First Choice Healthcare Solutions Announces Execution of Letter of Intent for Acquisition of Ancillary Services Business and Release of Third Quarter 2017 Results
(firmenpresse) - MELBOURNE, FL -- (Marketwired) -- 11/09/17 -- 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, announced it has signed a non-binding letter of intent for the acquisition of a multi-site ancillary services business to expand its market presence and also has released its financial results for the three months and nine months ended September 30, 2017.
Chris Romandetti, President and CEO of First Choice, stated, "We are pleased to have signed our letter of intent to acquire a complementary business, which if completed, will expand our footprint within our industry, and will also generate incremental revenue and offer additional revenue streams. We anticipate closing the transaction during the first quarter of 2018."
Offers an expanded market presence through multiple locations
Additional revenue streams from ancillary modalities not currently offered by FCHS
Ability to manage broader base of patient pre-and post-operative ancillary services
Anticipated incremental revenue of $7 to $9 million
Transaction is subject to due diligence and negotiation of definitive agreements (no assurance can be given that FCHS will consummate the transaction)
The Company's results of operations were negatively impacted by Hurricane Irma. Most of the Company's revenues are generated from elective procedures. Therefore, anticipation of the hurricane and its subsequent impact, the Company experienced a significant number of postponed or canceled surgeries. The Company estimates results were negatively impacted by up to $1.2 million.
Total revenues increased 0.2% in the third quarter of 2017 to $7,688,493 from $7,669,743 in the same period of 2016.
2017 third quarter net patient service revenue rose 0.6% to $7,127,045 from $7,083,765 in the same period of 2016.
Net loss attributable to First Choice for the third quarter totaled $440,398 or $0.02 loss per share, compared to a net income of $544,940, or $0.02 earnings per share for the third quarter of 2016.
Non-GAAP adjusted EBITDA*, after deducting certain non-cash and one-time cash gains and expenses, totaled $417,106 in the third quarter of 2017, compared to $1,438,798 for the same period in 2016.
During the third quarter of 2017 the Company repurchased 96,303 shares of common stock under the share buyback program and has continued purchasing shares. The total shares purchased through November 6, 2017 is 155,089 shares.
Mr. Romandetti concluded, "While the impact of Irma on our operations was greater than we initially forecast, our disaster preparedness plan has already allowed us to return to normal operations." Mr. Romandetti further stated, "We continue to remain excited about our future growth in our core business and the expected growth stemming from our strategic acquisition pipeline."
First Choice's management team will host a conference call and webcast for the investment community later today beginning at 10 AM Eastern Time to discuss the results and recent corporate developments. Participants can register and access the conference call by dialing toll-free 1-866-682-6100 (for U.S. and Canada dial-in) or 1-404-267-0373 (for international dial-in). The conference call will also be webcasted and available for replay at and via the investor relations section of the Company's website at . 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 Third Quarter 2017 results, please refer to the Interim Report on Form 10-Q filed 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.
Julie Hardesty
Phone: 321-725-0090 ext 288
Email:
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Datum: 09.11.2017 - 13:30 Uhr
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