Welcome!

News Feed Item

First Choice Healthcare Reports Record Revenue and Second Quarter 2014 Results

Company Reports 51% Year-Over-Year Growth for the Six Months Ended June 30, 2014

MELBOURNE, FL -- (Marketwired) -- 08/14/14 -- First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) ("FCHS" or "First Choice"), 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 second quarter financial results for the three and six months ended June 30, 2014.

Q2 2014 Financial Summary

  • 43% increase in total revenue to $2,107,164 for the second quarter ended June 30, 2014 as compared to $1,469,570 for the same period in 2013 driven by growth in net patient service revenue from the Medical Center of Excellence, FCMG
  • For the three months ended June 30, 2014, the Company's wholly owned subsidiary (Medical Division), First Choice Medical Group of Brevard, experienced a 53% increase in revenue to $1,848,441 from $1,208,813 for the same period of last year in its Medical Center of Excellence
  • Other operating expenses increased 38% for the three months ended June 30, 2014 to $427,056, as compared to $308,414 for the same period in the prior year due to the hiring of additional physicians and their support staff which occurred in the fourth quarter of 2013
  • General and administrative expenses for the three months ended June 30, 2014 were $669,208, as compared to $347,326 for the same period in the prior year, and was attributed to expenses related to the Company's growth and capital restructuring
  • For the three months ended June 30, 2014, net loss was $(448,571), or $0.03 per share, as compared to a net loss of $(120,392), or $0.01 loss per share, for the same period in the prior year. Additional expenses are attributable to investment in the Company's infrastructure to move forward with the growth of the business

Six Months Ended June 30, 2014 Financial Summary

  • 51% increase in total revenue to $4,341,917 for the six months ended June 30, 2014, up from $2,871,251 over the same period of 2013 driven by growth in net patient service revenue from the Medical Center of Excellence, FCMG
  • For the six months ended June 30, 2014, the Company's wholly owned subsidiary (Medical Division), First Choice Medical Group of Brevard, experienced a 63% increase in revenue to $3,821,271 from $2,343,825 for the same period of last year in its Medical Center of Excellence
  • Operating expenses increased 40% for the six months ended June 30, 2014 to $856,347, as compared to $612,889 for the same period in the prior year due to the hiring of additional physicians and their support staff which occurred in the fourth quarter of 2013
  • General and administrative expenses for the six months ended June 30, 2014 was $1,075,120, as compared to $600,345 for the same period in the prior year, and was attributed to expenses related to the Company's growth and capital restructuring
  • For the six months ended June 30, 2014, net loss was $(483,670), or $0.03 per share, as compared to a net loss of $(375,461), or $0.03 loss per share, for the same period in the prior year. Additional expenses are attributable to investment in the Company's infrastructure to move forward with the growth of the business
  • As of June 30, 2014, the Company had cash and restricted cash totaling approximately $352,265 and accounts receivable of $2.05 million

Chris Romandetti, Chairman, President and Chief Executive Officer of First Choice, noted, "During the second quarter of 2014, we continued to invest in the infrastructure for our future growth and profitability. We are excited to see the momentum pick up as we reported a 51% year-over-year growth for the six months ended June 30, 2014 which consists of a 63% growth in our core operating business in net patient service from our wholly owned subsidiary, the Medical Center of Excellence, FCMG. Our top line revenue has generated double digit increases, and revenue from operations show strong, positive growth. In addition, we are very pleased that our EBITDA remains positive for the six months ended June 30, 2014 at $255,623. Our Real Estate Division, The Marina Towers, remain consistently strong with a 95% occupancy of our Class A, six story professional office building located in Melbourne, Florida. We are committed to revenue generation and prudent financial oversight and are optimistic that we will be able to execute our expansion strategy as our resources allow."

[FINANCIAL CHARTS TO FOLLOW]


                  FIRST CHOICE HEALTHCARE SOLUTIONS, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS

                                                  June 30,     December 31,
                                                    2014           2013
                                               -------------  -------------
                                                  (unaudited)
                    ASSETS
Current assets
Cash                                           $      70,812  $     739,158
Cash-restricted                                      281,453        256,246
Accounts receivable                                2,055,245      1,272,155
Prepaid and other current assets                     225,624        140,580
Capitalized financing costs, current portion          57,348         57,348
                                               -------------  -------------
  Total current assets                             2,690,482      2,465,487
                                               -------------  -------------

Property, plant and equipment, net of
 accumulated depreciation of $2,210,618 and
 $1,959,127                                        8,498,548      8,662,057
                                               -------------  -------------

Other assets
Capitalized financing costs, long term portion        90,169        131,540
Patient list, net of accumulated amortization
 of $40,000 and $35,000                              255,000        265,000
Patents                                              286,500        286,500
Deposits                                               2,713          2,713
                                               -------------  -------------
  Total other assets                                 634,382        685,753
                                               -------------  -------------

Total assets                                   $  11,823,412  $  11,813,297
                                               =============  =============


     LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable and accrued expenses          $     818,417  $     459,000
Stock based payable                                   96,000        166,340
Line of credit, short term                         1,000,000        800,000
Convertible note payable, short term portion         915,412              -
Notes payable, current portion                       781,999        743,787
Unearned revenue                                      50,854         74,934
                                               -------------  -------------
  Total current liabilities                        3,662,682      2,244,061
                                               -------------  -------------

Long term debt:
Deposits held                                         72,901         72,901
Convertible note payable, long term portion        1,317,066      2,347,403
Notes payable, long term portion                   8,515,934      8,935,473
                                               -------------  -------------
  Total long term debt                             9,905,901     11,355,777
                                               -------------  -------------

Total liabilities                                 13,568,583     13,599,838
                                               -------------  -------------

Stockholders' deficit
Preferred stock, $0.01 par value; 1,000,000
 shares authorized, Nil issued and outstanding             -              -
Common stock, $0.001 par value; 100,000,000
 shares authorized, 17,385,947 and 16,747,248
 shares issued and outstanding as of June 30,
 2014 and December 31, 2013, respectively             17,386         16,747
Additional paid in capital                        12,084,650     11,560,249
Accumulated deficit                              (13,847,207)   (13,363,537)
                                               -------------  -------------
  Total stockholders' deficit                     (1,745,171)    (1,786,541)
                                               -------------  -------------

Total liabilities and stockholders' deficit    $  11,823,412  $  11,813,297
                                               =============  =============



                  FIRST CHOICE HEALTHCARE SOLUTIONS, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                (unaudited)

                            Three months ended         Six months ended
                                 June 30,                  June 30,
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
Revenues:
Patient Service Revenue  $ 1,885,569  $ 1,208,813  $ 3,896,543  $ 2,343,825
Provision for bad debts      (37,128)           -      (75,272)           -
                         -----------  -----------  -----------  -----------
Net patient service
 revenue less provision
 for bad debts             1,848,441    1,208,813    3,821,271    2,343,825
Rental Revenue               258,723      260,757      520,646      527,426
                         -----------  -----------  -----------  -----------
  Total Revenue            2,107,164    1,469,570    4,341,917    2,871,251

Operating expenses:
Salaries & Benefits        1,090,806      641,789    2,156,327    1,264,548
Other Operating expenses     427,056      308,414      856,347      612,889
General & Administrative     669,208      347,326    1,075,120      600,345
Depreciation and
 amortization                126,772      126,805      261,491      249,425
                         -----------  -----------  -----------  -----------
  Total operating
   expenses                2,313,842    1,424,334    4,349,285    2,727,207
                         -----------  -----------  -----------  -----------

Net (loss) income from
 operations                 (206,678)      45,236       (7,368)     144,044

Other income (expense):
Miscellaneous income             750          813        1,500        1,563
Gain on change in fair
 value of derivative
 liability                         -      229,631            -      188,982
Amortization Financing
 costs                       (25,466)     (14,337)     (41,372)     (28,674)
Interest expense, net       (217,177)    (381,735)    (436,430)    (681,376)
                         -----------  -----------  -----------  -----------
  Total other income
   (expense)                (241,893)    (165,628)    (476,302)    (519,505)
                         -----------  -----------  -----------  -----------


Net loss before
 provision for income
 taxes                      (448,571)    (120,392)    (483,670)    (375,461)

Income taxes (benefit)             -            -            -            -
                         -----------  -----------  -----------  -----------

NET LOSS                 $  (448,571) $  (120,392) $  (483,670) $  (375,461)
                         ===========  ===========  ===========  ===========

Net loss per common
 share, basic and
 diluted                 $     (0.03) $     (0.01) $     (0.03) $     (0.03)
                         ===========  ===========  ===========  ===========

Weighted average number
 of common shares
 outstanding, basic and
 diluted                  16,988,149   12,841,154   16,873,038   12,796,777
                         ===========  ===========  ===========  ===========

About First Choice Healthcare Solutions, Inc.
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 www.myfchs.com or www.myfcmg.com.

Safe Harbor Statement
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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...