Writi creates health technologies by connecting Pharmacies, Healthcare Providers, and Care Homes & Institutions through machine learning, IOT, and people-centered design. It streamlines workflows, promotes compliance, and enables companies to focus on patient care. Writi's solutions allow healthcare professionals to document and share information on the go.On January 11th, 2021, Writi was acquired by Jack Nathan Health. The terms of the transaction were not disclosed.
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Expert Collections containing Writi
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Writi is included in 2 Expert Collections, including Telehealth.
Companies developing, offering, or using electronic and telecommunication technologies to facilitate the delivery of health & wellness services from a distance. *Columns updated as regularly as possible; priority given to companies with the most and/or most recent funding.
Technologies, platforms, and systems that engage consumers for lifestyle, wellness, or health-related purposes; capture, store, or transmit health data; and/or support life science and clinical operations. (DiME, DTA, HealthXL, & NODE.Health)
Latest Writi News
Sep 28, 2021
Jack Nathan Health Announces Its Q2 Fiscal 2022 Financial Results Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) ("Jack Nathan Health", "JNH" or the "Company") announced today its unaudited financial results for the second quarter of fiscal 2022, which ended July 31, 2021. Author: Sep 28, 2021 7:00 AM EDT Jack Nathan Medical Corp. (TSXV: JNH, OTCQB: JNHMF) ("Jack Nathan Health", "JNH" or the "Company")announced today its unaudited financial results for the second quarter of fiscal 2022, which ended July 31, 2021. Jack Nathan Health's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). Management Commentary Commenting on the Company's results and business momentum, newly appointed Chief Executive Officer and Chief Medical Officer Dr. Glenn Copeland stated, "I am honored to take on the role of CEO and look forward to working with the JNH team and our partners. Through our alliance with Walmart, JNH is providing needed medical care services to millions of patients throughout Canada and Mexico. In addition to family care, we are expanding ancillary services, executing on our vision to create the best, one-stop, omni-channel medical experience. We are investing to support this vision; expanding our facilities and geographic footprint, staff and medical community, and technology platform, to generate value for all stakeholders in the years to come." Dr. Copeland continued, "While we reported strong year-over-year revenue growth, it was curtailed by restrictions related to the global pandemic. In spite of this, we acquired seven medical clinics year-to-date and re-opened the two MedSpas. Additionally, we are utilizing existing space to grow our Rehab and MedSpa footprint with ongoing expansion in the second half of this year and beyond. In Mexico, we reached a significant milestone, opening our 100 th medical clinic last week, and we are on track to open 203 clinics by fiscal year end. The COVID-19 testing program launched this past quarter has been successful and we now have 28 testing tents open, with additional sites planned. We are creating a better patient experience and driving higher patient-clinic engagement, while building a foundation to support future growth." Fiscal 2022 Second Quarter Milestones and Subsequent Events The Company acquired two additional medical clinics in British Columbia (June and August). With these acquisitions, there are now seven corporate owned and operated medical clinics within the Walmart Canadian footprint. The other five are based in Ontario, one of which is the Company's flagship facility in Woodbridge. In May, the Company announced the opening of three medical clinics inside Walmart centres, which includes two in Alberta and one in British Columbia and all with larger format footprints. In late July, the Company re-opened the two JNH MedSpas which were acquired in Q1 fiscal 2022 and closed due to lockdown restrictions in Canada. A third MedSpa opened in August and the Company has plans to open seven (7) additional MedSpas within the next year. Fiscal 2022 Second Quarter Mexico Business Milestones and Subsequent Events In May, the Company announced plans to open 153 new locations in Mexico. The Company anticipates it will have 203 medical clinics in Mexico by fiscal 2022 year-end, all of which will be corporately owned and operated. The 100 th medical clinic was opened in September 2021. In July, the Company launched a new COVID-19 testing program in Mexico, setting up testing centres in select Walmart parking lots where it owns and operates medical clinics. The initial agreement was for 28 testing centres (now operational), with 64 potential locations identified for expansion. During Q2 fiscal 2022, JNH began providing medical services to Walmart employees at one of its Distribution Centres, the second now serviced through JNH. Fiscal 2022 Second Quarter Corporate Milestones and Subsequent Events In May, Writi Inc., a business acquired by JNH in January 2021 secured a software installation contract for 15 new Long-Term Care (LTC) homes, representing over 1,650 beds. Integration is underway and when complete, this will double the number of LTCs using the Writi platform. In May, Mike Marchelletta, Co-founder and President, assumed the role of Interim Chief Executive Officer following the termination of George Barakat, and Neil J. Labatte was appointed Chairman of the Board. In September, Dr. Glenn Copeland, Chief Medical Officer, was appointed Chief Executive Officer, and Mr. Marchelletta became Executive Vice Chairman of the Board. FINANCIAL HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED JULY 31, 2021 Operating Results Total revenues in the three-month period ended July 31, 2021, were approximately $1.9 million, an increase of $0.8 million or 70%, compared to total revenues of $1.1 million for the three-month period ended July 31, 2020. For the six-month period ended July 31, 2021, total revenues were $3.2 million compared to $2.1 million for the six-month period ended July 31, 2020, an increase of $1.1 million, or approximately 50%. Driving the year-over-year improvement for both periods were higher revenues from clinic operations as the Company expanded its footprint throughout Canada and Mexico. The Company expects higher revenues in future periods as it continues to expand its footprint, add new services, and realize positive contributions from MedSpas, which re-opened towards the end of Q2 fiscal 2022. Total operating expenses in the three-month period ended July 31, 2021, were $3.8 million as compared to $0.6 million in the three-month period ended July 31, 2020, an increase of $3.2 million. For the six-month period ended July 31, 2021, total operating expenses were $6.7 million as compared to $1.4 million in the six-month period ended July 31, 2020, an increase of $5.3 million. Driving the year-over-year increase for both periods were higher costs associated with clinic expansion, the build-out of the management team, higher costs to support acquisitions, technology enhancements, and public-company expenses. Additionally, non-cash expenses for stock compensation expense contributed to $0.5 and $1.2 million of the increase when comparing the three and six-month periods ended July 31, 2021, and July 31, 2020, respectively. The Company reported a loss from operations of approximately $1.9 million in the three-month period ended July 31, 2021, as compared to income from operations of $0.5 million in the three-month period ended July 31, 2020. For the six-month period ended July 31, 2021, the Company reported a loss from operations of $3.5 million compared to income of $0.7 million for the six-month period ended July 31, 2020. The loss from operations in both periods was directly related to higher operating expenses related to growth and the investment to further scale operations. Adjusted EBITDA (1) in the three-month period ended July 31, 2021 was a loss of $0.7 million as compared to adjusted EBITDA of $0.5 million in the three-month period ended July 31, 2020. For the six-month period ended July 31, 2021, the Company reported an adjusted EBITDA loss of $1.2 as compared to adjusted EBITDA of $0.8 million in the six-month period ended July 31, 2020. The adjusted EBITDA loss for both periods was directly attributable to higher expenses to support growth initiatives and some expenses may not repeat in future periods. Additionally, the Company incurred restructuring costs of approximately $0.4 million in the three-month period ended July 31, 2021, related to management reorganization and professional fees. Balance Sheet as of July 31, 2021 Cash of $4.5 million (January 31, 2021 - $7.7 million) Total assets of $10.0 million (January 31, 2021 - $10.7 million) Total liabilities of $3.1 million (January 31, 2021 - $2.1 million) Shares Outstanding As of July 31, 2021, the Company had 82,067,119 common shares outstanding, 6,400,000 stock options outstanding, and 397,304 warrants outstanding. (1) Adjusted EBITDA We believe Adjusted EBITDA is a useful measure to assess the ongoing performance of our Company as it provides more meaningful operating results by excluding the effects of expenses that are not reflective of our underlying business performance as well as one-time or non-recurring expenses. We define Adjusted EBITDA as EBITDA adjusted to add back or deduct, as applicable, certain expenses, costs, charges, or benefits incurred in the period, which in management's view, are not indicative of normal operations, including: (i) non-capitalized development costs, (ii) acquisition related costs, (iii) stock compensation expense, (iv) other income (expense), (v) finance costs, (vi) loss on investments at fair value, (vii) FX, (viii) bad debt expense (recovery), and (ix) restructuring costs. Non-GAAP measure: Earnings before interest, taxes, depreciation, and amortization ("EBITDA") and Adjusted EBITDA should not be construed as alternatives to net income (loss) determined in accordance with IFRS. EBITDA and Adjusted EBITDA do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. For further information regarding the Company's financial results for Q2 fiscal 2022, please refer to the audited financial statements for the year ended January 31, 2021 and unaudited condensed interim financial statements for the three-month period ended July 31, 2021 together with corresponding MD&As, which are available on Jack Nathan Health's issuer profile on SEDAR at www.sedar.com and the Company's website https://www.jacknathanhealth.com About Jack Nathan Medical Corp. Jack Nathan Medical Corp., operating as Jack Nathan Health®, is one of Canada's largest healthcare networks. Jack Nathan Health® is an innovative healthcare company that is improving access for millions of patients by co-locating physician and ancillary medical services conveniently located inside Walmart® stores. Jack Nathan Health® provides an exceptional level of patient care, made possible through patient-centric physicians, a variety of medical services, technology, and programs, designed to put patients first. Our mission is to provide everyone access to the finest quality retail medical centres, with both in-clinic physicians and digital telemedicine, so you and your loved ones can "Live Your Best Life". Jack Nathan Health® was established in 2006 and continues to expand its international footprint, delivering exceptional, state-of-the-art, turn-key medical centres. In Canada, the Company has 76 clinics in Walmart locations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec, and is contracted to open three more new clinics in 2021/22. In Mexico, the Company has approximately 100 corporate owned and operated clinics in Walmart locations and is contracted to have a total of 203. For more information, visit www.jacknathanhealth.com or www.sedar.com. Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to Jack Nathan are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties, and assumptions Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative and other judicial, regulatory, political, and competitive developments; the economic and business impact of COVID-19 and operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward- looking information, other than as required by applicable law. View source version on businesswire.com: https://www.businesswire.com/news/home/20210928005438/en/ By
Writi Frequently Asked Questions (FAQ)
Where is Writi's headquarters?
Writi's headquarters is located at 1409-2093 Fairview Street, Burlington.
What is Writi's latest funding round?
Writi's latest funding round is Acquired.
Who are the investors of Writi?
Investors of Writi include Jack Nathan Health.
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