Ethema Health Corporation Updates Shareholders on Financial Filings and Expansion Efforts

Ethema Health Corporation (OTCPINK: GRST) has recently updated its shareholders regarding delays in its public filings and shared interim financial results. The company encountered audit-related delays affecting the filing of its 2024 10-K, subsequently postponing its first quarter results. However, the first quarter review is currently in progress and is anticipated to be filed by the end of the month, enabling the timely submission of the second quarter results. Ethema's application for listing on the new OTC-ID market was approved in June, pending the filing of its first quarter financials on form 10-Q. The company's current listing on the Pink market is set to transition to the Expert Market on July 18, 2025, with plans to restore its OTC-ID market listing upon the completion of the first quarter 10-Q filing.

Financially, Ethema reported revenues of approximately $3.5 million for the first quarter ended March 31, 2025, with $2.1 million attributed to its newly acquired Kentucky operations. The second quarter ended June 2025 saw revenues of about $4.4 million, subject to audit review. Looking ahead, the company projects revenues of $5.5 million for the quarter ending September 30, 2025, aiming for optimal efficiency at quarterly revenues of $6.3 million through both acquisitions and organic growth.

In Florida, Ethema achieved re-certification for another three years by the Joint Commission, underscoring its commitment to quality care and regulatory compliance. The Boca Raton facility has reached full capacity, with Florida operations at 93% occupancy in July. The company is enhancing its properties and staff to improve customer experience further.

Kentucky operations are progressing well, with 70% completion in certification processes with Managed Care Organizations for Medicaid. Ethema has finalized agreements with Humana and Aetna, with expectations to join the Passport Molina system shortly. The company has also been approved as a provider by the Kentucky Department of Corrections, enabling client referrals to ARIA Kentucky for treatment. With 347 licensed beds, 275 of which are operational, and an additional 36 beds for outpatients, Ethema is poised for significant growth in Kentucky.

Shawn Leon, CEO of Ethema, praised the smooth integration of Kentucky operations and the exceptional results of the Joint Commission audit in Florida. The company remains focused on optimizing its assets in both states to enhance profitability and patient care.