Pacific Health Care Organization, Inc. Reports First Quarter 2022 Results
Pacific Health Care Organization reported its quarterly results for the period ending March 31, 2022. Total revenue increased to $1,427,383 from $1,324,362 year-over-year. Income from operations rose to $262,109 compared to $120,593 in Q1 2021. However, net income dropped to $188,535 or $0.01 per share, down from $507,285 or $0.04 per share the previous year due to the absence of forgiven PPP loan income. Operating cash flow improved to $459,370, but investing activities saw a minor increase in cash usage.
- Total revenue increased by 7.8% from Q1 2021 to Q1 2022.
- Income from operations rose significantly, indicating improved operational efficiency.
- Net cash from operating activities increased to $459,370.
- Net income fell to $188,535 in Q1 2022 from $507,285 in Q1 2021 due to lack of PPP loan forgiveness income.
- Net income per share declined from $0.04 in Q1 2021 to $0.01 in Q1 2022.
Irvine, May 16, 2022 (GLOBE NEWSWIRE) -- Pacific Health Care Organization, Inc., (the “Company”) (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the “Commission”) its quarterly report on Form 10-Q announcing financial results for the quarter ended March 31, 2022.
Quarterly Results
The Company reported total revenue of
Net cash provided by operating activities was
To better understand the Company’s financial results, readers should review the Company’s quarterly report on Form 10-Q.
About Pacific Health Care Organization, Inc.
The Company specializes in workers’ compensation cost containment. The Company’s business objective is to deliver value to its customers that reduces their workers’ compensation related medical claims expense in a manner that will assure that injured employees receive high quality healthcare that allows them to recover from injury and return to gainful employment without undue delay. Workers’ compensation costs continue to increase due to rising medical costs, inflation, fraud and other factors. Medical and indemnity costs associated with workers’ compensation in the state of California are billions of dollars annually. Through its wholly owned subsidiaries, the Company provides a range of effective workers’ compensation cost containment services, including but not limited to, Health Care Organizations, Medical Provider Networks, medical case management, utilization review, medical bill review, workers’ compensation carve-outs and Medicare set-aside services. We also provide lien representation and expert witness testimony, ancillary to our other services. We offer our services as a bundled solution, as standalone services, or as add-on services.
“Safe Harbor” Statement: Statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. Forward-looking statements are based on management’s current judgment, expectations, estimates, projections and assumptions about future events. While management believes these assumptions are reasonable, such statements are not guarantees of future results and involve certain risks and uncertainties which are difficult to predict. Therefore, actual results and trends may differ materially from what is forecast in any forward-looking statement due to a variety of factors. Additional information regarding these factors, such as the potential loss of one or more key customers or the possible impacts of the COVID-19 pandemic, is contained in the Company’s filings with the Commission, including without limitation, its annual reports on Form 10-K and its quarterly reports on Form 10-Q.
All forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.
To view the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2022, filed with the Commission today and the Company’s annual, quarterly and current reports and other information the Company files with the U.S. Securities and Exchange Commission go to: http://www.sec.gov. You may also view our annual report on Form 10-K on our website at http://www.pacifichealthcareorganization.com.
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