be to execute against its 3-pronged growth model which include growth by way of strategic acquisition, organic growth within each clinical practice and expansion of its subscription-based service.
Prad Sekar, CEO, Skylight Health said “2020 has been nothing short of a transformative year for the Company. Delivering adjusted EBITDA positivity, strengthening of our balance sheet with cash and extinguishing long-term debt, and adding strong revenue and profitability growth as we exit 2020 should make all of us at Skylight and amongst our shareholders and other stakeholders feel proud and excited for the year ahead. We are certainly looking forward to building on this momentum and further strengthening our position in the US market for 2021. We thank all our stakeholders for their continued support. Best wishes and Happy New Year!”
