First Choice Healthcare Solutions Reports 2016 Year-End Results
Management to Host Conference Call and Webcast Today at 1:30 PM ET to Discuss Results
(firmenpresse) - MELBOURNE, FL -- (Marketwired) -- 04/03/17 -- (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 2016 financial results for the 12 months ended December 31, 2016.
Total revenues increased 51% to $29,464,082 from $19,517,664.
Net patient service revenue rose 52% to $27,053,190 from $17,770,697.
Non-GAAP adjusted EBITDA*, after deducting non-cash and one-time cash gains and expenses, increased 90% to $3,348,658 from $1,727,693.
Non-GAAP adjusted EBITDA* as a percentage of net patient service revenues improved to 14% from 10% after deducting non-controlling revenues contributed by Crane Creek Surgery Center of $3,046,034 in 2016 and $674,878 in 2015.
Net income attributable to First Choice totaled $9,174,383, or $0.38 earnings per share, compared to a net loss of $3,421,841, or $0.17 loss per share.
As of December 31, 2016, cash on the balance sheet totaled $4,593,638 and accounts receivable totaled $9,536,830. This compared to cash of $1,594,998, restricted cash of $359,414 and accounts receivable of $6,623,894 as of the end of 2015.
Chris Romandetti, President and CEO of First Choice, stated, "We are pleased with our Company''s strong year-over-year results and take pride in the fact that our business model continues to prove that our approach to managing the business of healthcare is delivering results. We were particularly pleased with the improvement in our non-GAAP adjusted EBITDA results, which nearly doubled. When evaluating our overall performance, it is important to note that our net patient service revenues were impacted by the recently announced temporary loss of Dr. Richard Harrison, one of First Choice Medical Group''s Board Certified Orthopaedic surgeons and a decorated colonel in the United States Army Reserves Medical Corps, who was deployed this past October through the end of January in Iraq as a key trauma surgeon for a joint U.S. Military and Coalition Task Force fighting the war on terror. Nonetheless, 2016 was a year in which all of our providers distinguished themselves as world class physicians and medical specialists, helping to establish First Choice through our Medical Centers of Excellence in Melbourne, Florida as the largest provider of Orthopaedic and Spine care and treatment on Florida''s high growth Space Coast."
Continuing, Romandetti said, "Looking ahead, we are reiterating our 2017 guidance of $40-$45 million in revenues and adjusted EBITDA of 15%-20% of revenues. We have been experiencing continued growth in our ancillary service areas, particularly in our Physical and Occupational Therapy unit, which is on pace to open four new centers serving Brevard and surrounding counties in Florida this year. Moreover, earlier this year, we were delighted to welcome another top-rated Spine surgeon to The B.A.C.K. Center, Dr. James Billys. With additional providers expected to be joining the First Choice family in the coming months and given several other expansion initiatives being actively pursued, the future has never looked brighter for our Company."
First Choice''s management team will host a conference call and webcast for the investment community later today beginning at 1:30 PM Eastern Time to discuss the results and recent corporate developments. Participants can register and access the conference call by dialing toll-free 866-682-6100 (for U.S. and Canada dial-in) or 862-255-5401 (for international dial-in). The conference call will also be webcasted, which will be accessible through First Choice''s investor relations website on Monday morning by navigating to and clicking on "." Participants will be required to register to access the call. For those who cannot listen to the live broadcast, a replay will be available shortly after the call on the investor relations page of First Choice''s website, found at .
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use this non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance and when planning, forecasting, and analyzing future periods. This non-GAAP financial measure also facilitates management''s internal comparisons to our historical performance and liquidity. We believe this non-GAAP financial measure is useful to investors both because they allow for greater transparency with respect to a key metric used by management in its financial and operational decision-making. For more information on this non-GAAP financial measure, please see the table captioned "Reconciliation of non-GAAP Adjusted EBITDA Performance."
For additional details relating to First Choice''s 2016 year-end results, please refer to the Annual Report on the amended Form 10-K filed earlier today with the U.S. Securities and Exchange Commission and found at .
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Orthopaedics, Spine Surgery, Neurology, Interventional Pain Management and related diagnostic and ancillary services in key expansion markets throughout the Southeastern U.S. Serving Florida''s Space Coast, the Company''s flagship integrated platform currently administers over 100,000 patient visits each year and is comprised of First Choice Medical Group, The B.A.C.K. Center and Crane Creek Surgery Center. For more information, please visit and .
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: 03.04.2017 - 06:30 Uhr
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