Ethema Health Corporation Updates Shareholders on Financial Filings and Expansion Efforts
Ethema Health Corporation reports delays in financial filings due to audit processes, outlines revenue growth, and details expansion and certification achievements in Florida and Kentucky.
Ethema Health Corporation has informed shareholders about delays in its public filings, attributing the postponement of its 2024 10-K and first quarter results to audit-related issues. The company anticipates filing its first quarter review by the end of the month, which will facilitate the timely submission of its second quarter results. Ethema's application for listing on the OTC-ID market has been approved, pending the filing of its first quarter financials on form 10-Q, with its current Pink market listing transitioning to the Expert Market on July 18, 2025.
The company reported preliminary revenues of approximately $3.5 million for the first quarter of 2025, with $2.1 million stemming from its newly acquired Kentucky operations. Second quarter revenues are estimated at $4.4 million, pending audit review, with a projected increase to $5.5 million for the quarter ending September 30, 2025. Ethema aims to achieve optimum efficiency at a quarterly revenue threshold of $6.3 million, exploring both acquisition and organic growth strategies to reach this goal.
In Florida, Ethema has secured re-certification from the Joint Commission for another three years, following successful audits of its West Palm Beach and Boca Raton facilities. The Boca Raton location has reached full capacity, with Florida operations operating at 93% occupancy. The company is enhancing its properties and staff to improve customer experience.
Kentucky operations are progressing, with 70% completion in certification processes with Managed Care Organizations for Medicaid. Ethema has finalized agreements with Humana and Aetna, with Passport Molina and others nearing completion. The company has also been approved as a provider by the Kentucky Department of Corrections, expanding its client base. With 347 licensed beds, 275 of which are operational, and an additional 36 beds for outpatient transitional care, Ethema's Kentucky facilities are poised for growth, currently serving approximately 230 customers.
CEO Shawn Leon praised the integration of Kentucky operations and the successful Joint Commission audit in Florida, highlighting the dedication of the teams in both states. The company remains focused on optimizing its assets and increasing patient counts to enhance profitability.