Empower Clinics Inc (CSE:CBDT) (OTCMKTS:EPWCF) revealed preliminary unaudited third-quarter results Thursday that showed a 138% jump in revenue on the back of triple-digit patient growth at the company’s subsidiary Sun Valley Health.
In a statement, the company said preliminary unaudited results showed year-over-year revenue growth of 138% for the three months ended September 30.
"The company is starting to feel the positive impact that the Sun Valley clinics acquisition has provided with their strong operational performance in Arizona, in conjunction with continued cost cutting measures with operations in Oregon and Washington State," Empower Clinics CEO Steven McAuley said in a statement.
READ: Empower Clinics touts triple-digit patient growth as subsidiary Sun Valley Health launches new services
Empower, which acquired the physician-staffed Sun Valley wellness clinics in May, said it continued to see the patient count in corporate clinics increase by triple digits. In October, the patient count expanded by 336% to 1,847, compared to 550 patients seen in October a year earlier.
"We have also been able to integrate key back office, admin, payroll and human resource functions from the Pacific Northwest into the operational controls of Sun Valley, bringing improved productivity to the organization," said McAuley.
The company said that in October, it launched seven new modalities and services for patients in the Sun Valley Health clinics.
As part of the Company's continued expansion of its health & wellness clinic model, it has already set up retail CBD product sales in-clinic, and now has launched expanded physician-based services starting with key Arizona clinics.
The new services include the following:
• Physician's CBD-enhanced massage, acupuncture, or cupping sessions;
• Introduction to alternative health and cannabinoid therapies by a physician;
• Comprehensive naturopathic patient analysis and consultation;
• Dietary antigen testing, physician Consultation/action plan and concierge blood draw;
• Neurotransmitter profile and physician consultation/action plan; and
• Spectracell micronutrient test and physician consultation/action plan
Meanwhile, Empower Clinics said it plans to release its third-quarter results on November 14, at 9.00 am.
Empower Clinics is a Vancouver-based vertically integrated health and wellness company with its first hemp-derived CBD extraction facility under development. Its CBD is manufactured under the brand name Solievo, and the Sun Valley Health Clinics operate at nine locations in the US. It is the operator of an extraction facility in Oregon.
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