First Choice Healthcare Solutions Announces Record 2014 Year-End Results
Total Revenues Increased 32% and Net Losses Improved 47%
(firmenpresse) - MELBOURNE, FL -- (Marketwired) -- 04/15/15 -- (OTCQB: FCHS), a diversified holding company focused on delivering clinically superior, patient-centric, multi-specialty care through state-of-the-art medical centers of excellence, today announced its financial results for the fiscal year ended December 31, 2014.
Total revenues climbed to a record $8,102,602, increasing 32% from $6,142,827.
Net patient service revenue generated by First Choice Medical Group, the Company''s flagship medical center of excellence, rose 39% to $7,053,603 from $5,094,358.
Net loss declined 47% to $2,489,539, or $0.14 loss per basic and diluted share, which compared to a net loss of $4,704,303, or $0.35 loss per basic and diluted share, for the previous year.
Net cash used in the Company''s operating activities dropped precipitously to $363,937 -- a 71% improvement over $1,264,058 net cash used in 2013.
As of December 31, 2014, the Company had cash and restricted cash totaling $597,346; and accounts receivable of $1,804,636 million, up from $1,272,155 in 2013.
Commenting on the results, Christian Romandetti, Chairman, President and CEO of First Choice, stated, "Throughout a challenging 2014, our medical operations continued to show significant and sustained quality improvement, as well as notable revenue growth. I commend the First Choice Medical Group team for doing an excellent job focusing on delivering superior quality care and outstanding patient satisfaction, both key operational priorities."
Continuing, he said, "We are also pleased that we succeeded in adhering to strict discipline in managing our cash resources during the year, as reflected by the notable 71% decline in the net cash used to run our businesses. When combined with the strong revenue performance of our medical operations and the reported enhanced quality of life being enjoyed by our staff physicians, it is abundantly clear that our business model, which uniquely empowers our Doctors to be Doctors, is proving to be highly impactful on our business, our team, and the thousands of patients who entrust their care to us.
"The industry imperative to care for more patients, provide higher quality care at less cost, and comply with increased regulatory reporting and tracking demands is undeniably serving to change how medical practices have historically operated. In today''s environment, it requires sophisticated business management skill, vision and execution to effectively navigate and overcome the many challenges confronting the business of delivering healthcare. Consequently, the First Choice business model is not just smart and compelling, it is now necessary.
"This new era of value-based care -- with emphasis on care quality, collaboration and cost-effectiveness -- provides First Choice with tremendous growth opportunities, and ones that we intend to continue working very hard to optimize. With the aim of achieving several more game-changing objectives this year, we look forward to the months ahead and expect to announce several key developments that should collectively serve to position our Company for yet another record-breaking year," noted Romandetti.
The Company further reported that on April 9, 2015, Hillair Capital Investments, L.P. agreed to modified the redemption terms of the 8% Original Issue Discount Secured Convertible Debenture (the "Debenture") providing for the principal amount of the Debenture due on May 1, 2015 to be extended to August 1, 2015. In addition, the Company also has the right to further extend that redemption date to January 15, 2016, pursuant to certain defined terms and conditions being met by the Company. Romandetti added, "Once again, I''d like to express our appreciation to Hillair Capital for continuing to be a very supportive financial partner to our Company. We are pleased that they share our long term vision for First Choice, and continue to afford us the flexibility to focus on building our business."
For more detailed information on First Choice''s fiscal 2014 year-end results and the noted Hillair redemption modifications, please refer to the Company''s 10-K filed with the U.S. Securities and Exchange Commission earlier today and accessible at
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is actively engaged in developing a network of multi-specialty medical centers of excellence throughout the southeastern U.S., which are distinguished as premier destinations for clinically superior, patient-centric care. Through its wholly owned subsidiary FCID Medical, Inc., the Company currently operates one Medical Center of Excellence, First Choice Medical Group of Brevard, which specializes in the delivery of musculoskeletal medicine and rehabilitative care. FCHS'' commercial real estate interests, which house its medical centers of excellence, are managed by its wholly owned subsidiary, FCID Holdings, Inc. For more information, please visit or .
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of First Choice Healthcare Solutions, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company''s industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company''s actual results to differ materially from those contained in these forward-looking statements can be found in the Company''s periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.
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Datum: 15.04.2015 - 09:24 Uhr
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News-ID 1351622
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