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First Choice Healthcare Solutions Announces Execution of Letter of Intent for Acquisition of Ancillary Services Business and Release of Third Quarter 2017 Results
First Choice Healthcare Solutions Announces Execution of Letter of Intent for Acquisition of Ancillary Services Business and Release of Third Quarter 2017 Results.
About this update from First Choice Healthcare Solutions, Inc.
[{"type":"text","content":"\n \n \n First Choice Healthcare Solutions Announces Execution of Letter of Intent for Acquisition of Ancillary Services Business and Release of Third Quarter 2017 Results\n \n \nFirst Choice Healthcare Solutions Announces Execution of Letter of Intent for Acquisition of Ancillary Services Business and Release of Third Quarter 2017 Results\n \n MELBOURNE, FL--(Marketwired - Nov 9, 2017) - First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) (\"FCHS,\" \"First Choice\" or the \"Company\"), one of the nation's only non-physician-owned, publicly traded healthcare services companies focused on the delivery of total musculoskeletal solutions with an emphasis on Orthopaedics and spine care, announced it has signed a non-binding letter of intent for the acquisition of a multi-site ancillary services business to expand its market presence and also has released its financial results for the three months and nine months ended September 30, 2017. \n Chris Romandetti, President and CEO of First Choice, stated, \"We are pleased to have signed our letter of intent to acquire a complementary business, which if completed, will expand our footprint within our industry, and will also generate incremental revenue and offer additional revenue streams. We anticipate closing the transaction during the first quarter of 2018.\"\n Letter of Intent for Ancillary Services Business\n \n \n Offers an expanded market presence through multiple locations\n \nAdditional revenue streams from ancillary modalities not currently offered by FCHS\n \nAbility to manage broader base of patient pre-and post-operative ancillary services\n \nAnticipated incremental revenue of $7 to $9 million\n \nTransaction is subject to due diligence and negotiation of definitive agreements (no assurance can be given that FCHS will consummate the transaction)\n \n \n Third Quarter Highlights:\n \n \n The Company's results of operations were negatively impacted by Hurricane Irma. Most of the Company's revenues are generated from elective procedures. Therefore, anticipation of the hurricane and its subsequent impact, the Company experienced a significant number of postponed or canceled surgeries. The Company estimates results were negatively impacted by up to $1.2 million.\n \nTotal revenues increased 0.2% in the third quarter of 2017 to $7,688,493...