Business
First Choice Healthcare Solutions Exceeds 2015 Revenue Guidance and Reiterates 2016 Revenue Guidance of $30 Million
First Choice Healthcare Solutions Exceeds 2015 Revenue Guidance and Reiterates 2016 Revenue Guidance of $30 Million.
About this update from First Choice Healthcare Solutions, Inc.
[{"type":"text","content":"\n \n \n First Choice Healthcare Solutions Exceeds 2015 Revenue Guidance and Reiterates 2016 Revenue Guidance of $30 Million\n \n \nFirst Choice Healthcare Solutions Exceeds 2015 Revenue Guidance and Reiterates 2016 Revenue Guidance of $30 Million\n\nYear-Over-Year Revenues Climb 141% to $19.5 Million From $8.1 Million; Non-GAAP EBITDA Rose 49% to $3.09 Million From $2.08 Million; Management to Host Conference Call and Webcast on Wednesday, April 20 Beginning at 10:00 AM ET\n\n \n MELBOURNE, FL--(Marketwired - Apr 15, 2016) - 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 Orthopaedic care and treatment, today announced its 2015 year-end financial results for the 12 months ended December 31, 2015.\n During and subsequent to the end of 2015, First Choice accomplished several strategic objectives set forth by management when the year began, including expanding its medical operations in Melbourne, Florida to provide for its first fully integrated healthcare system with the addition of The B.A.C.K. Center and Crane Creek Surgery Center. As a consequence, the Company has exceeded its revenue guidance of $19.4 million for 2015 and remains on pace to meet or exceed its formal revenue guidance of $30 million for 2016. Moreover, the recent $15.45 million sale and leaseback of Marina Towers has materially strengthened the Company's balance sheet, providing the resources required to accelerate its growth in the current year. \n Key 2015 Financial Highlights Compared to 2014\n \n \n Marking another record revenue year for First Choice, total revenue increased 141% to $19,517,664 from $8,102,602, which exceeded the Company's formal revenue guidance of $19.4 million. As noted, First Choice has reiterated $30 million in total revenues as formal revenue guidance for 2016. \n \n \n Net patient service revenue was $17,770,697 of total revenue in 2015, up from $7,053,608 in 2014, after factoring provision for bad debts. The notable increase is attributable to the revenue contributions of The B.A.C.K. Center and Crane Creek Surgery Center, which were Variable Interest Entity transactions that became effective May 1, 2015 and October 1, 2015, respectively. \n \n \nRental revenue...