Empower Clinics sees 2Q revenue soar on the back of record patient growth

Empower Clinics Inc (CSE:CBDT) (OTCMKTS:EPWCF) posted second-quarter financial results on Tuesday that showed revenue grew 56% on the back of record patient growth at the company’s Sun Valley Health subsidiary, which owns a network of physician-staffed, health & wellness clinics in Oregon and Arizona. For the period ended June 30, 2020, the group clocked up revenue of $923,876 driven by 6,696 patient visits, compared to revenue of $591,023 based on 1,198 patient visits in the first quarter of 2019.  The group substantially lowered its net loss to $401,110 or $0.00 per share in the second quarter, compared to $1,456,506 or $0.01 per share for the same period in 2019 by reducing operating costs through aggressive headcount cuts, facility changes and a reduction in legal fees. Cash used in operating activities was $11,187 during the quarter, compared to $1,112,738 for the same period a year earlier. READ: Empower Clinics sees record patient visits and revenue per patient during July, boosted by coronavirus testing capabilities Empower also boosted its cash position at the end of June, 2020, to $305,935, compared to $179,152 on December 31, 2019. "Execution, operational excellence and a passion for patient care highlights a transformative quarter, in the midst of a pandemic," Empower Clinics CEO Steven McAuley said in a statement. "Our team continues to outperform, delivering triple-digit first-half 2020 growth, with continued diversification of services, setting in motion our ongoing path of growth," he added. For the six-month period ended June 30, 2020, the group posted revenue of $1,713,011 driven by 12,413 patient visits, compared to revenue of $743,869 based on 5,497 patient visits for the same period in 2019. The group’s net loss for the first half of the year also shrunk to $920,281 or $0.01 per share, compared to $1,855,047 or $0.02 per share for the six months ended June 30, 2019. Empower said it is booking new physician appointments for immune-boosting services that are leading to naturopathic product sales and the ordering of specialized tests. The company also offers coronavirus (COVID-19) testing in clinics and onsite for businesses. Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive