Services-General Medical & Surgical Hospitals, NECIFRS · EUR

Ethema Health Corp

ETHEMA HEALTH Corp is a U.S. healthcare services company focused on rehabilitation and detox treatment centers. Its recent growth has been driven by operating facilities in Florida and Kentucky and by acquiring additional treatment-center assets to expand capacity and patient reach.

Ask about the company
Revenue18.8m EUR
+211.9 %y/y
Operating profit (EBIT)-0.3m EUR
+80.5 %y/y
EBIT margin-1.4%
+20.8 ppy/y
Net income-2.2m EUR
−5.5 %y/y
Free cash flow-0.3m EUR
+39.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-505101520m EUR2020: 0.34 m EUR2020: EBIT -0.16 m EUR20202021: 1.9 m EUR2021: EBIT 0.00 m EUR20212022: 4.8 m EUR2022: EBIT 0.49 m EUR20222023: 5.3 m EUR2023: EBIT -0.54 m EUR20232024: 6.0 m EUR2024: EBIT -1.3 m EUR20242025: 19 m EUR2025: EBIT -0.26 m EUR202519-0.26
RevenueOperating profit (EBIT)
Ask Clarifo about Ethema Health Corp

Business

Share of revenue
Rehabilitation and detox services100 %

Clinical treatment programs for substance use recovery and detoxification.

Customers

The company serves patients seeking rehabilitation and detox care, with demand coming from individuals needing structured treatment and recovery support. Its facilities also depend on referrals and local patient flow in the communities where it operates, especially Florida and Kentucky. Growth is tied to patient count, facility utilization, and the ability to add new treatment locations.

Rehabilitation patients

Patients using structured rehab programs for substance use recovery and ongoing care.

Detox patients

Individuals needing medically supervised detoxification services before or during recovery.

Referral-driven local patient base

Patients sourced through local healthcare, community, and recovery referral channels.

Strategy

Management is focused on growing the rehabilitation and detox business organically and through acquisitions. The near-term emphasis is on ramping newly acquired facilities, increasing patient count at existing centers, and securing financing to support working capital and further expansion.

Expand through acquisitionsShort term

Acquisitions add licensed capacity and accelerate market entry versus building new centers from scratch.

Improve utilization at existing facilitiesShort term

Higher patient count and better occupancy drive revenue leverage in a facility-based model.

Strengthen funding capacityShort term

The company disclosed a working-capital need and ongoing financing requirements to support operations and growth.

Geography

ETHEMA HEALTH operates in the United States, with disclosed facilities and operations in Florida and Kentucky. The 2025 acquisition of Edgewater Recovery Centers added locations in Morehead and Paducah, Kentucky, while the company also highlighted growth at its West Palm Beach and Boca Raton facilities in Florida. Geography matters because the business is facility-based, regulated at the state level, and dependent on local patient volumes and licensing approvals.

Risks

The company has a going-concern and liquidity profile that depends on continued access to external financing, which is a major risk for a small healthcare operator. Its results also depend on patient volumes, regulatory approvals, and successful integration of acquired facilities, while related-party and lease arrangements add execution and governance complexity.

Sorted by severity
Liquidity and going-concern riskHigh

Management said it expects about $1.5 million of working capital needs and may need equity or debt financing.

Exposure: Company-wide operations and expansion plans

Regulatory and licensing riskHigh

Treatment centers require approvals before revenue-generating operations can begin, delaying ramp-up if approvals slip.

Exposure: Boca Raton and other treatment-center openings

Acquisition integration riskMedium

Recent acquisitions add staffing, lease, and operating complexity and can increase overhead before synergies appear.

Exposure: Edgewater Recovery Centers acquisition

Related-party and lease riskMedium

Real property for acquired operations is controlled by a company related to the CEO, creating governance and pricing scrutiny.

Exposure: Kentucky facility leases

Ask Clarifo about Ethema Health Corp

Accounting

Judgemental items
Business combination / acquisition accounting

The Edgewater Recovery Centers acquisition was consolidated effective January 9, 2025, affecting revenue, expenses, and comparability.

Impact: Adds acquired revenue and operating costs to reported results

Assumed liabilities and settlement obligations

The company assumed trade payables, contract liabilities, and certain settlement/banking obligations in the acquisition.

Impact: Can materially affect liabilities and cash outflows

Lease accounting

Facility operations depend on leased real property, including related-party leases at market-related rates.

Impact: Affects operating expenses and right-of-use/lease liability balances

Foreign exchange remeasurement

The company disclosed realized and mark-to-market FX movements on Canadian-dollar monetary assets and liabilities.

Impact: Creates non-operating volatility in reported results

Internal control deficiencies

Management said disclosure controls were not effective due to a lack of written policies and procedures.

Impact: Raises reporting reliability and audit-risk concerns

Similar listed companies

Publicly listed companies with a comparable business focus.

Acadia Healthcare Company, Inc.

ACHC · Services-Specialty Outpatient Facilities, NEC

Elite Pharmaceuticals Inc /NV/

ELTP · Pharmaceutical Preparations

Atlantica Inc

ALDA · Blank Checks

Zynex Inc

ZYXIQ · Electromedical & Electrotherapeutic Apparatus

Atea Pharmaceuticals, Inc.

AVIR · Pharmaceutical Preparations

Edgewise Therapeutics, Inc.

EWTX · Pharmaceutical Preparations

Last updated: 28/04/2026