ARCpoint Conference Call for Q2 2024 Financial Results
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ARCpoint to Host Conference Call for Q2 2024 Financial Results
ARCpoint Inc. (TSXV: ARC) will host a conference call to review the Company’s Q2 financial results for the period ending June 30, 2024, along with discussions on new opportunities resulting from its recent transaction. This call is set to take place at 4:45 PM Eastern time.
Conference Call Details
The dial-in information for the conference call is as follows:
Canada / USA Toll Free: 1-844-763-8274
International Toll: +1-647-484-8814
Participants are encouraged to join approximately 5-10 minutes before the scheduled start time.
Key Developments and Business Expansion
ARCpoint's President and CEO, John Constantine, highlighted the substantial progress the Company has made in broadening its business and expanding its distribution footprint, particularly with the deployment of the MyARCpointLabs technology platform. This transformative development was further exemplified by the recent partnership with Any Lab Test Now and the creation of CRESSO Brands.
Joint Venture with Any Lab Test Now
On August 20, 2024, ARCpoint announced a pivotal transaction with Any Lab Test Now (ALTN) which led to the establishment of a joint venture, CRESSO Brands, LLC. This collaboration combines the franchise operations of both entities, forming the largest franchise network for diagnostic services in the U.S. as of the announcement date.
ALTN, founded in 1992 and boasting over 235 franchise locations, provides direct access to a variety of lab testing services. The joint venture aims to enhance the operational capabilities of ARCpoint and its franchisees.
Leveraging MyARCpointLabs
John Constantine noted the importance of leveraging the MyARCpointLabs platform to drive business to CRESSO franchisees and expand the Company’s distribution network through new partnerships. The platform is designed to ease the connection between franchisees and healthcare consumers, thereby enhancing service delivery.
2024 Q2 Financial Overview
As of June 30, 2024, ARCpoint reported notable strides in reducing costs compared to the previous year. The financial results reflected the Company’s improved expense management and operational efficiency.
Q2 Financial Highlights
- Total revenues for Q2 2024 were $1.6 million, a slight increase from $1.5 million in the same period last year.
- Net loss for Q2 2024 totalled $1.4 million, a significant reduction from $2.4 million in Q2 2023.
- Operating cash flow improved to a negative $0.6 million compared to negative $1.9 million a year prior.
- EBITDA for the quarter was reported at negative $1.1 million, enhancing from negative $2.0 million year over year.
- Adjusted EBITDA also improved to negative $1.0 million from negative $1.7 million in Q2 2023.
Year-to-Date Financial Performance
For the six months ending June 30, 2024, ARCpoint's financial performance showcased resilience with increased revenues and reduced losses.
YTD Financial Highlights
- Total revenues for the first half of 2024 reached $3.3 million, an increase from $3.2 million in the prior year.
- Net loss reduced to $2.9 million from $4.5 million a year earlier.
- Operating cash flow improved to negative $1.9 million, down from negative $3.1 million in the same period last year.
- Year-to-date EBITDA was reported at negative $2.2 million, compared to negative $3.8 million in 2023.
- Adjusted EBITDA also showed improvement to negative $2.0 million from negative $2.8 million.
Company Overview
ARCpoint Inc. is a prominent US-based franchise system that focuses on delivering accessible and affordable healthcare solutions through both technology and physical locations. The franchise operates over 130 independently owned labs throughout the U.S., providing a range of health information services.
Should you seek further information or wish to participate, please feel free to reach out to:
ARCpoint Inc.
Jason Tong, Chief Financial Officer
Phone: (604) 889-7827
E-mail: invest@arcpointlabs.com
Frequently Asked Questions
What is the purpose of the conference call hosted by ARCpoint?
The conference call aims to discuss ARCpoint’s Q2 financial results and explore new opportunities stemming from recent business developments.
Who is the CEO of ARCpoint?
The President and CEO of ARCpoint is John Constantine.
What financial improvements did ARCpoint achieve in Q2 2024?
ARCpoint reported increased revenues and a significant reduction in net loss year-on-year for Q2 2024.
What is MyARCpointLabs?
MyARCpointLabs is a technology platform designed to enhance service delivery for ARCpoint franchisees and consumers.
How can I contact ARCpoint for more information?
You can contact ARCpoint through Jason Tong, Chief Financial Officer, via phone at (604) 889-7827 or email at invest@arcpointlabs.com.
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