Custom Health Delivers US$51.6 Million Proforma Annualized Revenue Run-Rate in Q1-2026

July 03, 2026 6:00 AM EDT | Source: Custom Health Holdings Inc.

  • For the three months ended March 31, 2026, Custom Health achieved quarterly revenue of US$4.3 million, while InnovativeRx (as defined below) achieved record quarterly revenue of US$8.6 million, reflecting total consolidated quarterly revenue of US$12.9 million and proforma annualized revenue run-rate(1) of US$51.6 million.
  • Custom Health successfully completed its public listing and started trading on the Toronto Stock Exchange on June 24, 2026 under the symbol CHLT, significantly enhancing the Company's capital markets access and liquidity.
  • In conjunction with the public listing, Custom Health received US$9.6 million pursuant to the conversion of the subscription receipts issued in connection with the brokered private placement completed in connection with the Arrangement (as defined below). In addition, Custom Health strengthened its balance sheet with up to US$50 million in newly secured financing facilities. The Company currently has over US$35 million in undrawn credit facilities, providing substantial capital to support future acquisitions and long-term growth.

Vancouver, British Columbia--(Newsfile Corp. - July 3, 2026) - Custom Health Holdings Inc. (TSX: CHLT) (formerly, Queue Ventures Ltd.) ("Custom Health" or the "Company"), is pleased to announce its consolidated financial results for the fiscal first quarter ended March 31, 2026. A summary of the Company's financial and operational results is set out below, and more detailed information is contained in the quarterly financial statements and related management discussion and analysis, which are available on the Company's SEDAR+ page at www.sedarplus.ca.

Shane Bishop, Chief Executive Officer of Custom Health, commented, "Custom Health is now operating at a fundamentally different scale than even a year ago. The combined revenue generated from our core operations and the InnovativeRx acquisition reflects the successful model of our tech-enabled platform across North American healthcare systems. Even prior to closing the acquisition, we increased InnovativeRx's revenue demonstrating that our model is working. By integrating acquired pharmacies onto our proprietary AdhereNet® platform, we are able to rapidly grow patient volumes and accelerate revenue growth. This early success validates our acquisition strategy and positions us perfectly to drive sustained growth and accelerate our North American footprint."

Shane Bishop added, "Our strategy has always been focused on building the healthcare infrastructure of the future. With our successful TSX listing, expanded pharmacy network, strengthened capital position, and continued investment in AI-enabled clinical workflows, we are entering our next phase of growth from a position of exceptional strength. We remain focused on disciplined execution, delivering measurable outcomes for patients and partners, and creating long-term value for our shareholders."

Jason Nalewany, Chief Financial Officer of Custom Health, commented, "This quarter reflects continued progress in strengthening the Company's financial foundation as we scale a larger, more diversified business. Our priority remains disciplined capital allocation, and with a robust corporate capital structure supported by up to US$50 million in newly secured credit facilities and notes with US$35 million undrawn, Custom Health is well positioned to execute on our long-term growth strategy as we move past these Q1 milestones. We are thankful for our funding partners including Funicular, Yorkville and FairCap for believing in Custom Health's ability to revolutionize healthcare delivery through innovative, technology-driven solutions."

Custom Health - Fiscal First Quarter 2026 Financial Highlights

Significant financial highlights for the Company's continuing operations during the three months ended March 31, 2026 included:

  • Custom Health achieved quarterly revenue from continuing operations of US$4.3 million in Q1-2026, an increase of 5% compared to revenue of US$4.1 million generated in Q1-2025.
  • Custom Health achieved Gross Profit(1) of US$2.1 million during Q1-2026, an increase of 14% compared to US$1.8 million in Q1-2025. The increase is primarily due to an increase in Gross Margin percentage and higher revenues in the quarter.
  • Custom Health achieved Gross Margin(1) of 48.6% during Q1-2026, compared to 44.8% in Q1-2025.
  • During Q1-2026, Custom Health reported an Adjusted EBITDA(1) loss of US$5.3 million, compared to an Adjusted EBITDA(1) loss of US$3.0 million in Q1-2025.
  • During Q1-2026, the Company's IFRS net loss from continuing operations was US$8.5 million compared to a net loss of US$7.3 million for the previous year.

InnovativeRx - Fiscal Second Quarter 2026 Financial Highlights

Significant financial highlights for InnovativeRx's continuing operations during the three months ended March 31, 2026 included:

  • InnovativeRx generated revenue of US$8.6 million in Q2-2026, an increase of 10.5% compared to US$7.8 million in fiscal Q2-2025.
  • During fiscal Q2-2026, InnovativeRx reported positive Adjusted EBITDA(1) of US$0.6 million, compared to an Adjusted EBITDA(1) of US$0.4 million in Q2-2025.

Financial results for InnovativeRx are based upon unaudited internal management prepared financial figures.

Events Subsequent to March 31, 2026

Significant business and operational highlights for the Company subsequent to March 31, 2026, included:

  • Receipt of Conditional Approval for Toronto Stock Exchange Listing: On April 9, 2026, the Company (then Queue Ventures Ltd.) announced that it obtained conditional approval from the Toronto Stock Exchange (TSX) to list its common shares following the completion of its statutory plan of arrangement transaction (the "Arrangement") with Custom Health, Inc. ("Custom Delaware").
  • Overwhelming Shareholder Approval for the Arrangement : On May 1, 2026 and May 7, 2026, respectively, the Company (then Queue Ventures Ltd.) announced the voting results from the special meeting shareholders of the Company and special meeting of stockholders of Custom Delaware held on April 30, 2026 and May 6, 2026 respectively. Custom Health shareholders and Custom Delaware stockholders each voted overwhelmingly in favor of the resolution to approve the Arrangement.
  • Supreme Court Approval and Final Order for Plan of Arrangement: On May 13, 2026, the Company (then Queue Ventures Ltd.) announced that it was granted a final order from the British Columbia Supreme Court approving the Arrangement.
  • Appointment of Executive Leadership, Board of Directors, and Shareholder Approval: On May 14, 2026, Custom Health announced the strategic appointment of Jason Nalewany as Chief Financial Officer to oversee the Company's financial strategy, capital allocation, and capital markets activities as a public issuer. The Company also announced its proposed post-arrangement Board of Directors, consisting of experienced leaders across healthcare delivery, technology innovation, governance, and capital markets.
  • Strategic Acquisition of InnovativeRx Operating Subsidiaries: On June 3, 2026, immediately prior to the completion of the Arrangement, Custom Delaware completed its acquisition of substantially all operating assets of InnovativeRx US Holdings, Inc. ("InnovativeRx") for a total transaction value of approximately US$16.55 million in cash and equity. The acquisition expands Custom Health's operational footprint across Indiana and Ohio, strengthening its care model for chronic and complex patient populations. InnovativeRx is an existing operational partner already utilizing Custom Health's proprietary AdhereNet® platform, which ensures workflow continuity and accelerated integration. Financially, the transaction is expected to add approximately US$34.3 million in annualized revenue and US$2.53 million in annualized EBITDA(1) to the Company's financial profile based on preliminary Q1-2026 financials.
  • Completion of Plan of Arrangement and Name Change: On June 5, 2026, Custom Health announced the successful completion of the Arrangement. Under the terms of the Arrangement, the Company acquired 100% of the issued and outstanding common stock of Custom Delaware in exchange for the issuance of, inter alia, approximately 22.1 million common shares of the Company. In connection with the closing, the Company officially changed its name from "Queue Ventures Ltd." to "Custom Health Holdings Inc.".
  • Commencement of Trading on the Toronto Stock Exchange: On June 22, 2026, Custom Health announced that it received final approval to list its common shares on the Toronto Stock Exchange (TSX) under the symbol "CHLT", with trading commencing at market open on June 24, 2026. This milestone significantly strengthening Custom Health's capital markets presence, enhancing liquidity, and supporting its long-term corporate trajectory.
  • Execution of Comprehensive Corporate Financing Arrangements: In connection with its public listing, Custom Health announced on June 22, 2026, that it entered into several strategic financing agreements to support its long-term operations. The capital structure additions include senior secured convertible notes with Funicular Funds, LP for up to US$20,000,000, and a promissory note purchase agreement with YA II PN, Ltd. for up to US$15,000,000. Additionally, the Company secured a US$15,000,000 unsecured convertible credit facility from 102114598 Saskatchewan Ltd. alongside a C$10,000,000 senior secured credit facility with Fair Capital Partners Inc. to fund acquisitions and working capital requirements. The Company currently has over US$35 million in undrawn credit facilities, providing substantial capital to support future acquisitions and long-term growth.
  • Strategic Leadership Appointments for Growth and Regulatory Excellence: On June 25, 2026, Custom Health announced the appointments of Robert Guzman as Chief Compliance & Regulatory Officer and Brent Herman as Executive Vice President, Corporate Development to reinforce its governance framework and accelerate North American expansion. Mr. Guzman brings over 25 years of experience leading compliance, quality assurance, and regulatory affairs across global healthcare sectors, including executive roles at Getinge, C.R. Bard, and Chimerix, alongside strategic collaborative work with the U.S. FDA. Mr. Herman, founder of long-term care pharmacy group InnovativeRx and a former corporate securities legal partner, joins with a 35-year track record spanning corporate finance, operational leadership, and cross-border mergers and acquisitions. These leadership additions are positioned to significantly strengthen Custom Health's tech-enabled pharmacy platform as the Company executes on new partnerships and long-term strategic growth objectives.

Selected Financial Information

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(1)Non-IFRS Financial Measures

The terms Annualized Revenue Run-Rate, EBITDA, Adjusted EBITDA, Annualized EBITDA, Gross Profit and Gross Margin used in this document are non-GAAP financial measures and do not have any standardized meaning under IFRS. These measures may not be comparable to similar financial measures disclosed by other companies and should not be considered in isolation or as a a substitute for, or superior to, IFRS financial measures. Readers are advised to review the section entitled "Non-IFRS Financial Measures" in the Company's management discussion and analysis for the quarter ended March 31, 2026, available on the Company's SEDAR+ page at www.sedarplus.ca, for a detailed explanation of the composition of these measures and their uses.

The following table reconciles EBITDA, Adjusted EBITDA n to net income (loss) for the three-months, ended March 31, 2026 and March 31, 2025 in respect of the Company and Innovative RX:

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The Company calculated Annualized EBITDA by multiplying its EBITDA as calculated above for the applicable quarter ended March 31, 2026 by four.

The Company calculated Annualized Revenue Run-Rate by multiplying the pro forma consolidated revenue for the Company and InnovativeRx for the quarter ended March 31, 2026 by four.

Shane Bishop

Chief Executive Officer
Custom Health Holdings Inc.

About Custom Health

Custom Health is an AI-enabled healthcare technology company that operates an infrastructure platform designed to ensure medication therapy works as intended. The Company connects in-home technology, pharmacy, and pharmacist-led clinicians to create continuous visibility into a patient's therapy. Powered by the proprietary AdhereNet® platform, Custom Health operates an integrated pharmacy network across Canada and the U.S. as part of its broader infrastructure, supporting medication delivery, continuous monitoring, and clinical action to enable earlier engagement and support improved outcomes. To learn more, visit customhealth.com.

Cautionary Note Regarding Forward-Looking Information

This press release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Custom Health. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes, without limitation, information regarding: future financial or operating results, availability of funds from the Company's strategic financing agreements, future results associated with the InnovativeRx acquisition including any business, operational or financial synergies or results that may be derived by the Company therefrom, and future business plans.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Custom Health's management estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Custom Health believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are, without limitation, the following: results from business operations not matching management expectations; risks related to operating in a regulated environment; competition; inability to realize operational synergies or results as expected from acquisitions or other business transactions; risks associated with being a newly listed issuer including diversion of management time and attention and additional costs associated with being a public company; risks related to the Company's indebtedness; risks relating to the Company's ability to access capital on acceptable terms or at all; risks associated with business relationships and partnerships; supply chain risks; operations in multiple markets; exchange rate fluctuations; valuation of intangible assets; risks relating to litigation and administrative proceedings including tax disputes, intellectual property disputes and other potential proceedings; interests of significant shareholders; health and safety risks including with respect to the outbreak of infectious diseases or viruses; reliance on key personnel; ability to attract and retain highly skilled personnel; internal controls; counterparty and concentration risks; the ability of Custom Health to meet its obligations under its material agreements; business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the other risks disclosed in the Company's management's discussion and analysis for the three months ended March 31, 2026, a copy of which is available under the Company's profile on SEDAR+ at www.sedarplus.ca. This forward-looking information may be affected by risks and uncertainties in the business of Custom Health and market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward- looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Custom Health has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Custom Health does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

For more information:

Pardeep S. Sangha
Investor Relations, Custom Health.
Phone: 604-572-6392
ir@customhealth.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303898

info

Source: Custom Health Holdings Inc.

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