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First Choice Healthcare Solutions posts 1Q earnings that show steady revenue gains

The Florida-based healthcare service provider which has a network of non-physician-owned medical centers is on expansion mode
The First Choice Healthcare Solutions name superimposed over an image of a man swimming
Shares of the Florida healthcare company soared on Wednesday

Florida-based First Choice Healthcare Solutions Inc. (OTCQB:FCHS) posted first quarter earnings this week that showed strong revenue growth.

For the quarter ended March 31, the company posted earnings of US$0.01 per share on revenue of US$8.8 mln. Revenue grew 13.8% on a year-over-year basis.

The healthcare service provider headquartered in Melbourne, Florida has a growth blueprint of expanding a network of localized, non-physician-owned medical centers.

“We are pleased to report that we achieved record net patient service revenue of US$8.2mln and over 51% adjusted EBITDA growth year-over-year for the first quarter of 2018,” First Choice CEO Chris Romandetti said in an earnings statement.

Building a growth blueprint  

First Choice is receiving US$7.5mln from Boston-based private hospital operator Steward Health Care System.  

The healthcare service provider said it was capitalizing on a “strategic opportunity” to deploy its assets into Steward Health’s network of 36 hospitals spread across 10 U.S. states.

“With the recent strategic partnership with Steward Health Care we are happy to announce our expansion of the First Choice healthcare delivery platform into Indian River County, Florida,” said Romandetti.  

First Choice said it was in “the final steps” of selecting a site to house its Indian River County facility which would have a sophisticated imaging center, physical therapy locations and physician offices. 

WATCH: First Choice Healthcare Solutions gets US$7.5mln to grow network

“We expect our new location will enable us to service up to an additional 3,000 surgeries per year,” said Romandetti. “Given our positive first quarter 2018 results and our expansion into Vero Beach and Sebastian, Florida we believe First Choice is positioned to continue this momentum in 2018.”

First Choice’s flagship healthcare center in Florida’s high growth Space Coast region currently manages over 100,000 patient visits a year. 

The centers are popular with patients requiring musculoskeletal and rehabilitative care services in the areas of orthopedics, spine surgery, neurology, and interventional pain management.

 

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