First Choice Healthcare Solutions, Inc. (FCHS) reported a significant reduction in its net loss for the fiscal year ending December 31, 2024, posting a loss of approximately $3.9 million compared to a loss of $8.3 million in the previous year. This 52% decrease in net loss was primarily attributed to a reduction in selling, general, and administrative expenses, which fell by 59% to $906,815, and a decrease in interest expenses. The company did not generate any revenue in 2024, as it discontinued most of its services in 2023, reflecting a strategic pivot away from its previous orthopedic business model.
The company has undergone substantial changes since emerging from bankruptcy in April 2022, including a new board of directors and a shift in focus towards establishing a national chain of primary care and wellness clinics. In line with this strategy, FCHS made two significant acquisitions: Pointe Medical Services, Inc. and The Good Clinic, for a total of $19.3 million. These acquisitions are expected to enhance the company's service offerings and expand its market presence.
Operationally, FCHS has faced challenges, including a working capital deficit and ongoing litigation stemming from its previous management's actions. As of December 31, 2024, the company reported total liabilities of approximately $37 million, with an accumulated deficit of $67.8 million. The company has also reduced its workforce to manage costs effectively, with only one full-time employee and seven contract staff as of the end of 2024.
Looking ahead, FCHS aims to raise additional capital through a public offering to support its growth strategy and settle existing liabilities. The company plans to uplist to the NYSE, contingent on raising at least $10 million. However, there are substantial risks associated with this plan, including the need to secure financing and the potential for further operational challenges. The management remains optimistic about repairing relationships with employees and referral sources, which they believe will lead to improved financial performance in the future.
About First Choice Healthcare Solutions, Inc.
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