First Choice Healthcare Solutions posts Q3 loss — 6 insights

First Choice Healthcare Solutions posted a loss of $263,587 for the third quarter of 2018.

Here's what you should know:

1. The loss was attributed to the company's $230,000 expenditure on exploring strategic initiatives.

2. Total revenue increased 26 percent to $9.7 million in 2018.

3. The company's Melbourne, Fla.-based Crane Creek Surgery Center had a strong quarter, increasing its income to $232,807.

4. The surgery center's procedure volume increased 17.2 percent to 2,795 procedures in 2018.

5. For the full year to date, adjusted EBITDA was up 87 percent to nearly $1.8 million.

6. First Choice President and CEO Chris Romandetti said, "For the third quarter we are pleased to report net patient service revenue of approximately $9.1 million, a 28 percent increase over [the] prior year. We are pleased to report that our ancillary services continue to show strength across the board, with [physical therapy] visits and imaging increasing 63 percent and 69 percent, respectively. Meanwhile, Crane Creek Surgery Center profitability continues to improve as it generated $232,807 from a loss of $184,924 over same period [the] prior quarter."

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