Pacific Health Care Organization, Inc. Reports its Results for the Periods ended September 30, 2022
Pacific Health Care Organization, Inc. (OTCQB: PFHO) reported its financial results for Q3 and the first nine months of 2022. The company achieved a net income of $192,005 in Q3 2022, up from $76,846 in Q3 2021, with total revenues rising 11% to $1,453,997. Year-to-date, net income is $505,064, a decrease from $678,842 in 2021. Revenues for the nine-month period increased by 8% to $4,281,831. Cash provided by operating activities grew 27% to $572,310. The cash balance as of Sept 30, 2022, stood at $10,640,063.
- Net income increased by 150% in Q3 2022 compared to Q3 2021.
- Total revenues for Q3 2022 increased by 11% compared to Q3 2021.
- Cash provided by operating activities rose by 27% for the nine months ended Sept 30, 2022.
- Net income for the first nine months of 2022 decreased by 25.6% compared to the same period in 2021.
- No cash flow from financing activities during the nine months ended Sept 30, 2022, compared to $218,900 in the same period of 2021.
Irvine, Calif., Nov. 14, 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 its financial results for the three-month and nine-month periods ended September 30, 2022.
Results
The Company reported net income of
Total revenues for the three months ended September 30, 2022, was
Net cash provided by operating activities increased to
The Company did not realize cash flow from financing activities during the nine months ended September 30, 2022, compared to
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 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 periods ended September 30, 2022, filed with the Commission today, as well as 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 and quarterly reports on Form 10-Q on our website at http://www.pacifichealthcareorganization.com.
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