Premier Health Reports 2025 Second Quarter Results

Core Viewpoint - Premier Health of America Inc. reported a significant decline in revenues and increased net loss for the second quarter ended March 31, 2025, primarily due to the impact of Quebec's Bill 10 and operational challenges in British Columbia [1][4][10]. Financial Performance - Revenues for Q2 2025 were CAD 27.1 million, down from CAD 46.3 million in Q2 2024, representing a decrease of approximately 41.4% [3]. - Gross margin for Q2 2025 was CAD 4.5 million, compared to CAD 8.5 million in Q2 2024, with gross margin as a percentage of revenues decreasing from 18.4% to 16.7% [3]. - Adjusted EBITDA for Q2 2025 was CAD 0.5 million, down from CAD 2.6 million in the same period of 2024 [10]. - The net loss for Q2 2025 was CAD 3.1 million, compared to a loss of CAD 1.5 million in Q2 2024 [10]. Operational Challenges - The implementation of Quebec's Bill 10 has significantly impacted the Per Diem segment, which now accounts for about 4% of revenues and 5% of gross margins [4]. - The travel nurse and northern communities' services are performing well, except for a volume reduction in British Columbia due to health authorities' service acquisition centralization efforts [5]. - The company is undergoing a reorganization of its Quebec operations, including workforce reductions and termination of targeted office leases, with cost savings expected to continue in the coming quarters [6]. Strategic Focus - The company is shifting its focus from the Per Diem segment to Travel Nurses and is exploring opportunities in the Home Care sector [7]. - The CFO, Guy Daoust, has taken on the role of interim CEO, emphasizing the need for further steps to adapt to ongoing operational challenges [5][7].