logo-loader
viewEmpower Clinics Inc.

Empower Clinics says patient visits increasing at network of US clinics, boosts 3Q revenue

Clinic revenues increased by 137% to generate revenue of US$663,000 for the quarter

Empower Clinics Inc. -
The Vancouver-based firm is re-positioning itself to become a vertically integrated health and wellness brand with a network of over 165,000 patients

Empower Clinics Inc (CSE:CBDT) (OTCMKTS:EPWCF) CEO Steven McAuley told shareholders on Thursday that the vertically-integrated wellness company has a “clear path to profitability” as it moves into 2020. 

The CEO's comments come as the company posted its third-quarter results, boosted by increased patient visits to the company’s network of clinics in the US. 

During the three-month period, clinic revenues increased by 137%, thanks to patient visits. Over 5,800 patients generated revenue of US$663,000 compared to the same quarter last year, with around 1,800 visits for revenue of US$280,000. 

READ: Empower Clinics’ preliminary 3Q revenue jumps 138% on the back of triple-digit patient growth

"Our focus on operational excellence and cost controls are key contributors to strong year-over-year growth numbers and the reduction in direct clinic expense, as we continue to serve the 165,000 patients in our database," said Steven McAuley, CEO of Empower.

The Vancouver-based firm is repositioning itself to become a vertically integrated health and wellness brand with a network of over 165,000 patients.

It recently opened its first hemp-derived CBD extraction facility in greater Portland, Oregon, with the first extraction system expected to have the capacity to produce 6,000 kilograms of extracted product annually.

Empower said it expects preliminary production of its Sollievo CBD line to take place in the extraction center in the fourth quarter of 2019.

"The company is beginning to fulfill its promise of vertical integration with the build-out of the extraction and production center in Portland, Oregon plus with an increased focus on our proprietary CBD product lines and diversified clinic revenues, the company has a clear path of growth and profitability going forward,” McAuley said in a statement.

Net loss for the quarter was US$505,000 compared to US$379,000 during the year-ago period, primarily attributable to the increase in operating expenses.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Empower Clinics Inc.

Price: 0.04 CAD

CSE:CBDT
Market: CSE
Market Cap: $5.51 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Empower Clinics Inc. named herein, including the promotion by the Company of Empower Clinics Inc. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Empower Clinics makes move into Los Angeles market with...

Empower Clinics (CSE: BCDT) Chairman and CEO Steven McAuley joined Steve Darling from Proactive Vancouver on skype from London with news the company has hired staff to bring their products to the Los Angeles County market. McAuley tells Proactive how big this market is and how they plan on...

3 weeks, 4 days ago

2 min read