Business
First Choice Healthcare Solutions Reports Second Quarter 2017 Results
First Choice Healthcare Solutions Reports Second Quarter 2017 Results.
About this update from First Choice Healthcare Solutions, Inc.
[{"type":"text","content":"\n\n MELBOURNE, Fla., Aug. 15, 2017 (GLOBE NEWSWIRE) -- 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 June 30, 2017. \n Second Quarter Highlights: Total revenues increased 7.3% in the second quarter of 2017 to $8,214,691 from $7,653,100 in the same period of 20162017 second quarter net patient service revenue rose 8.7% to a record $7,630,917 from $7,023,262 in the same period of 2016Net loss attributable to First Choice for the second quarter totaled $131,575 or $0.00 loss per share, compared to a net income of $153,137, or $0.01 earnings per share for the second quarter of 2016 Non-GAAP adjusted EBITDA*, after deducting certain non-cash and one-time cash gains and expenses, totaled $593,008 in the second quarter of 2017, compared to $861,646 for the same period in 2016As of June 30, 2017, cash on the balance sheet totaled $3,242,006During the second quarter of 2017 the Company repurchased 32,388 shares of common stock under the share buyback program and has continued purchasing shares.  The total shares purchased through August 11, 2017 is 98,426 shares.  In addition to the repurchased shares, an unearned  service agreement returned an additional 142,500 shares to treasury.  The total shares returned to treasury is 240,926, representing approximately 1% of the outstanding shares at December 31, 2016.In the first half of 2017, First Choice has successfully completed opening three of its five planned physical therapy facilities. The Company is on track to open the two additional facilities before year end. “We made great progress during the second quarter as we position the Company to benefit from a 16% increase over the number of completed surgeries in the first quarter.  We continue to position the company to capitalize on market trends by moving high cost surgeries into our outpatient surgery center.  Further, we are exploring strategic relationships which would enhance our ability to expand our operations and drive shareholder value creation,” stated Chri...