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Another great day for RNVA...No news is sometimes good news when you have a company that is hard at work :) Looks like another 20M have been taken from the ask.
imho
mj
I enjoy reading this during the slow days :)
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
imho
mj
Imagine in a matter of a month we might actually have a .0001 stock on our hands with an actual EPS for a full year of operations. I'm not sure if I have ever seen that in my years of trading...lol And no it doesn't necessarily mean the stock will rocket due to share structure and debt etc...but it would mean that in time with continued performance they could very well find themselves in a position to correct all that's currently weighing the price down. I have a decent basket of shares and I have time :)
imho
mj
And Yes 100Milly share volume days at the ask are awesome! Only takes 10 of those to take out 1 Billion shares. That can only be done 40 times :) When you start talking about talking out shares in terms of Billions over time all of a sudden the 40B O/S doesn't seem so scary. Looks like a good few Billions have been taken out over the past few months alone :) It would be nice if the company was also pitching in on this. Just $1M would take out 1/4 of the entire outstanding share count :)
imho
mj
LoL Looks like the board is cooking today. If nothing else it all provides some engagement and some entertainment until we get the next steps from Seamus. Looking like another 20M taken today. It all adds up.
imho
mj
Yes I have to imagine through all of the turmoil this company has faced...There has to be some that went short..or naked short and figured this thing was toast. I don't know what effect the reverse splits had on all of that as far as prices and when some sort of squeezing could possibly occur. But I have to believe there are some shorts out there that have already written this one off and maybe don't even realize what is happening at the company just yet. Things could get really interesting down the road here...I am excited to see what the next steps are...Ready to read info on any of the following...
FY2023 fins
Q4 2023 fins
More restructure to debt and or securities
Jamestown
Potential Buybacks
Potential Growth by acquisition.
Could RNVA now be an acquisition target itself?
Take your pick.
imho
mj
RNVA Expectations seem to be rising a bit here. :) They usually always file the NT10k. Let's see what course of action they take this time around. Just like yesterday another 8M or so shares taken from the ask in the first minutes of trading. Almost like someone has a daily programmed buy set.
imho
mj
imho
mj
GOOOD MORNING ALL!!! Here we go again...another day of possibilities. Let's see how many shares get collected at the ask today.
imho
mj
Hilarious...Years after the closing event Rennova still getting punched in the media LoL. They don't mention that the hospital was taken over by someone else after Rennova...and then again by someone else in like FEB of this year...both failed...but they choose to mention Rennova in the story and not the most recent 2 co's to fail there...haha.
Goodness.
https://www.wbir.com/article/news/local/remote-area-medical-free-clinic-jellico/51-d142ef47-81c0-4f90-b3d7-b109a8bccd8f
imho
mj
Nothing points to this ticker doing anything other than the financial rebound of the company, the 76M avg daily volume and all of the posting and engagement this ticker gets on this page :) Feels like eventually somethings going to give and they are going to Spring It!
imho
mj
Yeah let's be honest...after the 40B are purchased...there may or may not be further dilution...all remains to be to seen. They have already pushed back a good amount of debts to 2025 with more restructure being negotiated. So we don't know what's going to happen. What we do know based on filings is that they are at or very near being self sustaining. Maybe that is why there was no increase in O/S from Nov thru the update in Jan? Has the O/S increased since? We will find out very soon via filings. They obviously didn't increase the O/S in the 4th Q...We will see when the Q1 fins hit in May on that. There is also the outside chance that the co has started buying shares back. Probably unlikely but possible? If there are able to achieve self sustaining status...there will be little to no need for a RS unless they want to shrink the share structure..or attempt to uplist. I am fine with either one. As long as they are done actively diluting RS splits don't pose much of any threat. There might even be a case where I welcome one down the road. I would imagine we would be trading much higher than .0001 at that point either way so we'd have some cushion if there was a quick dip after the split. BUT could you imagine the EPS in that scenario?!?
I'm dig this play more and more each day. I will be adding my final lots soon..win lose or draw. :) Again I don't care if the price reacts in the near term or not. I just want to see a continuation on the trend established over the last 6Q's or so. :) I have to imagine in some fashion or another everyone else is here for the same reason regardless of their posting sentiment ;) It's all engagement.
imho
mj
Looking like 40b OS here....well below the 250B that are authorized...it appears there won't be any RS any time soon? Dig it.
Imho
Mj
OMG 40 Milly vol...another great day. Avg vol for past 65 days now 76 MILLION SHARES and as we know the greater majority have been right at that ask...boy does that add up nicely over time :) Calculators reaaaady...mount up!
https://www.wsj.com/market-data/quotes/RNVA/historical-prices
imho
mj
Another day another 40M volume with the greater majority being at the ask...Keep rollin, rollin, rollin, rollin
imho
mj
Looking good again today. Looks like another chunk of shares accumulated from the ask. When does the next update drop?
imho
mj
Best thing about this play...No pump...just results. These guys hardly ever PR at all...let alone pump. This is a former Nasdaq company that some thought were on their way out of business but the CEO had other plans. Not the typical trip .0001 CEO here in my opinion.
Oh look volume hitting again!
imho
mj
RNVA Top of the morning to all. Just another moron checking in here for another day...Roll Call! ;) Seamus has been setting the table for a few years now. Likely less than a month to go until 2023 full yr fins are released.
Here's to another week of accumulation. Whether its been retail collecting all these 0001s or the company or both...There has been some serious interest here over the past few months. lf its the company buying under stealther mode they are almost out of time before they must let the cat out of the bag. CAH could have led to FCF :) 6 simple letters that in time can swing this story and put RNVA in a whole new light going forward. Maybe we catch a little update of sorts prior to 10k/10Q day?
Best of luck to all involved from RNVA faithful to all of the patients this company has and will help in the future.
imho
mj
We are now inside of 1 month for the countdown to year end 2023 financials!!! Will they or won't they file NT :) This filing may or may not move the needle on share price but it will verify that the forward momentum and turn around of the company is still very much ongoing. I just want to see proven continuance. If anyone out there has another update by any other trip 000 or double 00 company that reads like the clip below...pls step forward and present your evidence because I would like to take a look at that company as well. Any one that is just going to reply with Reverse split this or that noise...pls hold your responses until next year...that is all...thank you!
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
RNVA Happy Weekend All! It looks like bears are banking on a RS here in the near term...I wonder what happens if that doesn't occur soon? If I'm not mistaken it looks like RNVA a stock trading at .0001 will have an actual EPS for full yr 2023? If that is the case...how often does that happen in the world of trips? or dubs?
imho
mj
I heard that. I can't wait to see the day.
Imho
Yup things looking good past 6Q's...looking to add one more Q and a yr end to that :)
imho
mj
Also another possibility... Maybe debt/securities holders are waiting for the filed 2023 numbers to be cemented in before making any further deals on restructuring etc? Either way I have to believe RNVA is just itching to show the world what they have accomplished in 2023.
imho
mj
Yeah. I think there could be. And if there is it could be any number of things.
1 possibility... It was back in Jan the Rural Health Group started mentioning Jelico Hospital being on close watch. And now we know why as they have closed even after another group took control there in FEB. And it was also in January I think for the first time when RNVA mentioned Jamestown they also mentioned a 2nd option of using the asset to create value when before the plan has always been to reopen that hospital...unless I am mistaking? So maybe whatever is going on with Jelico changed their plans with Jamestown? I figure maybe either that or now that University Emergency Center that opened in Jamestown is too close for them to receive the CAH at Jamestown? One of the stipulations of receiving that cert is how close you are to another hospital. So this could be why the wording has changed on Jamestown...but maybe they are looking to put their foot into the ring again Jelico? I like that now they have what appears to be a self sustaining BSFM to show their strategy can work.
And also interesting we didn't get the podcast update and all of that. Maybe they are extremely hard at work? Or maybe trying to catch the market off guard with the numbers they are about to lay down for 2023?? I am already looking forward to seeing what 2024 Q's will show with the interest expense savings coming in to play now with all of the services ramped up and start up costs behind them. :)
imho
mj
I would say they will prob file the extension...however anything is possible...especially if wrapping up these fins is impeding on the next steps. They might want to get these numbers filed so they can complete some other transactions?
imho
mj
Good afternoon all! Looks like a few more shares taken at the ask today. One thing I like about RNVA. When times were bad they took their lumps and stated what the situation was and what it would take to fixt it. 3 yrs later the proof has been in the numbers for past so many Q's and could be leading up to a watershed moment of a year end filing that shows they could potentially maintain those levels of performance on a yearly basis. I'll continue riding here because its numbers not hype that will hopefully fuel this turnaround in stock price. There are also a few wildcards out there that could contribute to a beginning of the rebound in share price. I believe this one could be story book down the road. By the time the momo traders find it we might already be at .001 :) Either way I'll be around to find out.
RNVA doens't pump...No hype here from the company. If this one turns it will be about performance.
Numbers over hype. We don't get that too often in the OTC. This one could be special.
imho
mj
RNVA getting a few smaller taps at the ask today. Some light adding by retail? Or a warmup for another day of 100M being taken from the ask?
imho
mj
RNVA GOOOOOD MORNING All !!! Let's see how the volume looks today. In the past 2 months this company has averaged around 82.5M shares traded per day. Another day closer to fins release which will allow us to see full yr 2023.
imho
mj
Yes sir! Last year even with the NT10k filing the 10k was posted on 4/17 :)
imho
mj
GREAT MORNING TO ALL. Another day closer to seeing how Rennova performed for full year 2023. $1.5m in interest expense savings coming in 2024. :)
IMHO
Mj
Looks like RNVA is alive and well... more shares removed from the ask and no BK filing ;) What comes next here?
Imho
LoL. This .0001er is certainly getting attention from those who believe in what the comany is doing and those who do not. However its all engagement and shows interest. I can't wait to see what's brewing behind the curtain.
imho
mj
Roughly 30 days until fins are released. IF RNVA is buying back stock the cat will be out of the bag soon on that as they will have to report the purchases. Perhaps that is why we saw 500M traded last week? Q1 has the potential to be the highest revenue quarter this co has seen in years. IF profitable...there is the possibility they are using at least some of those funds to purchase shares. At .0001 just $1M retires 10B shares. There are only 40B showing in the total O/S if things stay the same and there haven't been conversions going on. Lets see what the volume looks like this week as it progresses. Would love to see some March Madness hit here with a side of FOMO. The company has shown great progress. If that trend continues...The next time .0001's disappear it could be the last. And we have some great entertaining commentary to keep us company while we wait to see how all of this unfolds.
imho
mj
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mj
Feels like perhaps we are just waiting for some I dotting and T crossing for an official PR on something? I would think if it were just going to be an update here that would only take a few minutes to put together and wouldn't take 3 weeks to get out? Unless of course something has to be approved by another company before we even get an update on here? Bigger companies do always come with much more bureaucracy and red tape to cut through. Interested to see exactly what they have put together as far as the new financing deal and which airlines are now involved. Every week that passes puts us that much closer to missing the install window before summer. We are already half way thru March. If things don't happen soon they likely won't happen again until EOY or next year.
imho
mj
How do you qualify as a critical access hospital?
Have 25 or fewer acute care inpatient beds. Be located more than 35 miles from another hospital (exceptions may apply – see What are the location requirements for CAH status?) Maintain an annual average length of stay of 96 hours or less for acute care patients. Provide 24/7 emergency care services.Dec 22, 2023
I wonder if this technical point could prohibit Jamestown from ever being deemed a CAH hospital due to the location of the University Hospital that expanded their services when Jamestown shutdown? Those 2 are very close together...just a few minute drive I think? Maybe this is why they have changed the verbiage from reopening Jamestown to possibly using the asset to create value. Maybe they can't get the CAH cert now at that location? Just some thoughts.
imho
mj
65 day avg volume is now up to 82.5M shares per day. That works out to almost 5.5 Billion shares traded just in the past 65 days. And we know the greater of trades have occurred at the .0001 ask. After last week it appears that the volume is starting to increase as we approach the end of Q1 '24 and the 10q/10k filing date from last yr. Hopefully we continue that 500M per week trend now...If that pace continued we could see another 2 Billion shares traded at .0001 by the K/Q filing date. I'm very much looking forward to the next few updates to see what Seamus has up his sleeve going forward. Whether its retail or the company...someone seems to be collecting some shares in this little ticker with no bid.
https://www.wsj.com/market-data/quotes/RNVA
imho
mj
Yes very interesting. What's also interesting is that the city votes to cut ties with Boa Vida in FEB and then proceeds to give the lease to Progressive that month...Then they don't make it there thru March? I don't know all of the details etc but I feel bad for this community It would be nice if Rennova was some how part of the remedy...but either way whoever it is this community needs that hospital to be open and functioning at all times. I hope in the case of the Rennova if they are trying to get back in there at all...I hope that community see's just how difficult it can be for operators in some areas to maintain a profitable hospital and retract some of the mud that was slung at Seamus and the company back then. Maybe CAH is the way to go? Why don't more rural hospitals go that route I wonder? Either way I would imagine Jellico will be looking to make a move very soon.
This week we cross over mid March. Q1 here could show the best results for total revenues this company has seen in a long time. Can't wait to hear all about that. We have a good number of potential updates on tap...which on hits first?
imho
mj
Another great week of what looks to be accumulation here. Was that 500M or so shares at the trip .0001 ask this week? Goodness. And no BK filing that some have been looking for I guess? :) Let's enjoy the weekend and see what next week brings. Trades at the ask seem to be on the rise despite not having a bid for a long time. Is it the company? Is it retail? Stay tuned I guess? Not sure I've been this excited to see how a trip .0001 stock plays out down the road. Just about 1 month away now from 2023 Q4 and EOY filings. Maybe we see them sooner?
imho
mj
I don't believe they ever bought that one. They were just the operator.
"Jellico Mayor Dwight Osborne told Knoxville’s WVLT-TV on Tuesday that he had issued a 30-day notice to Rennova in December, due to overdue bills and payments. The City of Jellico leased the hospital facility to Rennova for $1 per year, but the contract required Rennova to pay for equipment upkeep and building maintenance — something the Florida-based firm had allegedly failed to do."
They do own the Jamestown facility though which is likely why that one was in the plan to be reopened. But I wonder if something had changed with that plan...because in the 2024 Jan update they state...
"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."
Maybe they are looking to lease out the building for something else? Or sell it outright if they don't reopen themselves. I wonder if Jelico struggling changed the plan because its seems something has changed...before the plan was always to re-open Jamestown...not "create value from the closed hospital property..."
https://www.indherald.com/2021/03/02/bsfmc-is-rennovas-last-hospital-after-jellico-facility-closes/
https://www.rennovahealth.com/news-media/press-releases/detail/341/rennova-health-inc-ceo-provides-january-2024-message-to
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mj
“We used to have a wonderful running hospital, and lots of jobs and this community was really doing great, and now you can tell there is nothing here,” said a local hairdresser Rebecca Carr. “I’m afraid if we don’t get a hospital, I have a feeling this town is not going to survive.”
Mayor Terry said they are in contact with other providers to try to get the hospital re-opened as soon as possible.
I wonder could Rennova be involved in these discussions? It sounds like they are looking to reopen the hospital ASAP. Could we get the nod ? I know the odds are probably very low after how things went the last time but Rennova has done a great job turning things around and maybe that will play into consideration as operating rural hospitals in Tennessee is tough business. You never know I guess?...If Rennova is in the mix for this one...it may happen fast as that community badly needs that hospital open. The fate of their entire being could lie in the balance.
https://www.wate.com/news/top-stories/jellico-hospital-closure-leaves-locals-uneasy-about-the-future/
imho
mj