With growing demand for medical diagnostic imaging, the market could be worth more than $45 billion by 2022, according to Allied Market Research. “Technological advancements in diagnostic imaging devices, rising incidences of chronic diseases coupled with the rapidly aging population, increase in number of medical imaging procedures, and rising awareness for early diagnosis of clinical disorders are the key factors that are expected to boost the diagnostic imaging market growth,” they note. That’s a substantial catalyst for Leveljump Healthcare Corp. (TSXV:JUMP)(OTC:JMPHF), WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF), CloudMD Software & Services Inc. (TSXV:DOC)(OTC:DOCRF), Reliq Health Technologies Inc. (TSXV:RHT)(OTC:RQHTF), and Skylight Health Group Inc. (NASDAQ:SLHG)(TSXV:SLHG).
Look at Leveljump Healthcare Corp. (TSXV:JUMP)(OTC:JMPHF), for example.
Leveljump Healthcare Corp., a Canadian leader in B2B telehealth solutions, is pleased to announce that it has signed definitive agreements to acquire three diagnostic imaging clinics, also known as independent healthcare facilities, from a private Ontario vendor.
The purchase price is an all-cash deal of $4.3 million of which $250,000 has been paid as a deposit. The transaction is targeted to close in the first half of December and is subject to a number of conditions, including but not limited to, required regulatory approval, satisfactory due diligence and securing an institutional credit facility to fund the balance of the purchase price. In the event the transaction does not close, the deposit will be refunded to the Company less a $25,000 break fee payable to the vendor.
Through a total of nine modality imaging licenses, these IHFs offer medical imaging including x- ray, ultrasound, and mammography scans. Two of the IHFs have serviced their regions for 15 and 20 years respectively. The third IHF was opened within the last two years and presents a growth opportunity in an underserviced community. The IHFs are all located in Ontario.
Combined, the two mature IHF’s are currently reporting revenue of approximately $1.4 million with EBITDA of over $400,000. The third IHF has revenues of approximately $200,000 and negative EBITDA of approximately $100,000.
“Today is a milestone for the company”, said Mitch Geisler, CEO. “We are now executing on the next phase of our business plan with the acquisition of these three imaging clinics. We will be increasing the revenues of our subsidiary Canadian Teleradiology Services to approximately $8 million annually with approximately $1 million in EBITDA. We look forward to increasing patient scan volumes and expanding the new clinics. Additionally, we will hope to have synergies and cost efficiencies with our current operations, allowing for increased profitability.”
Other related developments from around the markets include:
WELL Health Technologies Corp., a company focused on positively impacting health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, announced that it has entered into a definitive share purchase agreement to acquire all of the issued and outstanding shares of Aware MD, for consideration of approximately $4,500,000 with a conditional earn-out based on overall operating performance of up to $3,500,000 payable in cash and subject to certain customary adjustments and conditional earn-out mechanisms. Aware MD is the provider of Cerebrum™, a clinical software for numerous disease specialties, utilized by healthcare specialists mainly in Ontario, and Canada’s largest cardiology specific outpatient EMR.
CloudMD Software & Services Inc., a healthcare technology company revolutionizing the delivery of care, is excited to announce that it has partnered with 19 new post-secondary institutions across Canada to provide its Aspiria Student Assistance Program and multi-layered mental health resources to over 167,000 additional students. With growing mental health concerns surrounding the pandemic and students returning back to school, CloudMD is onboarding the network of colleges and universities of various sizes ranging from 200 students to 48,000 students to provide additional resources to support the increased demand for mental health programs for younger individuals. The prevalence of positive screens for major depressive disorder, generalized anxiety disorder, and probable PTSD are over three times higher among young adults than among older adults. For example, 27% of young adults aged 18 to 24 have screened positive for major depressive disorder compared with 7% cent of adults aged 65 and older(1). Furthermore, during COVID-19 imposed social isolation, youth were most likely to report a negative impact to their mental health. 41% aged 15-24 have reported symptoms of moderate-severe anxiety(2).
Reliq Health Technologies Inc., a rapidly growing global telemedicine company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, announced that through its partnership with Maxlink Health it has signed new contracts to provide its iUGO Care platform to three physician practices in Dallas, TX. “We are excited to continue our expansion in the Dallas, TX area,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “Working with MaxLink Health has given us access to new clients in North Texas and we expect to see continued growth in this region. Through these contracts Reliq will be providing our iUGO Care software platform to over 1,800 Medicare patients. Onboarding with these clients will start this month. Reliq expects to receive an average of $40 USD per patient per month for these deployments.”
Skylight Health Group Inc., a multi-state primary care management group in the United States, announces execution of definitive agreements to acquire a controlling interest in Aspire Health Concepts, Inc, a primary care group in Pennsylvania with 2 locations. The acquisition expands the Company’s primary care services into a new state and grows its patient base by over 10,000 per year. Aspire has been operating a multi-disciplinary network of clinics for over 12 years in Harrisburg, PA. Skylight will immediately take over the primary and urgent care components of the business. The acquisition is immediately accretive to the Company as it expands its market share into a new state with an established patient base. Skylight expects full continuity of the Aspire leadership and clinical team post-acquisition.
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