Ethema Health Corporation has notified shareholders of delays in submitting its 2024 10-K filing and first quarter results, citing audit-related processes as the cause. The company expects to file its first quarter review by the end of the month, which is essential for the timely release of its second quarter results. This step is pivotal as Ethema aims for a listing on the OTC-ID market, contingent upon the filing of its first quarter financials on form 10-Q, highlighting a strategic move to enhance its market presence.
With revenue guidance indicating approximately $3.5 million for the first quarter of 2025, including $2.1 million from its new Kentucky operations, Ethema is on a growth path. Second quarter revenues are projected at $4.4 million, subject to audit review, with an anticipated increase to $5.5 million by the quarter ending September 30, 2025. The company targets quarterly revenues of $6.3 million to reach optimal efficiency, showcasing a strategy focused on both acquisitions and organic growth.
In Florida, Ethema's re-certification by the Joint Commission reflects its dedication to quality care and compliance, with facilities operating at 93% occupancy. Simultaneously, in Kentucky, efforts to secure certification and listing with Managed Care Organizations are underway, aiming to expand service offerings and capacity. With 347 licensed beds and serving around 230 customers, Ethema is set for further regional expansion.
CEO Shawn Leon emphasized the seamless integration of Kentucky operations and the successful Joint Commission audit in Florida as milestones. These achievements underscore Ethema's strategy to leverage its assets and increase patient numbers for improved profitability, pointing to a promising future for the company's growth and operational efficiency.
