Ethema Health Corporation (OTCPINK: GRST) has recently updated its shareholders regarding delays in its public filings and shared interim financial results, alongside significant operational expansions in Florida and Kentucky. The company anticipates filing its first quarter results by the end of the month, a step that will facilitate the timely submission of its second quarter filings. This development is crucial for maintaining transparency with investors and ensuring compliance with regulatory requirements.
The company's financial guidance for 2025 reveals promising growth, with first-quarter revenues reaching approximately $3.5 million, bolstered by $2.1 million from its newly acquired Kentucky operations. Projections for the second and third quarters suggest continued revenue increases, aiming for $5.5 million by September 30, 2025, moving closer to the optimal efficiency benchmark of $6.3 million quarterly revenues. This financial trajectory underscores Ethema's robust growth strategy through both acquisitions and organic expansion.
In Florida, Ethema's commitment to quality care has been reaffirmed by a three-year re-certification from the Joint Commission, with minimal findings during audits of its West Palm Beach and Boca Raton facilities. The Boca Raton location has reached full capacity, with Florida operations achieving 93% occupancy in July. These milestones reflect the company's dedication to maintaining high standards of patient care and regulatory compliance.
Kentucky operations are also expanding, with Ethema nearing completion of certification processes with major Managed Care Organizations, including Humana and Aetna, and anticipates joining the Passport Molina system shortly. Additionally, the company has been approved as a provider by the Kentucky Department of Corrections, enabling referrals to its ARIA Kentucky facility. With 347 licensed beds, of which 275 are operational, and a current census of approximately 230 customers, Ethema is poised for significant growth in the region.
CEO Shawn Leon praised the seamless integration of Kentucky operations and the exceptional results of the Joint Commission audit in Florida, attributing these successes to the dedicated teams in both states. Ethema's focus on optimizing its assets and increasing patient numbers is expected to enhance profitability and solidify its position in the behavioral healthcare sector.
