Ethema Health Corporation Updates Shareholders on Financial Filings and Expansion Efforts

Ethema Health Corporation (OTCPINK: GRST) has informed shareholders about delays in its public filings, attributing the holdup to audit-related processes. The company anticipates filing its first quarter results by the end of the month, which will facilitate the timely submission of its second quarter financials. This step is crucial for the company's transition to the OTC-ID market, following its approval in June.

The company disclosed preliminary revenue figures, with $3.5 million reported for the first quarter of 2025, including $2.1 million from newly acquired Kentucky operations. Second quarter revenues are estimated at $4.4 million, pending audit review. Ethema projects third quarter revenues to reach $5.5 million, aiming for optimal efficiency at $6.3 million quarterly revenues, signaling potential for expansion through acquisitions and organic growth.

In Florida, Ethema's commitment to quality care was reaffirmed with a three-year re-certification from the Joint Commission, following successful audits at its West Palm Beach and Boca Raton facilities. The Boca Raton location has reached full capacity, with Florida operations at 93% occupancy in July, prompting plans for property and staff enhancements to improve customer experience.

Kentucky operations are progressing, with 70% completion in certification processes with Medicaid Managed Care Organizations. 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 is poised for significant growth in the region.

CEO Shawn Leon highlighted the smooth integration of Kentucky operations and the exceptional results of the Joint Commission audit in Florida as key achievements. The company remains focused on optimizing its assets and increasing patient counts to enhance profitability.