Empower Clinics says it is on track to be a “formidable” small cap health and wellness company in 2021

Empower Clinics Inc (OTCMKTS:EPWCF) (CSE:CBDT) (FRA:8EC), one of the largest operators of medical health and wellness centers in the US, shared a promising outlook for next year as it updated investors on the firm’s recent initiatives, which had taken a firm hold and were flourishing. 

In a statement on Monday, Empower Clinics CEO Steven McAuley said: “Our company is rapidly evolving into providing an integrated healthcare experience that spans from testing to treatment by combining cutting edge technologies including telemedicine and state-of-the-art lab testing.”

“Add to this, the fact that we are now serving enterprise-level clients as promised, and partnering on initiatives such as our recently announced travel bubble, it’s safe to say we are on the path to becoming a formidable small cap health and wellness company in 2021.”

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

The Vancouver-based company’s Sun Valley Health subsidiary owns a network of physician-staffed health clinics in Oregon and Arizona that serve more than 165,000 patients and provides tele-medicine options in Arizona, Oregon, Washington State, Nevada and California.

Empower Clinics also launched a four-phase rollout of coronavirus (COVID-19) testing in clinics and onsite for businesses. The firm also recently signed a deal to acquire Dosed Wellness Ltd and a new dedicated website that leverages the operating assets of Empower.

McAuley thanked the firm’s shareholders for “trusting my leadership transition,” and welcomed the firm’s newest shareholders. “We look forward to delivering continued accelerated growth in 2021 and well beyond,” added McAuley. “Given the speed at which we have been moving since I took over the leadership reigns in 2019, it is prudent to take a moment to provide our shareholders with both a current snapshot, as well as, our expectations for continued growth into 2021.”

For the second quarter 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. 

Helped immeasurably by the second quarter, Empower’s revenue for 2020 has already touched $1.7 million, a 130% jump, compared to $745,000 in the same period in 2019.

“The company’s diversification into telemedicine, COVID-19 testing, medical lab testing for enterprise customers, and the proposed clinic expansion into Canada, all serves to diversify Empower well beyond our Southwestern US clinic operations,” said the company.

In its update, Empower said it has completed the closing of the Kai Medical Laboratory acquisition by signing the Member Purchase Interest Agreement on October 5, and then subsequently filing the regulatory documents with Texas and other regulatory bodies.

“The company is now implementing aggressive growth strategies including servicing new COVID-19 testing contracts for the film & television industry and supporting the Sun Valley Health COVID-19 RT-PCR and rapid antibody testing programs in the state of Arizona,” said the company.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Story by ProactiveInvestors