New Frontier Corporation and United Family Healthcare Announce First Half 2019 Financial Results for United Family Healthcare

HONG KONG, Oct. 25, 2019 (GLOBE NEWSWIRE) -- New Frontier Corporation (NYSE: NFC) (a??NFCa??), a publicly traded special purpose acquisition company, and United Family Healthcare (a??UFHa??), a leading private healthcare provider offering comprehensive premium healthcare services in China, today announced certain financial results for UFH for the six months ended June 30, 2019. As previously announced, NFC and UFH entered into a transaction agreement pursuant to which NFC will indirectly acquire UFH in a business combination transaction (the a??business combinationa??). The business combination is expected to close in the fourth quarter of 2019.
UFH First Half 2019 Highlights (unaudited)

Total revenue for the first half of 2019 increased by 21.8% to RMB 1.2 billion, as compared to RMB 990 million for the first half of 2018. This is increase is a result of organic growth and is in line with full year 2019 projected revenue growth of 21.5%(1).

Total Adjusted EBITDA(1) for the first half of 2019 increased to RMB 84 million from Adjusted EBITDA loss of RMB 2 million in the second half of 2018, as a result of the strong ramp-up in performance of UFHa??s newly opened Guangzhou United Family Hospital (a??GZUa??) and Shanghai Pudong United Family Hospital (a??PDUa??)A in the first half of 2019. GZU and PDU obtained full set of licenses and formally launched in 2H 2018. As of the end of the first half of 2019, UFH had achieved 60% of its projected full year 2019 Adjusted EBITDA.

First Half 2019 Results and Full Year 2019 Projected Results(1)UFHa??s first half 2019 and expected full year 2019 revenue and Adjusted EBITDA(1) results are summarized below.Summary of 1H Revenue Performance
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