Nova Leap Health (NLH) Q2 2024 earnings summary

Executive summary

• Achieved 10th consecutive quarter of positive Adjusted EBITDA and 5th consecutive quarter of positive operating income.

• Maintained a strong balance sheet with no bank debt and increased cash balance despite acquisition activity.

• Re-engaged M&A strategy with the acquisition of a Massachusetts-based home care services company.

Financial highlights

• Q2 2024 revenue was $6,338,532, down 1.4% sequentially and 5.1% year-over-year.

• Adjusted EBITDA for Q2 2024 was $407,896, up 12.7% from Q1 2024 and 5.6% from Q2 2023.

• Net income for Q2 2024 was $226,998, compared to $473,073 in Q1 2024 and a net loss of $183,501 in Q2 2023.

• Gross profit margin was 38.4% in Q2 2024, compared to 38.0% in Q1 2024 and 36.8% in Q2 2023.

• Cash flow from operating activities was $387,709 in Q2 2024.

Outlook and guidance

• Actively pursuing further acquisition opportunities, leveraging available borrowing capacity.

• Management anticipates continued focus on growth through M&A and maintaining positive operating results.