MCI Onehealth Announces Preliminary Fourth Quarter and Fiscal Year End Financial Results
TORONTO, March 23, 2021 (GLOBE NEWSWIRE) -- MCI Onehealth Technologies Inc. (“MCI Onehealth” or the “Company”) (TSX: DRDR) is pleased to announce preliminary financial results for the fiscal year ended December 31, 2020. The Company’s revenues are anticipated to be in the range of $10.5 to $11 million for the fourth quarter of 2020 and $38.0 to $38.5 million for the fiscal year ended December 31, 2020.
Based on preliminary financial information, the Company’s fourth quarter revenues are expected to be stronger than previously anticipated due to several factors, including:
Continued increase in telehealth adoption, representing over 50% of visits in the fourth quarter of 2020 despite the offering only beginning in the second quarter of 2020
Continued recovery in government insured primary care in MCI Onehealth’s clinics
Record quarterly and annual revenue from the Company’s corporate health service offerings, which grew by approximately 140% during 2020 and 730% in the fourth quarter, representing an annualized run rate of $5 million
MCI Onehealth will provide full details of its financial results and an update on its progress towards achieving its key strategic initiatives when it releases its fourth quarter and annual financial results for the interim period and year ended December 31, 2020 on Tuesday, March 30, 2021, after market close. The Company expects to hold a conference call to discuss the results on the same day at 4:45 p.m. EDT. The call will be hosted by Alexander Dobranowski, Chief Executive Officer; Scott Nirenberski, Chief Financial Officer and Fernando Massalin, Investor Relations. Attendees are encouraged to dial in at least 10 minutes prior to the start of the call.
Conference Call Details Date:Tuesday March 30, 2021 Time: 4:45 p.m. Eastern Standard TimeDuration:60 minutes Dial-in Canada/US:(833) 540-1153 (Toll-free) (918) 922-6528 (International)Conference Call ID:2629139 Webcast link:https://edge.media-server.com/mmc/p/tpqozawb
About MCI Onehealth Technologies Inc.
MCI Onehealth is focused on empowering patients and doctors with advanced technologies to increase access, improve quality, and reduce the cost of healthcare. As one of Canada’s leading primary care networks with 25 technology enabled clinics, MCI Onehealth serves over 850,000 patients annually and has been a part of the healthcare community for over 30 years. Since the deployment of MCI/Connect, the company’s proprietary digital platform, MCI Onehealth continues to develop an ecosystem of digital applications, which will target modernizing and personalizing the primary care experience. MCI Onehealth additionally offers an expanding suite of occupational health service offerings that support a growing list of over 250 corporate customers. Driven by a proven management team of doctors and experienced executives, MCI Onehealth is executing a strategy focused on acquiring technology and health services that complement its technology and data‐focused roadmap. Additional information can be found at www.mcionehealth.com.
For more information, please contact:
Fernando Massalin Ir@mcionehealth.com (416) 440-4040
Forward Looking Statements
This press release may contain forward‐looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation including, without limitation, statements regarding the future financial or operating performance of the Company and statements regarding the industry in which the Company operates (including statements in respect of telehealth adoption and recovery in government-insured primary care). Such forward-looking statements reflect MCI Onehealth’s current expectations regarding future events. Such forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the Company’s control, including the ability of the Company to execute on its business strategies, market risk, industry risk, the impact of general economic conditions, competition from other industry participants, employee and employee retention risks, stock market volatility and epidemics, pandemics or other public health crises (including the current outbreak of COVID-19 and the magnitude and length of economic disruption resulting therefrom), which in each case could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Please review the factors discussed in materials filed by the Company with applicable securities regulatory authorities from time to time, including matters discussed under “Risk Factors” in the final prospectus of MCI Onehealth dated December 29, 2020 and filed under the Company’s SEDAR profile at www.sedar.com for a more fulsome discussion of risk factors affecting the Company.