West Palm Beach, FL, Aug. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Ethema Health Corporation (OTCPINK: GRST) (“Ethema” “GRST” or the “Company”), filed today, the second quarter 2022 10-Q. The Company’s ARIA subsidiary continued its growth and had a $404,700.00 EBITDA for the second quarter which was a 117% increase over the first quarter of 2022. The increase was a result of the additional beds added in the last month of the quarter and an increase in reimbursement rates that took effect early in the quarter.
The Company's wholly owned subsidiary, PB Billing LLC, which started operating in May 2022, had an EBITDA of $3,906.00 for the second quarter.
The Company previously announced that it has entered into an option to purchase the building at 950 Evernia Street, West Palm Beach. This building is leased by the ARIA subsidiary for its addiction treatment operations. This is expected to be finalized in the third quarter.
Mr. Shawn Leon, Company CEO, reported, “We are pleased with the progress made in the second quarter and improved operating results. The trend continued in July and claims billed for the month set a record monthly high for ARIA. We have set our sights on further expansion and hope to announce new LOIs on the acquisition of new beds and facilities in the third quarter. We will leverage our success and continue to expand. We were successful in extending terms on our debt and expect to begin paying that off in the coming months.”
About Ethema Health Corporation
Ethema Health Corporation (OTCPINK: GRST) operates in the behavioral healthcare space specifically in the treatment of substance use disorders. Ethema developed a unique style of treatment over the last decade and has had much success with in-patient treatment for adults. Ethema will continue to develop world class programs and techniques for North America. For more information you can visit our website at www.ethemahealth.com .
Notice Regarding Forward-Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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Ethema Health Corporation
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