Business
First Choice Healthcare Solutions Reports First Quarter 2018 Results and Expansion into New Territory
First Choice Healthcare Solutions Reports First Quarter 2018 Results and Expansion into New Territory.
About this update from First Choice Healthcare Solutions, Inc.
[{"type":"text","content":"\nMELBOURNE, Fla., May 09, 2018 (GLOBE NEWSWIRE) -- First Choice Healthcare Solutions, Inc. (OTCQB:FCHS) (\"First Choice\" or the \"Company\"), a fully integrated, non-physician-owned, publicly traded healthcare delivery platform providing a full life cycle of othopaedic and spine care for patients through diagnosis, treatment and recovery, today reported its financial results for the three-month period ended March 31, 2018.\n Chris Romandetti, President and CEO of First Choice, stated, “We are pleased to report that we achieved record net patient service revenue of $8.2 million and over 51% Adjusted EBITDA growth year-over-year for the first quarter of 2018.  With the recent strategic partnership with Steward Health Care we are happy to announce our expansion of the First Choice healthcare delivery platform into Indian River County, Florida.   We are in the final steps of our site selection that will house our Indian River County platform. When completed, our facilities will include an imaging center, physical therapy locations and physician offices.  We expect our new location will enable us to service up to an additional 3,000 surgeries per year.  Given our positive first quarter 2018 results and our expansion into Vero Beach and Sebastian, Florida, we believe First Choice is well positioned to continue this momentum and growth in 2018 and beyond.” Recent Financial and Operational Highlights 32% Increase in surgery count over comparable quarter   Crane Creek Surgery Center turned profitable in first quarter 2018Approaching 1,000 physical therapy visits per week Cash balance of $8.5mm or $0.26 per share DSO improved by 20% Extended invitations to three independent board members Financial Results for First Quarter of 2018 Total revenue was $8.8 million for the first quarter of 2018, an increase of 14% compared to $7.7 million for the same period in 2017. Net income attributable to First Choice was $279,338 for the first quarter of 2018, compared to net income of $202,519 for the same period in 2017, representing an increase of 38%. Non-GAAP adjusted EBITDA was $736,077 for the first quarter of 2018, an increase of 51% compared to $487,405 for the same period in 2017. * Conference Call and Webcast Information The Company will host a conference call with the investment community on W...