Nova .(NVMI) GlobeNewswire News Room·2025-03-06 22:01Core Viewpoint - Nova Leap Health Corp. reported its financial results for the year ended December 31, 2024, highlighting significant growth in Adjusted EBITDA and operating income despite a slight decline in annual revenues [2][3]. Financial Performance - The 2024 Adjusted EBITDA reached $1,561,761, marking a 5.7% increase from $1,477,571 in 2023 [2]. - Q4 2024 Adjusted EBITDA was $412,947, an 8.9% increase from Q3 2024's $379,116 [2]. - Gross profit margin improved to 38.4% in 2024 from 37.3% in 2023, with Q4 2024 margin at 39.1% compared to 38.0% in Q3 2024 [2]. - Operating income for 2024 was $863,712, a substantial increase of 87.7% from $460,152 in 2023 [2]. - Q4 2024 operating income was $221,184, slightly up from $208,110 in Q3 2024 but down from $317,874 in Q4 2023 [2]. Revenue Analysis - Total annual revenues for 2024 were $25.761 million, a decrease of 1.6% from $26.179 million in 2023 [3]. - Q4 2024 revenues were $6,585,825, consistent with $6,551,865 in Q4 2023 and 2.8% higher than $6,406,528 in Q3 2024 [3]. Business Acquisitions and Financing - The company acquired a home care business in Massachusetts for $300,000 in May 2024, financed through existing cash [7]. - In December 2024, Nova Leap acquired another home care business in Florida for $1,636,000, with $1,316,000 paid in cash [7]. - On January 20, 2025, two affiliated home care businesses in Nova Scotia were acquired for CAD$1,380,000, fully paid in cash [7]. - The company amended its credit agreement with BMO Bank of Montreal to provide an additional $7,000,000 in credit to support growth [7]. Cash Position and Debt - As of December 31, 2024, the company had cash and cash equivalents of $1,402,767, with access to an unutilized revolving credit facility of $1,042,463 (CAD$1,500,000) [7]. - Total demand loans and promissory notes outstanding were $1,664,067, resulting in a leverage ratio of 1.07 times 2024 Adjusted EBITDA [7].