Earnings call transcript: CareRx misses Q2 2025 forecasts, stock steady

CareRx Corporation, a Canadian long-term care pharmacy service provider, reported its Q2 2025 earnings, revealing results below market expectations. The company posted an earnings per share (EPS) of CAD $0.011, missing the forecasted CAD $0.016 by 31.25%. Revenue for the quarter was CAD $91.4 million, slightly below the anticipated CAD $92.09 million. Despite the earnings miss, CareRx’s stock showed resilience with a modest increase of 0.35% in its trading price, closing at CAD $2.84. According to InvestingPro analysis, the company currently appears undervalued, with a "GOOD" overall financial health score of 2.63 out of 5.

Key Takeaways

• CareRx’s EPS and revenue both fell short of forecasts.
• The company achieved a 7% year-over-year increase in adjusted EBITDA.
• Stock price remained stable despite earnings miss, reflecting investor confidence.
• CareRx continues to focus on operational efficiencies and bed growth.

Company Performance

CareRx’s Q2 2025 performance demonstrated resilience in a challenging market environment. The company reported a revenue increase to CAD $91.4 million, up from CAD $89.6 million in the same quarter last year. This growth was accompanied by a notable improvement in adjusted EBITDA, which rose by 7% year-over-year to CAD $8 million. The adjusted EBITDA margin also improved by 60 basis points to 8.8%.

Financial Highlights

• Revenue: CAD $91.4 million, up from CAD $89.6 million YoY
• Adjusted EBITDA: CAD $8 million, a 7% increase YoY
• Net Income: CAD $561,000, compared to a net loss of CAD $1.4 million in 2024
• Cash Balance: CAD $8.7 million
• Net Debt: CAD $34.8 million

Earnings vs. Forecast

CareRx’s Q2 2025 earnings fell short of market expectations, with an EPS of CAD $0.011 versus a forecast of CAD $0.016, representing a negative surprise of 31.25%. Revenue also missed the forecast by 0.75%, coming in at CAD $91.4 million compared to the expected CAD $92.09 million.

Market Reaction

Despite the earnings miss, CareRx’s stock experienced a slight increase of 0.35%, closing at CAD $2.84. This stability suggests that investors may have already priced in the earnings shortfall or remain optimistic about the company’s strategic direction and growth potential. The stock has demonstrated strong momentum, posting a remarkable year-to-date return of 37.86% and a six-month gain of 25.66%.

Outlook & Guidance

Looking ahead, CareRx is targeting a 10% adjusted EBITDA margin and continues to pursue a strategy focused on bed growth and operational efficiencies. The company anticipates full revenue contributions from new beds in Q3 and is exploring potential expansion into the Quebec market. Analysts maintain a bullish outlook on CareRx, with a consensus recommendation of 1.57 (where 1 is Strong Buy and 5 is Strong Sell). For detailed analysis and forecasts, investors can access the comprehensive CareRx research report on InvestingPro, which is part of their coverage of 1,400+ stocks. Additionally, CareRx is tracking opportunities related to generic drug launches expected in Q2 2026.

Executive Commentary

CEO Puneet Khanna emphasized the company’s focus on people and processes, stating, "We believe that an unwavering focus on people and process delivers results." CFO Suzanne Brand highlighted the company’s commitment to growth and efficiency, saying, "We remain committed to investing for customer growth and operational efficiencies."

Risks and Challenges

• Potential revenue impact from drugs going generic in Q2 2026.
• Slow adoption of new branded medications due to formulary processes.
• Ongoing need to manage operational efficiencies amid market consolidation.

Q&A

During the earnings call, analysts inquired about the consistency of revenue per bed and labor market impacts. CareRx confirmed stable revenue per bed and reported no significant labor shortages, reinforcing their operational stability.

Full transcript - CareRx Corp (CRRX) Q2 2025:

Conference Call Moderator: Good morning, everyone, and welcome to the CareRx Second Quarter twenty twenty five Financial Results Conference Call. Please note that this call is being broadcast live over the Internet and the webcast will be available for replay beginning approximately one hour following the completion of the call. Details of how to access the webcast replay are available on today’s news release announcing the company’s financial results as well as on the company’s website at www.carerx.ca. Today’s call is accompanied by slide presentation. Those listening on their phones can access the slide presentation from the company’s website in the Investors section under Events and Presentations by loading the webcast and choosing the non streaming audio option.

Certain statements made during today’s call, including answers that may be given to questions, may include forward looking information, including information constituting a financial outlook under applicable Canadian securities laws. Forward looking information, including financial outlook information, includes statements regarding future events, conditions or results, including the company’s future plans, strategies, objectives and expectations. Forward looking information and financial outlooks are based on information available to management as well as the assumptions and expectations as of date of this presentation. The company assumes no obligation to update any forward looking information as a result of new information or future events except as required under applicable law. Forward looking information is subject to risks and uncertainties, some of which may be unknown to management or beyond the control of the company, which could cause actual results to differ materially from those contemplated by the forward looking statements or financial outlook provided today.

Given these risks and uncertainties, investors are cautioned not to place undue reliance on company’s forward looking information. Additional information on the risk factors that could cause actual results to differ materially from those contemplated by the forward looking information and the factors and assumptions associated with such forward looking information, please refer to company’s MD and A for the three six months period ended 06/30/2025 and 2024, and other documents filed on the company’s profile on www.sedarplus.ca. I would now like to turn the call over to Puneet Khanna, President and CEO of CareRx Corporation. Please go ahead.

Puneet Khanna, President and CEO, CareRx Corporation: Thank you, and good morning, everyone. Welcome to our second quarter twenty twenty five earnings call. With me this morning is our Chief Financial Officer, Suzanne Brand. In the second quarter ending 06/30/2025, we delivered revenue of CAD91.4 million and adjusted EBITDA of CAD8 million. The 3,000 new beds we recently secured have now fully been onboarded and we expect the full revenue contribution of these beds will start to be realized in the third quarter.

I would like to acknowledge and sincerely thank all of the members of the Carex team for supporting the delivery of the best in pharmacy services and programs to these new residents and homes, as well as those who continue to deliver exceptional care to our existing residents and home partners. I will now turn the call over to Suzanne, who will discuss our second quarter financial results in more detail. Suzanne?

Suzanne Brand, Chief Financial Officer, CareRx Corporation: Thank you, Puneet, and good morning, everyone. Revenue for the 2025 of $91,400,000 was essentially in line with the 2024 and increased from $89,600,000 in the 2025. The quarter over quarter revenue increase was due to an increase in the average number of beds serviced. As Puneet mentioned, we expect the full revenue contribution from the new beds we recently onboarded to occur in the third quarter. Adjusted EBITDA for the second quarter increased by 7% to $8,000,000 from $7,500,000 in the second quarter of last year and increased by 3% from last quarter.

Adjusted EBITDA margin increased by 60 basis points year over year to 8.8% and increased 10 basis points quarter over quarter. The year over year improvement in adjusted EBITDA was primarily the result of efficiencies and cost savings initiatives. We generated net income of $561,000 in the second quarter compared with a net loss of $1,400,000 in the 2024 and net income of $227,000 in the first quarter. The year over year elimination of the net loss was driven primarily by a noncash adjustment related to an intangible asset impairment recorded during 2024 as a result of the sale of a noncore pharmacy location. And decreases in finance costs, depreciation and amortization expense were partially offset by increase in transaction, restructuring and other costs.

Cash at June 30 was $8,700,000 compared with $11,200,000 at the end of the first quarter. Net debt increased by $1,400,000 to $34,800,000 compared to $33,400,000 last quarter. The quarter over quarter decrease in our cash balance and increase in net debt was due to the retirement of a vendor take back loan and the timing of certain working capital items. Net debt to adjusted EBITDA at the the end of the second quarter was 1.1 times and in line with the 2025. We continue to remain committed to returning capital to shareholders through our active share buyback program under the normal course issuer bid, supported by our strong capital position and the belief that our share price does not adequately reflect the fundamental value in our underlying business and our near and long term growth potential.

Finally, I will reiterate what we have stated in prior quarters, which is that CareRx operates exclusively within Canada, serving only Canadian customers, and we source our medications and equipment almost exclusively from Canadian suppliers. As a result, based on the information currently available to us, we believe we are highly insulated from the threat of tariffs. And with that, I will turn the call back over to Puneet.

Puneet Khanna, President and CEO, CareRx Corporation: Thank you, Suzanne. During the second quarter, we realigned our executive management team to support our strategic priorities, particularly around clinical innovation, operational excellence and customer experience. I’m excited with the newly created Chief Clinical Officer role that brings clinical leadership as a focus to the executive table for the first time in Carex’s history. These changes that we have made to our leadership structure create stronger alignment between Carex’s leadership team and its focus on creating outstanding experiences for residents and home partners. As an organization, we believe that an unwavering focus on people and process delivers results.

This people process payoff philosophy drives our commitment to innovation, continuous improvement and operational efficiency across all areas of the business. As mentioned previously, we onboarded 3,000 beds during the second quarter and we expect the full revenue contribution of these beds will start to be realized in the third quarter. We have positioned Carex with an operating platform and with the capacity to respond immediately to growth opportunities as demonstrated in the second quarter. Our ongoing efforts enhanced our competitive advantage and ability to anticipate evolving market demands. We remain encouraged by the momentum in our business and we believe we are well positioned to continue creating long term value.

Over the past two years, we began a journey centered on people, our employees, the residents we serve and our home partners. We challenged ourselves to reimagine our processes in ways that not only improve efficiency, but enhance the quality of care and services. While it’s still early, we’re encouraged by the positive signs we’re starting to see and remain focused on shaping a culture rooted in performance, accountability and care. With that, I would now like to open the call to questions. Operator?

Conference Call Moderator: Thank you. We will now begin the question and answer session. The first question comes from the line of Gary Ho with Desjardins Capital Markets. Please go ahead.

Gary Ho, Analyst, Desjardins Capital Markets: Thanks. Good morning. First question, good to see the positive sequential vet count growth there. Just wanted to clarify, were they onboarded evenly throughout the quarter? And I’m curious to know the onboarding process.

So is the YorkvilleSouthbridge onboarding done at the end of Q2 that or did some of that trickled into Q3? And also, if you can qualitatively or quantitatively talk about the second half bed count growth outlook? And you mentioned the RFP being pretty more robust there.

Puneet Khanna, President and CEO, CareRx Corporation: So the all of the 2,400 beds from the YorkvilleSouthridge were fully onboarded in the quarter. There were then additional wins we had that took us to the 3,000 beds. Most of those beds would have been in the second half of the quarter. And so that’s why you see sort of a little bit of a potential miss from market on revenue just because it was back half loaded. And then with respect to the second half of this year, we’re still comfortable with the targets that we had put of net organic growth of 6,000 to 8,000 beds for year.

So we’re more than halfway on the low end of that target. And the pipeline continues to look robust. Generally, in the summer, we see things are slower, but we are seeing activity for Q3 early days so far.

Gary Ho, Analyst, Desjardins Capital Markets: Got it. Okay. That’s great. And then my second question, you talked about in the past your ambitious target to hit 10% margin versus the high 8% in the first half. Can you maybe dig through specifically where the improvements that you see will come from or examples?

Is it more people? Is it operational efficiencies, procurement, etcetera? And I’m assuming the potential hub and spoke benefits could be additive if we’re thinking more medium term.

Puneet Khanna, President and CEO, CareRx Corporation: Yes. So on the short term for us, it will be we’ll get the biggest step from bed growth. For what we’ve invested and how we built the network now, those beds that we do add are more accretive. So well, bed growth is still key for the back half of this year, I’d say followed by the operational efficiency. We’ve rolled out lean to all our large locations.

We are partially weighed on the midsized locations. Those will all be done by the end of this year. And then the third bucket that I think you had mentioned was procurement. So those are the three kind of near term that we’re looking at to drive margin with respect to hub and spoke and other initiatives we’re looking at. They’re not baked into this year.

They’re more mid to long term.

Gary Ho, Analyst, Desjardins Capital Markets: Okay. And then just last one. Suzanne, I think you’ve mentioned the buyback, just given the valuation of

Puneet Khanna, President and CEO, CareRx Corporation: the stock. Just how are

Gary Ho, Analyst, Desjardins Capital Markets: you thinking about capital allocation priorities as you stand right now and commitment to renewing that buyback in the fall? Yes, just wanted your thoughts on that, please.

Suzanne Brand, Chief Financial Officer, CareRx Corporation: Sure. Thanks, Gary. Yes, with respect to capital allocation, we remain committed to, as Puneet just commented on, that growth. So we will continue to invest for customer growth and anything that would bring operational efficiencies, of course. So that’s number one.

Number two, any accretive opportunities in terms of acquisition would also be a priority. And lastly, we are and do remain committed to the buyback the share buyback through the back half.

Gary Ho, Analyst, Desjardins Capital Markets: Okay. Great. Those are my questions.

Puneet Khanna, President and CEO, CareRx Corporation: Thank you. Thanks a lot, Gary.

Conference Call Moderator: Thank you. Next question comes from the line of David Martin with Bloom Burton. Please go ahead.

David Martin, Analyst, Bloom Burton: Yes. Congratulations on your progress. I’m wondering the new beds that have been added, would the revenue per bed be in line with higher or lower than the rest of your network?

Puneet Khanna, President and CEO, CareRx Corporation: Good morning, David. Revenue would be in line, so that doesn’t really change with respect to mix. Where we get is the efficiencies on the margin.

David Martin, Analyst, Bloom Burton: Yes. Yes. Got that. That’s good to hear. Also, you talked on the previous question about ways of getting to the double digit adjusted EBITDA margin.

You’re still committed to that for the by the end of this year?

Puneet Khanna, President and CEO, CareRx Corporation: Yes, that’s our internal goal, absolutely.

Conference Call Moderator: Thank you. Next question comes from the line of Max Chimelowski with Stifel. Please go ahead.

Max Chimelowski, Analyst, Stifel: Yes. Hi, Puneet. Hi, Suzanne. Yes, it’s a nice quarter you put up. I just had a couple of questions here.

I mean, just I guess piggybacking on the NCIB question, like solid progress in terms of getting shares off the market. But like net net, I mean, we’ve seen probably an issuance over a buyback here given some movements in stock based comp and there are some shares issued with a national customer. So I guess I just maybe was thinking about clarity in terms of how you guys are trying to balance the repurchasing versus issuance to maybe win business?

Puneet Khanna, President and CEO, CareRx Corporation: Yes. The really, for us, the issuance is in and around employee RSUs and those pieces, I don’t think we’re necessarily using it for customer issuance. And that’s why we’re just focused on continuing to purchase as much of the stock as we can because we still are bullish that it is an undervalued stock.

Max Chimelowski, Analyst, Stifel: Okay. And I guess the other question being Chartwells just secured 1,000 new suites, sort of kitchen or Waterloo region, where the presumed bed count could be above that. Obviously, this lands well within the Oakville catchment area. So should we consider this as a feasible organic opportunity to add beds in the second half?

Puneet Khanna, President and CEO, CareRx Corporation: Yes, that is an opportunity for us. They are an existing customer.

Max Chimelowski, Analyst, Stifel: Okay. And just lastly, on the on some of the earlier questions, With the 3,000 bed secured, you said a number of those were sort of back end weighted in the quarter. But if we maybe keep constant revenue per bed looking into Q3, like should we see something like a 1% sequential revenue improvement based on yield on those beds for coming quarter?

Suzanne Brand, Chief Financial Officer, CareRx Corporation: With respect to revenue, again, fairly consistent in terms of quarter over quarter, right? The only the one variable that comes into revenue might be the generic versus brand mix with respect to product purchase. We did have a major product go to biosimilar called Prolia. So you will see some change in revenue just on that brand GX generic product mix. But we do bring those beds on as we bring on additional beds and, again, our concentration on bed growth, we will do it in the most efficient manner back to labor costs with that.

So we would expect to bring them on very efficiently.

Puneet Khanna, President and CEO, CareRx Corporation: But Matt, I think if you take the 3,000 beds and sort of based on your revenue model kind of straight line three months or the full quarter, you’ll be able to get the delta on what that list would be. I just don’t know the number off the top of my head.

Max Chimelowski, Analyst, Stifel: Got it. No, no, for sure. I was just sort of trying to determine on an average bed count basis, like how much sort of bleeds into Q3 just on a bed count basis specifically.

David Martin, Analyst, Bloom Burton: But that’s helpful. Thank you.

Puneet Khanna, President and CEO, CareRx Corporation: No worries.

Conference Call Moderator: Thank you. Next question comes from the line of Kyle McPhee with Cormark Securities. Please go ahead.

Kyle McPhee, Analyst, Cormark Securities: Hello. Last quarter in Q1, executed your BC site consolidation. Do you think you’re getting the full benefit of the cost and efficiency improvements in Q2 results you just posted? Or are the margin benefits still on the come?

Puneet Khanna, President and CEO, CareRx Corporation: Yes, those margin benefits are still to come. We had we didn’t expect to get any significant efficiency savings out of that location until the fall or late in the year.

David Martin, Analyst, Bloom Burton: Okay.

Kyle McPhee, Analyst, Cormark Securities: And then can you offer any color on items that may have been impacting your margin profile in Q2? Did you run into any costly labor shortages as you got into the early summer vacation season as an example?

Gary Ho, Analyst, Desjardins Capital Markets: We did not experience Sorry,

Suzanne Brand, Chief Financial Officer, CareRx Corporation: Puneet. No We did not experience any labor impact at this point. Of course, Q2 ending June 30, we’re into the summer now, but pretty efficient and consistent quarter over quarter for Q1 versus Q2.

Kyle McPhee, Analyst, Cormark Securities: Got it. Okay. Thank you for the color. That’s it for me.

Puneet Khanna, President and CEO, CareRx Corporation: Thanks, Kyle.

Conference Call Moderator: Thank you. Our next question comes from the line of Doug Loe with Lee Financial. Please go ahead.

Doug Loe, Analyst, Lee Financial: Yes. Thank you, operator, and good morning. So, to meet a lot of your commentary has been on pending growth through growing your bed count nationwide. It’s obviously a key focus for you. But I was just wondering if you had any insights on whether or not revenue per bed could actually be an independent growth lever.

I I’m just thinking specifically about revenue augmentations you could get from new approvals that could be pending within Health Canada that could be relevant to elder care, specifically in Alzheimer’s disease or cardiometabolic care. Just wondered if had any commentary on that as an independent revenue driver.

Puneet Khanna, President and CEO, CareRx Corporation: Yes. Nothing that we expect right now. I think more for us because we are more margin focused, we look at what are the brand drugs coming off patent, Doug. So that’s always the focus for us. I think like know Prolia, as Suzanne mentioned, came off.

We’re looking and tracking on a drug that will have a little bit of impact for 2026 that is expected to become genericized as well. So for us, that’s more of the focus. Think with the branded drugs, by the time they get listed on formularies and pieces like that, particularly for seniors, it is slower. So we generally don’t track that.

David Martin, Analyst, Bloom Burton: Great feedback. Thank you.

Puneet Khanna, President and CEO, CareRx Corporation: Thanks, Doug.

Conference Call Moderator: Thank you. Next question comes from the line of Tanya Armstrong with Canaccord Genuity. Please go ahead.

Tanya Armstrong, Analyst, Canaccord Genuity: Hi. Good morning, guys. Just following along on a couple of the other questions that have been asked. So on the Burnaby site consolidation, I think you mentioned there was no labor related expenses in Q2, but I’m wondering if there were still some consolidation expenses that flowed into Q2 from Q1 that might have impacted the margin?

Suzanne Brand, Chief Financial Officer, CareRx Corporation: With hi, Tanya. With respect to that, we have really minimized the impact with respect to things like extra travel in the margin with respect to Vancouver, the Lower Mainland site. At the end of the day, there are some still some items that we continue to manage in that transition. As Puneet said, we expect to see really the full value of the site late in the year, so into the Q4 timeline.

Tanya Armstrong, Analyst, Canaccord Genuity: Could you speak the Q1 one? Could you on the quantum account? Is it $05,000,000 or so additional dollars that might come off or what that conditional benefit might be through the fall?

Suzanne Brand, Chief Financial Officer, CareRx Corporation: Yes, think it would be lower than that, Tanya, but it wouldn’t be would not be $500,000 but I would expect that we would see something a little south of that number.

Tanya Armstrong, Analyst, Canaccord Genuity: Okay. Perfect. And on the new execs that you’ve added to your team, congratulations on that. I’m wondering what the increase if we’re going see an incremental, I guess, comp associated with that on your expense line items?

Puneet Khanna, President and CEO, CareRx Corporation: No. So really what we’ve done there is it was just a bit of a reshuffling of the existing executives. So it’s not necessarily we’ve added any new individuals. We just streamlined and changed some accountabilities so that there’s there weren’t any shared accountabilities or overlapped. And so it aligns now exactly with our strategic plan.

Tanya Armstrong, Analyst, Canaccord Genuity: Okay. Excellent. And then just to clarify on I think it was one of the last questions asked the brands coming off patent that might impact your revenue per bed. You said there was one that might impact you further into 2026. Could you just be more specific on the timeline of that?

Is that more like H1 twenty twenty six, H2 twenty twenty six and we can keep our revenue per bed flat for the rest of this year? Or do you think it’s going to be a little bit more gradual sequentially?

Puneet Khanna, President and CEO, CareRx Corporation: Yes. So we are tracking it. It looks like it will be Q2 of next year. But these things, because they have to go through so much government approval, hard to pin right now, but it’s not looking like until ’6.

Tanya Armstrong, Analyst, Canaccord Genuity: Okay. And then just on the flip side, are there any new big branded medications that you believe might get approval and would be a big, I guess, script generator that could positively impact your revenue per bed?

Puneet Khanna, President and CEO, CareRx Corporation: The branded side, particularly with our demographic, it’s the adoption is a bit slower, similar to what I mentioned to Doug, in that it can become they can get approval to sell, but by the time they get listed on the different provincial formularies will take longer because they’re higher priced. And the provincial formularies are generally looking at low cost generics versus branded drug. So it takes there’s another delay before those get on. And so again, nothing that we are aware of at this point.

Tanya Armstrong, Analyst, Canaccord Genuity: Okay. Perfect. That’s all for me. Thank you.

Puneet Khanna, President and CEO, CareRx Corporation: Thanks.

Conference Call Moderator: Thank you. Next question comes from the line of Doug Cooper with Beacon Securities. Please go ahead.

Doug Cooper, Analyst, Beacon Securities: Hey, good morning, Puneet, Susan and congratulations on a good quarter. By my calculations and net income or earnings before taxes and extraordinary items, this is the best quarter in the company’s history. So congratulations. I guess getting back to the Chartwell question, Ciena obviously made some acquisitions as well. Chartwell just made some.

These companies’ occupancy rates are very high. Do you see them continuing to make acquisitions in those beds flowing to you?

Puneet Khanna, President and CEO, CareRx Corporation: Yes. I think similar to where we were a few years ago in consolidating the market, I think on the home operator side, we’re seeing that now. And so that’s where, again, having the platform we have where multi provincial and national operator and with the large operators, we will benefit from that as well. And my ask always to them is to buy stuff we don’t service.

Doug Cooper, Analyst, Beacon Securities: Yes. And can you just give us an update on the government actual new builds or any greenfield operations that are happening when the timing of those to hit the market is?

Puneet Khanna, President and CEO, CareRx Corporation: Yes. So we’re starting to particularly in Ontario because the Ford government had put money and made that a mandate to open up more beds and get them online. We’re starting to see some of those come online. I think there were some delays in construction, but and if you follow the Minister of Long Term Care, Minister of Kusundova, She’s at a sort of groundbreaking ceremony almost every day or a couple of times a week. And so there’s a lot of shovels in the ground right now.

So I think we’re starting to see the front end of it starting to come, but those were more rebuilds where they added twenty, thirty beds to a home. I think the full redevelopment and or new builds will start coming online throughout ’twenty six, ’twenty seven.

Doug Cooper, Analyst, Beacon Securities: And any idea what how many? Just give us a ballpark.

Puneet Khanna, President and CEO, CareRx Corporation: I don’t have that number on me, Doug.

Doug Cooper, Analyst, Beacon Securities: Okay. Just getting back to winning business potentially from your existing clients, Charwell and Cianna and so forth. What is the corollary in terms of the incumbents who presumably is losing that business to you and the opportunities maybe there on the M and A side? Are you starting to see some M and A heat up?

Puneet Khanna, President and CEO, CareRx Corporation: No. You know what, I think it’s still early. And we knew that’s going to take a little bit more time to build up sort of a bit of a groundswell there. But again, when sort of the smaller midsize folks do lose books of business because they were acquired by someone who’s one of our customers, it will you’d have to believe it’s going to put pressure on them.

Doug Cooper, Analyst, Beacon Securities: Yes. And final one for me, just on we’ve talked about Quebec in the past as an opportunity. Any progress on there? Is it still a little ways out because you’ve got bunch of stuff in front of you?

Puneet Khanna, President and CEO, CareRx Corporation: Yes, a little bit is a way out. And I think what you’ve seen with us is there’s a discipline that we want to move fast, but we’re going to be measured before we jump into anything so that we do it right the first time. And that’s the approach we’re taking with Quebec or any other expansion.

Doug Cooper, Analyst, Beacon Securities: And you’re just as a lead into that, New Brunswick, think maybe that was your first sort of pilot project in a bilingual province. How is the New Brunswick pilot going, if I can call

Puneet Khanna, President and CEO, CareRx Corporation: it that? Yes, it’s great. I went out to go see the team in the last quarter. They’ve been open for a year and doing really, really well.

Conference Call Moderator: Thank you. This concludes the question and answer session. I would like to turn the conference back over to Mr. Puneet Kanna for closing remarks.

Puneet Khanna, President and CEO, CareRx Corporation: Thank you, everyone, for participating in today’s call and for your continued interest in Carex. We look forward to reporting on our continued progress next quarter.

Conference Call Moderator: Thank you. This brings to a close today’s conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

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