Empower Clinics Inc (CSE:CBDT) (OTCPINK:EPWCF) (FRA:8EC) saw just over 5,000 patients visit its network of clinics during its third quarter, it reported Wednesday.
Total revenue for the three-month period to end September came in at US$629,854 on 5,044 patient visits, coming in above Empower’s own expectations, given the challenges posed by COVID-related restrictions.
Year-to-date, the group is seeing strong revenue growth, with a total of 17,457 patient visits generating total revenue of $2,306,111, compared to 11,304 patient visits generating $1,409,143 for nine months ended September 30, 2019.
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"Our Q3 2020 performance overall exceeded our expectations, given the challenging operating environment in our key markets, yet the team managed to serve large quantities of patients while maintaining strict COVID-19 protocols for health and safety,” CEO Steven McAuley told shareholders in a statement accompanying the results.
"We also continue to implement numerous business development opportunities setting the stage for an exciting 4Q and 2021."
The Vancouver-based firm narrowed its net loss for the quarter to $460,035 or $0.00 per share, compared to a loss of $504,532 or $0.00 per share for 3Q 2019. Empower said the change was driven by increases in direct clinic costs as a percentage of revenue, which was addressed subsequent to the quarter by changing the compensation structure of the clinic's physicians along with the implementation of further cost-cutting measures in Arizona clinics.
Empower owns a network of physician-staffed health clinics in Oregon and Arizona that serves more than 165,000 patients and provides tele-medicine options in Arizona, Oregon, Washington State, Nevada and California.
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