Business
RENNOVA HEALTH ANNOUNCES 2017 FINANCIAL RESULTS
RENNOVA HEALTH ANNOUNCES 2017 FINANCIAL RESULTS.
About this update from Rennova Health, Inc.
[{"type":"text","content":"\n\n WEST PALM BEACH, Fla., April 24, 2018 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTCQB: RNVA) (OTCQB: RNVAW) (“Rennova” or the “Company”), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers, that recently announced the acquisition of its second Rural Hospital, reports financial results for the year ended December 31, 2017, and provides a business update.\n Significant business highlights from 2017 and recent weeks include: We have received approximately $15.7 million in cash from issuances of debentures and warrants and an additional $4.0 million from the issuance of our convertible preferred stock in 2017. Subsequent to December 31, 2017, we received $2 million from the issuance of debentures and $0.8 million from the sale of stock we owned, to support Rennova’s growth strategy.Opened Big South Fork Medical Center that we acquired out of bankruptcy for $1 million, in Oneida Tennessee on August 8, 2017.Received CMS Certification for Big South Fork Medical Center effective October 11, 2017 enabling the hospital to bill and get paid from Medicare.Entered into an asset purchase agreement on January 31, 2018 to acquire an 85 bed fully operating acute care hospital and separately located doctor’s practice located in Jamestown, Tennessee. The transaction is expected to close in the second quarter of 2018, subject to customary regulatory approvals and closing conditions.Received a favorable ruling from the Eleventh Circuit Court of Appeals in our CIGNA suit in September 2017, thereby reversing an earlier decision by the U.S. District Court which excluded some of our patient claims for which we believe we are entitled to be paid.Announced the formation of our Advanced Molecular Services Group (AMSG) and Rennova’s intention to spin it and our software division, HTS off to stockholders.Completed the acquisition of Genomas, Inc. giving us ownership of a proprietary genetic test interpretation and reporting technology  Management Commentary “2017 was a year in which we succeeded on the refocusing of Rennova Health’s business model in a sector that we believe creates a significant opportunity for growth combined with predictable revenue and value for our shareholders” commented Seamus Lagan, RennovaR...