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I really like that Rennova has no need to pump with fluff PR's. They simply post the hard numbers whether good or bad. There has been plenty of rain for them that is for sure. Hopefully this release has the goods to open the markets eyes to what is in process here and give traders and investors confidence to start dipping their toes in. It appears the business has already started its turn around many Q's ago. When does the price react remains the question?
imho
mj
Looks like a full house here today with plenty of anticipation on this release. Personally I'm pretty fired up to see it myself. Hopefully the turn around momentum on the fins continues. Is this release the finally puts a bid under this ticker? They do still have some work to do but with recent warrants expiring, improving financials and another asset in Jamestown waiting to generate further value it certainly feels this thing is on a positive path. When does the market finally believe it and kick things up a few notches?
Maybe this release will be the kick off?
Best of luck to all involved.
imho
mj
How we looking on this? Did i miss anything today?
Imho
Mj
I would just like to see any profit..anything over $1.5m would be amazing in my book. Hopefully we wake up to a nice surprise tomorrow. And then I'd imagine we will get another podcast next week.
Jamestown in the works? Imagine a $30-$50m run rate by the end 2024. I still wonder what other alternatives they are considering to generate value using the Jamestown building if they dont reopen. Also quiet front from the city on what they plan to do with Jelico. Certainly they would want to reopen that on as soon as possible. Any chance they let Rennova back in there with their new business plan?
Imho
Mj
If you are referring to me...I'm not replacing anyone. I just post for fun where I see possible opportunity. And in 15 or so yrs around the game I don't think I have ever seen a profitable .0001 stock. I don't care what the over hang legacy issues are. They seem to have survived the worst of the storm at this ponit. If they continue on this pace there is opportunity here. Dare I say we might have an actual value play in the OTC? Profits have a funny way of solving legacy issues. If they get those solved then all you have left is a company growing revenues and profits...From there who knows where it might go in the future. But for now its looking better and better with each step they take. Ok I will cut it short there and let you all go on talking about the past of this company and how bad things used to be. I try not to skate to where the puck is or was and all of that good stuff ;) Enjoy the rest of your weekend. Maybe the clouds start to part here next week? If the numbers are good I'll be here another year to watch the $1.5M savings on interest expense kick in to see what all that looks like on the fins :) 1st Q already coming in quick.
This will be your single reply.
Best wishes to all.
imho
mj
Former Nasdaq Ticker $RNVA... "We got a recovery well underway and we hope we can continue to deliver."
https://audioboom.com/posts/8251354-rennova-health-rnva-is-featured-on-the-stock-day-podcast
imho
mj
This doesn't read like the typical .0001 co update. It will be interesting to see what happens as they continue to clear hurdles one by one. This has to be one of the better updates I've personally ever seen from any trip or dub stock.
RENNOVA HEALTH, INC. CEO PROVIDES JANUARY 2024 MESSAGE TO SHAREHOLDERS
Download as PDFJanuary 16, 2024
WEST PALM BEACH, Fla., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA) Chief Executive Officer, Seamus Lagan provides the following message to shareholders.
Dear Fellow Shareholders,
As we begin 2024, I want to provide an update on some of our recent accomplishments and outline our plans for the future.
Our efforts in recent years to build and sustain a viable business model for our healthcare services operations have gained momentum. 2023 was a significant year for the Company both operationally and financially. We are making great strides on both fronts as we seek to build a strong foundation to serve our patients and our communities and position the Company for long-term growth.
2023 Operational Highlights
Established robust inpatient services at our flagship hospital, Big South Fork Medical Center.
Achieved growth in emergency room and outpatient services.
Commenced a swing bed service line.
Opened a behavioral health treatment facility offering residential and inpatient detox services and outpatient, office-based opiate treatment services via our wholly-owned subsidiary Myrtle Recovery Centers, Inc.
2023 Financial Highlights
Significant net revenue growth.
Debt reduction.
Debt restructuring.
InnovaQor, Inc. (OTC: INQR) update.
Established robust inpatient services. 2023 saw inpatient admissions increase by over 75% compared to 2022; this service line was effectively shuttered in late 2020 and early 2021 due to COVID-19 and related matters. In fact, inpatient admissions in 2023 were stronger than in 2019 (pre COVID-19). Vibrant inpatient services mean that most patients who come to our emergency room for treatment no longer need to be transferred to other regional hospitals for inpatient care.
Growth in emergency room and outpatient services. Our ER and outpatient services activity increased by 4% and 8% year-over-year respectively demonstrating the continued, stable demand for such services.
Commenced a swing bed service line. The hospital initiated a swing bed service line—a valuable, profitable service that is helpful to the local communities and other nearby providers.
Opening of a behavioral health treatment facility. We formed a new subsidiary, Myrtle Recovery Centers, Inc., and opened residential and inpatient detox services and outpatient, office-based opiate treatment services at our Big South Fork Medical Center campus in August 2023.
Significant net revenue growth. Growth in net revenues in the third quarter 2023 compared to the prior year’s quarter was 25% reflecting increased patient activity at the hospital and higher reimbursement rates. The Company reported net revenues of approximately $14.8 million for the nine-months ending September 30, 2023 and, therefore, expects to report a significant increase in full year net revenues compared to approximately $13.0 million in net revenues that were reported for 2022.
Debt reduction. Debt from year-end 2022 to September 30, 2023 was reduced from $14.5 million to $11.6 million—a reduction of $2.9 million through debt pay-downs and/or negotiated settlements.
Debt restructuring. We successfully negotiated a debt restructuring with a key institutional lender holding $8.2 million of secured debt in October 2023 to extend the maturity to December 2025 and implement other modifications which waived historical defaults thereby saving default interest in future periods. This restructuring will further improve our balance sheet at December 31, 2023.
InnovaQor, Inc. (OTC: INQR) update. InnovaQor in 2023 initiated and continues to develop Curallo, a next-generation communication platform for medical professionals that will offer subscription-based services. We believe the success of InnovaQor will benefit Rennova and its shareholders.
Moving forward
We began 2024 with positive operational momentum and seek to build on recent achievements to: (i) further expand our healthcare services offerings in the communities we serve, (ii) consider options to reopen or create value from our closed hospital property, (iii) continue to improve our balance sheet and overall financial condition, and (iv) further reduce litigation and related costs.
Consideration for expansion of healthcare services will include our hospital-based services and behavioral health services provided by Myrtle Recovery Centers, Inc. We continue to evaluate the best ways to create value for Rennova and its shareholders from our investments in InnovaQor, Inc.
We appreciate the support of our shareholders and look forward to increasing shareholder value in 2024.
Best regards,
Seamus Lagan
Chief Executive Officer
About Rennova Health, Inc.
imho
mj
On of the biggest obstacles for price movement here has been the amount of potential dilution hanging over head...It looks like RNVA is doing a pretty good job at chopping down that tree. Maybe we are coming to a clearing there?
RENNOVA HEALTH, INC. ANNOUNCES SIGNIFICANT DEBT RESTRUCTURING
Download as PDFOctober 25, 2023
WEST PALM BEACH, Fla., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA) is pleased to announce a significant debt restructuring with its primary institutional investors. The restructuring extends the maturity date of approximately $8.2 million of secured debt to December 31, 2025, waives historical events of default and removes and/or modifies certain events of default and definitions. In addition, the Company does not expect to recognize default interest in future periods subject to remaining in compliance with covenants and other obligations.
“We are pleased in the confidence our primary institutional investors have in our Company and its recent achievements,” commented Seamus Lagan, Chief Executive Officer of Rennova. “The debt restructuring improves our balance sheet and will save approximately $1.5 million in interest expense annually. In addition, we are in discussions about other potential modifications to debt and other securities in the hope we can secure additional amendments that further improve our overall financial position.”
About Rennova Health, Inc.
RENNOVA HEALTH, INC., ANNOUNCES THE EXPIRATION OF WARRANTS TO PURCHARE OVER FOUR HUNDRED BILLION COMMON SHARES
Download as PDFMarch 26, 2024
WEST PALM BEACH, Fla., March 26, 2024 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA) announces that certain Series A, B and C warrants to purchase approximately 403,788,906,644 shares of common stock expired on March 21, 2024, and that on March 20, 2024, the Company and certain institutional warrant holders agreed that, with regard to Series B Warrants to acquire 101,350,000,000 shares of common stock, subject to certain terms, the termination date of such Warrants would be extended from March 21, 2024 to December 31, 2025.
“The expiration of such a large number of warrants significantly reduces potential dilution to common shareholders,” said Seamus Lagan, CEO of Rennova, “and extending a number of warrants as agreed, preserves the Company’s ability to access additional capital through warrant exercises if market conditions permit.”
About Rennova Health, Inc.
Seamus put out a plan 3 yrs ago...and he is following it meticulously. He seems to have taken this on as a personal battle. Hopefully this progress continues.
imho
mj
CAH Status...What does it mean? Why is it important. A little company called Forbes felt there was a need to cover the subject...
Its all about the fixed costs.
https://www.forbes.com/sites/gebai/2024/01/21/rural-urban-healthcare-access-gap-its-all-about-the-fixed-costs/?sh=763999906288
imho
mj
The PR that changed the game for RNVA.
RENNOVA HEALTH, INC. OWNED HOSPITAL RECEIVES CRITICAL ACCESS HOSPITAL CERTIFICATION
Download as PDFDecember 03, 2021
WEST PALM BEACH, Fla., Dec. 03, 2021 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA) today announced that the application by its hospital, Scott County Community Hospital, Inc. (DBA Big South Fork) in Oneida, TN, for designation as a Critical Access Hospital (CAH) has been approved by Centers for Medicare and Medicaid Services (CMS). The effective date of approval is retrospective to June 30, 2021.
CAH status means the hospital will be entitled to a cost-based reimbursement from Medicare, which has the potential to increase revenue. There are a number of benefits of CAH including that capital improvement costs are included in allowable costs for determining Medicare reimbursement. This special reimbursement that CAHs receive is intended to improve their financial performance and thereby maintain access to basic health care in rural areas by providing rural health networks and rural emergency medical services.
“We are delighted to be granted Critical Access Hospital Certification for this hospital,” said Seamus Lagan, CEO of Rennova Health. “The opportunity for increased revenue and reimbursement is a welcome boost to the facility for the needed service it provides to the local community.”
About Rennova Health, Inc.
Rennova owns rural hospitals and a physician’s office in Tennessee and a physician’s office in Kentucky. For more information, please visit www.rennovahealth.com
imho
mj
Great to see so much activity on a Sat here...Just looking for roughly $20m revs and profit of any level for full year 2023 from fins next week. That would clearly show the path this company is on. And whether the stock moves or not is of no matter for true longs. Would it be nice to see .0005...sure. But even if it takes one more year to continue handling share issues and building up the steam on this pressure cooker I am good with that too...because if they continue on this trajectory at some point there will be no stopping it.
Imho
Mj
Pls explain this to me like I'm five..thank you. What I am seeing is that if they don't exercise this first round on the 15TH then all of the Series B's expire?
thx in adv.
imho
mj
Yea I'm in the same camp. Most people panic when an OTC reverse splits because the greater majority of them are basically scams or just bad co's that will end up diluting the price back down. If RNVA is now operating profitably on a yearly basis then a R/S should have little to no effect on price. Sure some might still panic off the bat..but the price would likely recover. And also Earnings per share would look pretty good to new traders looking in. :)
imho
mj
Not to mention if they were to RS and not dilute further...The Earnings per share wouldn't look to shabby either ;)
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mj
Yea I thought about that. We all know generally bad news gets slipped in late on Fridays but with this I was thinking the same thing about dropping it tonight so it could read by many over the weekend. I don't know which way is better lol...But in the end that doesn't matter anyway. The fins will be out there either way and things will take their course. Unless there are some out there with deep pockets waiting to see the numbers in black and white before buying...I don't know if this release moves the price or not. I just want to continued progress. But of course even .0003 would be nice to see. :)
imho
mj
Yep there has been an amazing 2 yr turn around here on the financials however there is no miracle cure for issues that mounted over years. The only thing that can over come obstacles like that is consistency and that is what we have been witnessing here for the past 6 Q's now. If this momentum continues at some point the price will move...its pretty much that simple. I'm not sure who would waste minutes of their lives debating otherwise..lol. It will be interesting to see how it plays out...Just a few little nuggets into this one could be potential bolders to carry around in down the road :) Ya just never know in this game.
imho
mj
Another day and more shares removed from the ask. Funny how some will gobble up all of the bad that occurred with this company in the past but ignore the actual continuous amazing 2 year turn around posted in the annual financials. It's almost comical. Sometime soon we may see some of the best financials this company has ever posted. Potentially exciting read if your a long whether the price actually moves on this one or not. Consistency wins in the end.
imho
mj
From 2022 podcast.
Lagan: Everett, for 2021 we said very clearly we were trying to stabilize the business and we were making a lot of effort to improve many numbers across the board. I think our financial statement, as you say was filed about a week ago, confirms that. Some key numbers we improved, including the stockholder deficit by about $21 million. We reduced the losses from 2020, they were $17 million in 2020, to just over $5 million in losses in 2021. That reduces the need for outside capital just to carry your business forward. Assets improved from $12 million to $19 million, and the liabilities were reduced by about $14 million across the board. Those are big numbers for us and we worked hard throughout the year and I think that we will see a continued improvement. The key things that happened to improve those numbers, the critical access designation that we informed people of in a press release, we started to receive payments under the critical access designation. That improvement makes the facility, makes the hospital much more viable and really does secure the future of that hospital. The big advantage to all of this as I’ve just mentioned is that continued improvement and continued reduction in the need for raising additional capital just to stay in operation. That has been a painful exercise for the last three to four years and we’re eternally grateful to our bankers for supporting us. At some stage, our ambition has been to get our business to stand alone and stand on its own two feet, and I think we’re there.
imho
mj
ah gotcha...yea that would be great..lol
imho
mj
Where is this found? I seemed to have missed this tidbit.
imho
mj
Thank you for the update as usual. Will be looking forward to the next one.
imho
mj
Ah gotcha...Thank you for the correction.
imho
mj
Another day as usual...a few more million shares tucked away by someone. I wonder will be there any volume spikes this afternoon or tomorrow? Looks like Monday is the day we see how 2023 totaled up. I may have to pick up one more lot just in case this fins release is the one that actually upticks the price a bit lol.
imho
mj
Yeah i don't know...Maybe I'm missing something...but I'm not going anywhere. I've been around this game as an independent for coming up on 20yrs i think now..lol. And I just can't recall any company during all of this craziness trading at .0001 and potentially about to turn profitable on a yearly financial statement after compiling $20M in revs. Maybe there was some that I missed? I have seen a good few of the historic runs from trips go down and most of them in the end were just driven by hype and speculation along with being in a different type of penny market altogether. Most had no substance at all. RNVA looks to be different? This one has a verifiable business. And most certainly a CEO that is tenacious. He has taken the long road with this one. Whether its to prove a point to some out there or maybe to just prove something to himself? Either way he dug in on this and is going hard when he very easily could have closed up shop, took his ball and just gone home. If they continue on this current path and continue to execute the business as they have been I just don't see how the share structure and debt situations don't get cleaned up substantially which would create all kinds of interesting possibilities over the next 2 yrs. I know a lot of traders out there some that I have talked to directly that were badly burnt by the Reverse Splits over the past so many years. However at some point a good majority of the blame has to ride with them as they continued to buy into a company with failing fundamentals. The company was clearly losing money hand over fist. IF RNVA continues to execute like this and maybe push it further with the reopening of Jamestown or some other Hospital...I wonder at what point will some of those folks come back to at least take a look at this one? I hope things work out for all of us and some them at least get some decent portions back.
Its all risk of course...but it seems that the opportunity that lies with this one could potentially be off the charts if the company is able to continue on this current tread unless I'm really missing something? I don't know. I'm excited to watch this one play out over the next 2 years. It feels like it could be something special.
imho
mj
LoL nice of someone to poke us with a stick to make sure we are still breathing..LoL No worries here. I feel like there is a good group of us here just quietly chillen :) With plays like this...its quiet until its not.
imho
mj
I figure all good either way. What's another billion?...LoL It will be handled one way or another.
imho
mj
$RNVA Good Morning all...Let's see what we get today...Boom Boom Clap, Boom Boom Clap.
imho
mj
LoL apparently some here support RNVA by posting a million times...LoL. The engagement here is just off the charts. Looking forward to next week just like everyone else here.
imho
mj
Man going back and reading some of these classics tonight is getting me all sorts of hype...can't even lie. This first line here is straight flame...can't even drop the mic when its incinerated...haha
imho
mj
2023 fins on the way...lets see the results. Fire up the clowns cars!!!!
imho
mj
Are these numbers based on a pre reverse split basis? I am assuming at least the first one is maybe the first 2? I am thinking as these shares issues get closed up over the next yr and with the help of one more hospital or value generation from the the Jamestown asset...In a perfect world of a significant share buyback on the actual float over time...Could .25 be achievable before any split to uplist to higher OTC or Nas etc. ? Some of this is pretty intense as I am looking at some of possibilities based on real numbers and not injecting too much speculation and its almost scary to me what seems realistic here. I feel like add one or 2 more hospitals, take care of the debt and the share structure over the next year or 2 and we could be looking at something very special here...with realistic projections.
Lets see what happens comes next week. Maybe this will be the first fins release to rattle the price a bit and be the first uptick that sticks and send the price on a new trend line :)
imho
mj
Looks like a good number of groups are super excited to see how 2023 turned out. LOL. No pump. This company just tells the story as it is in numbers good, bad or ugly...Holders here have seen their fair share of the bad and ugly for a good few years. Based on recent actions by the company...perhaps we are about to see the official turn in share price? The crowd here seems to be standing edge.
imho
mj
Would be an amazing thing :) Best of luck to all involved.
imho
mj
That's some pretty powerful language over there :) I will be here either way but are you sensing that this might be the fins drop that finally gets otc traders to take notice what's going on with RNVA now and not what occurred in the past? I would like think so...but even with the moves that have been made over the past year with restructure etc there is still 40B in the O/S currently. That is still a pretty significant number. When folks take a look most will likely still stop at that. Hopefully these numbers are the beginning of the turn in price. It would be amazing to see a bid appear and stick. I'm sticking with $20M revs $1m profit. I would be overjoyed to see that verified and stamped. Anything else above that would be a huge bonus in my book.
imho
mj
Where would the extra revenue come from? I believe in the podcast linterterview Seamus himself had mention just potential for a $25-$30 mill runrate. Unless they add another hospital and quickly. We are already in 2nd Q. I'll have to go back but I think he did mention again potential of $50-$60M with another hospital added?
The excitement is definitely building to see these fins. Will this release mark the official turn in share price? Imagine coming here everyday and seeing a bid...haha.
imho
mj
Truck or Car?
Yes Seamus has done an amazing job. Correcting the numbers from 3 yrs ago to what we see today. Hopefully that trend continues thru the year end 2023 fins coming up next week. New numbers...new news it all seems to be starting to add up. Certainly something changed with this company. And it pretty clearly was the CAH cert received in 2021. It will be interesting to see what the next news is and how they plan to continue the march. Much easier to keep looking at the future here instead of the past if the positive momentum continues to show thru.
imho
mj
$RNVA Huge news. $1.5M in interest expense savings will be recognized during 2024. It looks like they may not even have to improve on revenues this year to increase the bottom line. It will be very interesting to see what the full year numbers for 2023 look like next week :)
RENNOVA HEALTH, INC. ANNOUNCES SIGNIFICANT DEBT RESTRUCTURING
Download as PDFOctober 25, 2023
WEST PALM BEACH, Fla., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA) is pleased to announce a significant debt restructuring with its primary institutional investors. The restructuring extends the maturity date of approximately $8.2 million of secured debt to December 31, 2025, waives historical events of default and removes and/or modifies certain events of default and definitions. In addition, the Company does not expect to recognize default interest in future periods subject to remaining in compliance with covenants and other obligations.
“We are pleased in the confidence our primary institutional investors have in our Company and its recent achievements,” commented Seamus Lagan, Chief Executive Officer of Rennova. “The debt restructuring improves our balance sheet and will save approximately $1.5 million in interest expense annually. In addition, we are in discussions about other potential modifications to debt and other securities in the hope we can secure additional amendments that further improve our overall financial position.”
About Rennova Health, Inc.
imho
mj
RNVA We have now completed the first full quarter of operations at this Office Based treatment facility. No hype just further growth and expansion for 2024. Nothing to see here :)
RENNOVA HEALTH, INC. ANNOUNCES THE OPENING OF ITS NONRESIDENTIAL OFFICE-BASED OPIATE TREATMENT FACILITY
Download as PDFNovember 02, 2023
WEST PALM BEACH, Fla., Nov. 02, 2023 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA) is pleased to announce that its behavioral health services subsidiary, Myrtle Recovery Centers, Inc. (“Myrtle”), has opened a Nonresidential Office-Based Opiate Treatment Facility (“OBOT”). The facility began accepting patients on November 1, 2023 and is located adjacent to Myrtle’s alcohol and drug treatment facility in Oneida, Tennessee.
“We are delighted to further develop our Myrtle strategy,” said Robert Merritt, the Chief Executive Officer of Myrtle Recovery Centers, Inc. “The addition of this licensed OBOT service to our recently opened behavioral health facility for alcohol and drug treatment provides an invaluable service to the rural communities we serve, and is consistent with our plans to provide the best possible treatment at our facilities. In addition, the opening of the OBOT supplements the existing residential rehabilitation and detoxification services offered at the facility.”
“We are excited to see the continued development of Myrtle,” stated Seamus Lagan, Chief Executive Officer of Rennova Health, Inc. “Our recently opened behavioral health facility has been well received in the community and adding complementary services is consistent with our business model to increase our current rural healthcare services offerings. This new OBOT is an excellent use of available space at our Big South Fork Medical Center campus and is expected to increase net revenues and profits for the Company. We continue to consider our options to expand our Myrtle-operated businesses.”
Information on Myrtle Recovery Centers, Inc. can be found at www.myrtlerecoverycenters.com
imho
mj
This CEO update from Jan 2024 does not read like the typical otc pump ticker announcing a multi Billion $ deal LoL. That is because this a former Nasdaq company just posting updates on real business.
RNVA RENNOVA HEALTH, INC. CEO PROVIDES JANUARY 2024 MESSAGE TO SHAREHOLDERS
Download as PDFJanuary 16, 2024
WEST PALM BEACH, Fla., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA) Chief Executive Officer, Seamus Lagan provides the following message to shareholders.
Dear Fellow Shareholders,
As we begin 2024, I want to provide an update on some of our recent accomplishments and outline our plans for the future.
Our efforts in recent years to build and sustain a viable business model for our healthcare services operations have gained momentum. 2023 was a significant year for the Company both operationally and financially. We are making great strides on both fronts as we seek to build a strong foundation to serve our patients and our communities and position the Company for long-term growth.
2023 Operational Highlights
Established robust inpatient services at our flagship hospital, Big South Fork Medical Center.
Achieved growth in emergency room and outpatient services.
Commenced a swing bed service line.
Opened a behavioral health treatment facility offering residential and inpatient detox services and outpatient, office-based opiate treatment services via our wholly-owned subsidiary Myrtle Recovery Centers, Inc.
2023 Financial Highlights
Significant net revenue growth.
Debt reduction.
Debt restructuring.
InnovaQor, Inc. (OTC: INQR) update.
Established robust inpatient services. 2023 saw inpatient admissions increase by over 75% compared to 2022; this service line was effectively shuttered in late 2020 and early 2021 due to COVID-19 and related matters. In fact, inpatient admissions in 2023 were stronger than in 2019 (pre COVID-19). Vibrant inpatient services mean that most patients who come to our emergency room for treatment no longer need to be transferred to other regional hospitals for inpatient care.
Growth in emergency room and outpatient services. Our ER and outpatient services activity increased by 4% and 8% year-over-year respectively demonstrating the continued, stable demand for such services.
Commenced a swing bed service line. The hospital initiated a swing bed service line—a valuable, profitable service that is helpful to the local communities and other nearby providers.
Opening of a behavioral health treatment facility. We formed a new subsidiary, Myrtle Recovery Centers, Inc., and opened residential and inpatient detox services and outpatient, office-based opiate treatment services at our Big South Fork Medical Center campus in August 2023.
Significant net revenue growth. Growth in net revenues in the third quarter 2023 compared to the prior year’s quarter was 25% reflecting increased patient activity at the hospital and higher reimbursement rates. The Company reported net revenues of approximately $14.8 million for the nine-months ending September 30, 2023 and, therefore, expects to report a significant increase in full year net revenues compared to approximately $13.0 million in net revenues that were reported for 2022.
Debt reduction. Debt from year-end 2022 to September 30, 2023 was reduced from $14.5 million to $11.6 million—a reduction of $2.9 million through debt pay-downs and/or negotiated settlements.
Debt restructuring. We successfully negotiated a debt restructuring with a key institutional lender holding $8.2 million of secured debt in October 2023 to extend the maturity to December 2025 and implement other modifications which waived historical defaults thereby saving default interest in future periods. This restructuring will further improve our balance sheet at December 31, 2023.
InnovaQor, Inc. (OTC: INQR) update. InnovaQor in 2023 initiated and continues to develop Curallo, a next-generation communication platform for medical professionals that will offer subscription-based services. We believe the success of InnovaQor will benefit Rennova and its shareholders.
Moving forward
We began 2024 with positive operational momentum and seek to build on recent achievements to: (i) further expand our healthcare services offerings in the communities we serve, (ii) consider options to reopen or create value from our closed hospital property, (iii) continue to improve our balance sheet and overall financial condition, and (iv) further reduce litigation and related costs.
Consideration for expansion of healthcare services will include our hospital-based services and behavioral health services provided by Myrtle Recovery Centers, Inc. We continue to evaluate the best ways to create value for Rennova and its shareholders from our investments in InnovaQor, Inc.
We appreciate the support of our shareholders and look forward to increasing shareholder value in 2024.
Best regards,
Seamus Lagan
Chief Executive Officer
imho
mj