Jack Nathan Health Announces Its Q1 Fiscal 2025 Financial Results

Jack Nathan Health reports a strong start in Q1 fiscal 2025 with 25% revenue growth and global expansion to 243 locations.

TORONTO--()--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 first quarter of fiscal 2025, three months ended April 30, 2024. Jack Nathan Health’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”).

Management Commentary

In discussing the Company's performance and future prospects, Dr. Glenn Copeland, Chairman and Chief Executive Officer, emphasized: "The Company is beginning to see the fruits of our labour as evidenced by the 25% growth in revenue compared to the same period last year. The focus going forward is to bring each new clinic to capacity as quickly as possible.”

Marcy Herriman, Chief Operating Officer added: “Our Team delivered another strong quarter and continues to do so year over year. Growth of 25% this quarter marks the beginning of our focus for the current fiscal year bringing clinic locations to profitability and expand additional allied services.”

Financial Highlights for the three months ended April 30, 2024

Operating Results

Three months ended April 30








Operating expenses



Loss from operations



For the three months ended April 30, 2024, total revenues were $5,279,209 (2023 - $4,227,391), an increase of $1,051,818 or 25%. The Company saw significant growth in revenues driven from its clinic operations and the opening of new clinics. The Company expects license revenues to be a smaller percentage of total revenues as clinic operations continue to grow.

Clinic operations revenues of $4,763,362 accounted for 90% of total revenues for the three months ended April 30, 2024, compared to $3,496,977 or 83% of revenues for the three months ended April 30, 2023. As of April 30, 2024, in Canada, the Company has 82 clinics in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. In Mexico, the Company has 155 corporate owned and operated clinics in Walmart locations across Mexico, 5 Clinics inside Walmart Distribution Centers servicing Walmart Associates, and 1 Multidisciplinary clinic. The Company’s revenue mix now reflects its change in direction to a focus on operating medical clinics, though the percentage of clinic operations will continue to grow as additional clinics are opened. The increase in clinic operations is aligned with the Company’s strategic plan of expanding corporate-owned and operated medical centers with strategic partner Walmart.

The loss from operations for the three months ended April 30, 2024, was $1,610,427 (2023 - $748,360) representing an increase in operating loss of $862,067. The increase in net loss was primarily due to increase in expenses such as Associate fees, Clinic operations, and Salaries and wages. The increase corelates with the opening of new clinics in fiscal 2024.

Balance Sheet as of April 30, 2024

  • Cash of $1.77 million (January 31, 2024 - $3.07 million)
  • Total assets of $8.90 million (January 31, 2024 - $11.18 million)
  • Total liabilities of $16.77 million (January 31, 2024 - $17.13 million)

Shares Outstanding

As of April 30, 2024, the Company had 87,099,159 common shares outstanding, 5,365,000 stock options outstanding, 8,500,000 RSUs outstanding and 502,506 DSUs outstanding.

The Company also has outstanding a secured convertible debenture in the principal amount of $8,000,000, which is held by Wal-Mart Canada Corp. (“Wal-Mart”). Subject to earlier conversion, the Debenture will mature on July 20, 2026. 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 Q1 fiscal 2025, please refer to the unaudited interim consolidated financial statements of the Company for the three months ended April 30, 2024 together with the 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 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 centers, 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 centers in 243 locations globally, with 183 corporately owned and operated. In Canada, the Company has 80 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec and 2 independent locations for a total of 82 clinics. There are currently 22 corporate owned and operated clinics of which 3 include Rehab services and 6 include MedSpa services. In Mexico, the Company has 155 corporate owned and operated clinics in Walmart locations, 5 Clinics inside Walmart Distribution Centers servicing Walmart Associates, and 1 Multidisciplinary clinic. During the most recent quarter, Jack Nathan Health, Mexico started operation of its first medical center in Mexico City.

For more information, visit www.jacknathanhealth.com or www.sedarplus.ca.

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; 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.


Jack Nathan Medical Corp., Bharat Choudhary, Chief Financial Officer, 416-637-2240


Jack Nathan Medical Corp., Bharat Choudhary, Chief Financial Officer, 416-637-2240