Jack Nathan Health Announces Its Q2 Fiscal 2024 Financial Results

  • The Company closed a significant convertible debenture financing with Walmart during the quarter
  • The Company expanded to 217 locations globally (152 corporately owned and operated)

TORONTO--(BUSINESS WIRE)-- Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) (“Jack Nathan Health”, “JNH” or the “Company”) announced today its unaudited interim consolidated financial results for the second quarter of fiscal 2024, six months ended July 31, 2023. Jack Nathan Health’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

Management Commentary

Commenting on the Company’s performance and outlook, Dr. Glenn Copeland, Chief Executive Officer, and Chief Medical Officer stated, “The recent $8 million convertible debenture provided by Walmart, not only reaffirms their vote of confidence in the management team to scale the business but also their commitment to make healthcare accessible. We continued to make progress seeing clinic operations revenue increase by 21.4% while reducing net losses by 12.3% in the first half compared to the same period last year.”

Dr. Copeland continued, “We are well capitalized and poised to accelerate the growth of our business. The Company is building a foundation to operate many more corporate owned clinics in the coming years with Walmart’s support.”

Financial Highlights for the Three and Six Months Ended July 31, 2023

Operating Results

  Three months ended July 31   Six months ended July 31
























Total operating expenses  








Loss from operations  








Other income (expense)  








Net loss before income taxes  








For the three months ended July 31, 2023, total revenues were $4,568,207 (2022 - $3,630,659), an increase of $937,548 or 26%. For the six months ended July 31, 2023, total revenues were $8,795,598 (2022 - $7,523,981), an increase of $1,271,617 or 17% compared to the first half of last fiscal year. The Company saw significant growth in revenues driven from its clinic operations.

Clinic operations revenues of $3,909,899 accounted for 86% of total revenues for the three months ended July 31, 2023, compared to $2,953,598 or 81% of revenues for the three months ended July 31, 2022. For the six months ended July 31, 2023, clinic operations revenues of $7,406,876 accounted for 84% of total revenues compared to $6,098,789 or 81% of revenues for the six months ended July 31, 2022. The clinic operations during the three and six months ended July 31, 2023 are slightly higher than the same periods last year, but are expected to increase during the remainder of fiscal 2024 with the opening of additional clinics. The increase in clinic operations is aligned with the Company’s strategic plan of expanding corporate-owned and operated medical centres with strategic partner Walmart.

The loss from operations for the six months ended July 31, 2023, was $2,260,486 (2022 - $2,576,278) representing a decrease in operating loss of $315,792. The overall decrease in the loss from operations was due to the following: i) the Company experienced a 17% grown in revenues compared to the same period last year, ii) operating expenses were 126% of revenues in the current period compared to 134% in the same period last year, iii) the Company reduced certain expenses such as professional fees, license fees, development fees, and consulting fees, iv) while variable operating expenses such as clinic supplies, salaries and wages, etc. increased, the Company was more efficient in generating revenues for every $1 of operating expense incurred.

Balance Sheet as of July 31, 2023

  • Cash of $7.24 million (January 31, 2023 - $1.46 million)
  • Total assets of $12.57 million (January 31, 2023 - $6.45 million)
  • Total liabilities of $15.49 million (January 31, 2023 - $8.32 million)

Shares Outstanding

As of September 21, 2023, the Company had 85,452,751 common shares outstanding, 7,375,000 stock options outstanding, 8,750,000 RSUs outstanding and 502,506 DSUs outstanding.

The Company also has outstanding a convertible debenture in the principal amount of $8,000,000, which is held by Wal-Mart Canada Corp. (“Wal-Mart”). The principal amount outstanding under the debenture is convertible, at the option of Wal-Mart, into units of the Company at a price of $0.105 per unit. Each such unit shall consist of one common share of the Company and one warrant, with each such warrant entitling the holder to purchase one common share of the Company at an exercise price of $0.105 until the date that is three years following the date of issue of such warrant.

For further information regarding the Company’s financial results for Q2 fiscal 2024, please refer to the unaudited interim consolidated financial statements of the Company for the three and six months ended July 31, 2023 together with corresponding MD&A, available at www.sedarplus.ca and the JNH website https://www.jacknathanhealth.com.

About Jack Nathan Medical Corp.

Jack Nathan Medical Corp., operating as Jack Nathan Health®, is one of Canada’s largest healthcare networks. Jack Nathan Health® is an innovative healthcare company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently located inside Walmart® stores.

Jack Nathan Health® provides an exceptional level of patient care, made possible through patient-centric physicians, a variety of medical services, technology, and programs, designed to put patients first. Our mission is to provide everyone access to the finest quality retail medical centres, with both in-clinic physicians and digital telemedicine, so you and your loved ones can “Live Your Best Life”.

Jack Nathan Health® was established in 2006 and continues to expand its international footprint, delivering exceptional, state-of-the-art, turn-key medical centres. In Canada, the Company has 77 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec and 3 independent locations. 18 clinics, 4 Rehab and 5 MedSpa are corporate owned and operated. In Mexico, the Company has 133 corporate owned and operated clinics in Walmart locations and 4 Clinics inside Walmart Distribution Centres servicing Walmart Associates.

For more information, visit www.jacknathanhealth.com or www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Jack Nathan are intended to identify forward- looking information. All statements other than statements of historical fact may be forward- looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties, and assumptions Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative and other judicial, regulatory, political, and competitive developments; the economic and business impact of COVID-19 and operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward- looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward- looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward- looking information, other than as required by applicable law.

Source: Jack Nathan Medical Corp.

Jack Nathan Medical Corp., Mike Marchelletta, Vice Chairman, mike@jacknathanhealth.com, 416-637-2240

Source: Jack Nathan Medical Corp.

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