- \n
- Strong organic growth of 7.1 per cent <\/b><\/li>\n
- Adjusted EBITDA increased 11.5 per cent to $52.8 million<\/b><\/li>\n
- 60 per cent increase in lives migrated to wellbeing platform, now totalling 5.4 million<\/b><\/li>\n<\/ul>\n
TORONTO–(BUSINESS WIRE<\/a>)–
\nMorneau Shepell Inc. (the “Company” or “Morneau Shepell”) (TSX:MSI) today reported its financial results for the three-month period ended March 31, 2021 (all amounts are in Canadian dollars, unless noted otherwise).\n<\/p>\n\nThe Company delivered strong organic growth of 7.1 per cent in the first quarter. Overall, revenue grew 5.8 per cent to $257.1 million and adjusted EBITDA increased by 11.5 per cent to $52.8 million.\n<\/p>\n
\n\u201cIt was a strong quarter to start the year driven by accelerating growth of our technology-enabled product suite, increased uptake of Total Wellbeing, adoption of digital mental health solutions and additional services added to our platform such as telemedicine. We continued to convert strong sales over the past year into revenue while continuing to build our sales pipeline,\u201d said Stephen Liptrap, President and Chief Executive Officer.\n<\/p>\n
\nAt quarter end, the Company covered some 14.3 million direct lives, including 5.4 million now on its wellbeing platform. \u201cWe ended the quarter with a record-high sales pipeline, a strong indication that our strategy is working as we continue to build our position as a global leader in total wellbeing,\u201d said Liptrap.\n<\/p>\n
\nOn March 10, the Company announced its intention to change its name from Morneau Shepell Inc. to LifeWorks Inc. following an in-depth evaluation process and in line with its strategy and ambitions. The proposed name change, with the full endorsement of the Board, is being voted on by shareholders at the Company\u2019s Annual and Special Meeting of Shareholders on May 14, 2021. \u201cWhile the Morneau Shepell name has served our company well for many years, the LifeWorks brand reflects our leadership position in Total Wellbeing and our overarching purpose of improving lives, improving business: the idea that by improving a person\u2019s life <\/i>andwellbeing, they will be happier, healthier and ultimately more engaged and proactive at work<\/i>. The LifeWorks story is about making life work for people by helping them be at their best, which supports the goal of improving how organizations perform.\u201d\n<\/p>\n
Q1 2021 Financial Review <\/b><\/p>\n
- Adjusted EBITDA increased 11.5 per cent to $52.8 million<\/b><\/li>\n
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