Rennova Health Inc (RNVA)

[jmoney360]

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.