Ethema Health Corporation (OTCPINK: GRST) has informed shareholders about delays in its public filings due to audit-related issues, with the first quarter results expected to be filed by the end of the month. This filing is crucial for the company's transition to the OTC-ID market, following its approval in June. The company's current listing will move to the Expert Market temporarily until the first quarter 10-Q is submitted.
The company reported revenues of approximately $3.5 million for the first quarter of 2025, with significant contributions from its newly acquired Kentucky operations. Projections for the third quarter are optimistic, with expected revenues of $5.5 million, moving closer to the company's efficiency target of $6.3 million quarterly revenues.
In Florida, Ethema's commitment to quality care has been reaffirmed by a three-year re-certification from the Joint Commission, with facilities reaching 93% occupancy. The company is also making strides in Kentucky, completing significant steps towards certification with major Medicaid Managed Care Organizations and being approved as a provider by the Department of Corrections. With 347 licensed beds in Kentucky, Ethema is poised for further 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's focus remains on optimizing its assets and increasing patient counts to enhance profitability.
