First Choice Healthcare Solutions Inc (OTCMKTS:FCHS) has been making a lot of progress with its business recently. The company recently announced its 1Q2015, with tremendous increase in revenues and net-income. Additionally, the company also announced an addition to its portfolio of medical centers, with The B.A.C.K Center. The center and FCHS, as per analysts, are expected to exceed $24 million in annual revenues. B.A.C.K also expects to receive nearly 100,000 patients this year.
FCHS is a diversified company, which aims to deliver multi-specialty care to its patients, through its medical centers of excellence. The addition of B.A.C.K to this list marks the expansion of FCHS in Florida. Conventionally, B.A.C.K specializes in spine and pain practice and recorded 46,000 patient visits in 2014, along with $14 million in revenues. Additionally, The B.A.C.K center also has offices in Melbourne, which FCHS will also utilize through its subsidiary TBC Holdings.
In its 1Q2015 filing, First Choice revealed that it had registered a 12% increase in quarterly revenue, which now stood at $2.51 million. Additionally, income from operations reached $767,000, while the net income increased by a whopping 187% to $31,000. The income from patient services through the medical centers of excellence rose to $2,240,000, approximately up by 14%. Other sources of revenue increase included the company’s real estate ventures in Marina Towers LLC, which registered only a slight increase.
First Choice was also delighted to announce that it’s operating expenses reduced by 46%. With the impressive 1Q2015 and a new addition with huge potential for significantly increasing revenues, the company was largely successful in gaining investor interest. The stock registered a strong rise and its financial health should be enough to keep it there for some time. The stock should experience an even stronger rise, when the 2Q2015 is released, since it will include the added revenues from B.A.C.K operations.
First Choice Healthcare Solutions Inc (OTCMKTS:FCHS) added $0.11 to its stock value, to register a rise of 9.32% and close at $1.29 on May 2. The company saw 19.19 million shares change hands in the session.