West Palm Beach, FL - (NewMediaWire) - June 30, 2022 - Ethema Health Corporation (OTCPINK: GRST) (“Ethema” “GRST” or the “Company”) expects its ARIA subsidiary to report a revenue increase of 13% for the second quarter 2022 over the first quarter 2022 when the Company files its Q2 financials with the SEC in July. This expectation is an estimate based on claims submissions to date and the historical collections percentage averages experienced in recent history. The addition of 10 new beds in the newly leased neighboring property came on-line in the first week of June and have been steadily filled since that time. The expected addition of an additional 4 beds has been delayed due to the delays in completion of the first-floor commercial office space renovation. This renovation is complete and an occupancy permit is expected to be issued in the first week of July. The third quarter will therefore have an availability of 62 beds for the full quarter.
The Company also reports that it is in the process of formalizing extensions on its debts, some of which were coming due on June 30. The Company is experiencing strong cash flow and expects to be able to begin debt repayments in the third quarter from cash flow. The final terms will be announced as soon as the documentation on extensions is complete.
Mr. Shawn Leon, Company CEO, reported, “We are pleased with the continued growth in the second quarter and look forward to an even stronger third quarter as we adjust to the growth the additional beds have given us. Our Company, like many others across the country, is finding it challenging to add staff to meet the demands of our growth. We have been able to retain all of our core staff and have successfully integrated our new billing subsidiary during the quarter, which will contribute additional profit as a stand-alone company. We will continue to focus on growth while improving our balance sheet.”
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 .
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Ethema Health Corporation
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