Business
First Choice Healthcare Solutions Reports Third Quarter 2018 Results and Update on Strategic Initiatives
First Choice Healthcare Solutions Reports Third Quarter 2018 Results and Update on Strategic Initiatives.
About this update from First Choice Healthcare Solutions, Inc.
[{"type":"text","content":"\nMELBOURNE, Fla., Nov. 08, 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 Orthopaedic and Spine care for patients through diagnosis, treatment and recovery, today reported its financial results for the three and nine month periods ended September 30, 2018.\n Third Quarter and 2018 Highlights Total revenue increased 26% to $9.7 million quarter over quarter and 3.0% sequential increase over prior quarterNet Income improves by $176,811 to ($263,587) quarter over quarter. Loss was impacted by unusual expenses of $230,000 as a result of exploring strategic initiativesCrane Creek Surgery Center continues to improve with third quarter net income of $232,807 compared to a net loss of $184,924 quarter over quarterYear-to-date surgeries increased 17.2% to 2,795Adjusted EBITDA for the nine months of 2018 increased 87% to approximately $1,750,000 and Adjusted EBITDA margin improved by 230 basis points to 6.3% year over yearCash balance of $7.7 million or $0.24 per shareAverage patient value year-to-date totaled $9,354, increasing for three consecutive quarters Chris Romandetti, President and CEO of First Choice, stated, “For the third quarter we are please to report net patient service revenue of approximately $9.1 million, a 28% increase over prior year. We are pleased to report that our ancillary services continue to show strength across the board, with PT visits and imaging increasing 63% and 69%, respectively. Meanwhile, Crane Creak Surgery Center profitability continues to improve as it generated $232,807 from a loss of $184,924 over same period prior quarter. Romandetti added, “During the third quarter we continued to pursue and discuss attractive ancillary service opportunities to further enhance our buy and build initiatives. Further, we are pleased to announce our newest physical therapy site is scheduled to open mid-December.” Financial Results for Third Quarter and Year to DateTotal revenue was $9.7 million for the third quarter of 2018, an increase of 26.2% compared to $7.7 million for the same period in 2017. For the nine months ended September 30, 2018 total revenue was $27.9 million an increase of 18.2% compared to $23.6 m...