Q2 2024 Dri Healthcare Trust Earnings Call Transcript
Key Points
- DRI Healthcare Trust (DHTRF) reported a 50% increase in normalized total cash receipts, reaching $43 million for Q2 2024.
- The company recorded a 48% increase in total income, amounting to $41.6 million for the quarter.
- Adjusted EBITDA rose by 31% to $432.9 million, translating to an adjusted EBITDA margin of 77%.
- The Trust declared a quarterly dividend of $0.085 per unit, payable on October 18th.
- DRI Healthcare Trust (DHTRF) has a robust pipeline with $3.2 billion in potential opportunities under active evaluation.
- The Trust is currently dealing with internal control and governance issues, including the remediation of material weaknesses identified.
- There were irregularities related to consulting and other expenses, leading to an investigation and a change in leadership.
- The company had to restate its 2023 financial statements and related disclosure documents.
- There is ongoing litigation and arbitration relating to the generic entry of a key product, which could impact future cash flows.
- The Trust's guidance for 2024 royalty income remains conservative, with no upward revision despite strong performance in Q2.
Good morning, everyone. Welcome to DRI Healthcare Trust 2024 second quarter earnings call. This is a reminder that certain statements made in this earnings call presentation, including responses to questions may contain forward-looking statements within the meaning of the Safe Harbor provisions of Canadian provincial securities law.
Forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on such statements and certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements.
For additional information about factors that may cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements, please consult the MD&A for this quarter, the Risk Factors section of the annual information form and DRI Healthcare Trust other filings with Canadian securities regulators. Us Healthcare Trust does not undertake to update any forward-looking statements. Such
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