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Skylight Skylight Health Group Reports Record Third Quarter 2021 Financial Results Revenue Growth of 269 % Year over Year and 16 % Growth Compared to the Previous Quarter TORONTO , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- Skylight Health Group Inc. ( NASDAQ : SLHG ; TSXV : SLHG ) ( " Skylight Health " or the " Company " ) , a multi - state primary care management group in the United States , today announced its financial results for the third quarter ended September 30 , 2021 . Third Quarter Highlights : • Revenue increased 269 % to $ 12.2 million , compared to $ 3.3 million for the same period last year , and up 16 % from the second quarter 2021 ; • Approximately 8 % QoQ organic growth driven by improved revenue cycle management , provider access and patient flow post acquisition ; Adjusted EBITDA loss of $ 2.6 million , driven by bench strengthening investments in people , technology and acquisition related expenses ; • Entered into Pennsylvania with the acquisition of Aspire Health Concepts , Inc. , adding over 2,000 Medicare lives to Skylight Health Group's existing panel ; • Executed clinical trial contracts expected to generate revenue with strong margin potential ; • Net loss from operations was $ 3.9 million , with approximately $ 1.9 million in non - cash items and $ 1.1 million in professional fees related to accounting , legal and consulting fees ; and • Cash balance of $ 5.6 million as of September 30 , 2021 . " We are excited that we achieved our largest revenue quarter in the history of the Company . The third quarter continued our path of transformative growth that started in the first and second quarters of this year from strategic and mission aligned acquisitions as well as organic growth from existing practices , " said Prad Sekar , CEO of Skylight Health . " We prioritized our resources on the continued integration of existing practice sites , along with efforts to capture revenue and cost synergies . This focus helped us recognize a second straight quarter of organic growth which will be further accentuated by our robust pipeline of future primary care practice acquisitions . We are further excited to be participating in value - based contracting in 2022 through the direct contracting entity ( DCE ) alongside a Fortune 50 national payor . The combination of building market density , with significant Medicare panels , and sound centralization of support services allows us the opportunity to fully embrace value- based care initiatives . Third Quarter Performance : Revenue increased 269 % from the same period last year due to additional revenue being contributed by the clinics acquired during the fiscal year ended December 31 , 2020 , and the nine months ended September 30 , 2021. The third quarter of 2021 was the first period that included a full three months of contribution by Denver based Rocky Mountain and Doctors Center Inc. , located in Florida's Jacksonville area , and the fourth quarter will be the first period that includes a full three - months contribution by Harrisburg , Pennsylvania's Aspire Health Concepts , Inc. The Company remains committed to a strong growth by acquisition model fueled by a strengthened balance sheet and robust pipeline . The Company also saw organic growth of approximately 8 % from prior acquisitions driven by improved revenue cycle management , provider access and patient flow post acquisition , compared to the second quarter of 2021 . The Company ended the quarter with the addition of new clinics , providers and patient panels . As of the end of the third quarter , the Company had approximately 99,000 lives vs 88,000 lives compared to the previous quarter . Eligible managed care lives represented over 15 % of that population . During the quarter , the Company placed a heavy emphasis on the integration of Rocky Mountain and Doctors Center , both acquired in Q2 , to improve workflows , provider access and shared services . This focus yielded organic growth both from improved revenues as well as cost synergies . While the Company saw some near - term improvements , it is focused on further centralizing shared services , which it expects will drive additional revenue and cost synergies across all current and future practice locations . Net loss was driven by approximately $ 1.9 million in non - cash items and $ 1.1 million in professional fees related to accounting , legal and consulting fees . Adjusted EBITDA loss of $ 2.6 million was a result of investments made primarily in human capital , technology and infrastructure . While the Company is focused on managing EBITDA , it expects that investments needed to be successful in a full risk and total cost of care reimbursement model will be offset by improved patient economics driven by higher margin payor contracts as validated by its peers . As a result , the Company expects to continue to make investments in this growth opportunity and believes that it has sufficient capital on hand to see this investment through to realize increased margin contribution . Outlook Skylight Health remains focused on growth , both organically , and through acquisition , as it rapidly captures market share within the US healthcare network . The Company continues to prioritize the integration of health technology solutions to help small and independent practices shift from a traditional fee - for - service ( FFS ) model to value - based care ( VBC ) through proprietary technology , data analytics and infrastructure . This organic growth through an increase in insurable services and