Business
First Choice Healthcare Solutions Reports First Quarter 2017 Results
First Choice Healthcare Solutions Reports First Quarter 2017 Results.
About this update from First Choice Healthcare Solutions, Inc.
[{"type":"text","content":"\n \n \n First Choice Healthcare Solutions Reports First Quarter 2017 Results\n \n \nFirst Choice Healthcare Solutions Reports First Quarter 2017 Results\n\nManagement to Host Conference Call and Webcast Today at 11 AM EST to Discuss Results\n\n \n MELBOURNE, FL--(Marketwired - May 16, 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, today announced its financial results for the three months ended March 31, 2017.\n Financial and operational highlights for the comparable three months ended March 31, 2017 and 2016, respectively:\n \n \n Total revenues increased 7% to a record $7,720,353 from $7,241,753 \n \n \n Record net patient service revenue rose 8% to $7,141,990 from $6,615,141 \n \n \n Non-GAAP adjusted EBITDA*, totaled $752,401 compared to $963,359 for the same period in 2016 after deducting certain non-cash and one-time cash gains and expenses and net of the impact from sale of Marina Towers property \n \n \n Workforce increased from 116 to 166 year-over-year as we expanded our operational footprint \n \n \n Net income attributable to First Choice totaled $202,519, or $0.01 per share, compared to $9,566,941, or $0.42 per share (2016 reflects a gain on the sale of Marina Towers property of $9,188,968) \n \n \n As of March 31, 2017, cash and cash equivalents totaled $3,901,489 compared to $4,593,638 at December 31, 2016\n \n \n \n \n \"We were very pleased with our operational execution during the quarter as we continue laying the foundation that will drive shareholder value creation going forward. While our financial results during the quarter were impacted on a comparative basis by the sale of property and start-up related expenses, key metrics central to our success, such as Average Patient Value (APV), continue to trend higher,\" stated Chris Romandetti, President and CEO of First Choice. \"We continue to build out our service platform aggressively, opening two new physical therapy locations this month with two additional sites coming online later this year. Our recently opened locations are now...