RENNOVA HEALTH, INC. PROVIDES UPDATE AFTER FILING 2022 FINANCIAL STATEMENTS

Rhea-AI Summary

Rennova Health, Inc. (OTC: RNVA) has recently reported significant improvements in its financial performance for 2022 during an interview with CEO Seamus Lagan. The company's revenues surged to over $13 million, a growth of more than $10 million from approximately $3.2 million in 2021. Additionally, losses from continuing operations decreased drastically from about $12.5 million in 2021 to just over $1.4 million in 2022. Rennova plans to expand operations by opening a mental health facility, with the expectation that the majority of patients will be covered by Medicaid or Medicare, potentially adding profitable revenues. The company also holds an investment in InnovaQor, which is developing a medical communication network anticipated to generate revenue through subscription fees. Lagan expressed optimism for continued progress in revenue generation.

Positive

• Revenue increased from $3.2 million in 2021 to over $13 million in 2022.
• Losses from continuing operations reduced from approximately $12.5 million in 2021 to just over $1.4 million in 2022.
• Plans to open a new mental health facility expected to enhance revenues.
• Investment in InnovaQor could lead to significant revenue from a new medical communication network.

Negative

• None.

WEST PALM BEACH, Fla., April 24, 2023 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTC: RNVA) Chief Executive Officer Seamus Lagan recently joined Stock Day host Kevin Davis to provide an update after filing the 2022 financial statements and other information in its Form 10-K with the SEC.

Davis began the interview by asking Lagan to remind his listeners what the Company does. Lagan explained the current business operations in rural healthcare and the plans to open a mental and behavioral facility at its hospital.

Davis went on to ask about what he saw as a significant improvement from previous years, in the recently filed financial results.
Lagan pointed out that revenues improved by over $10 million and were up from approximately $3.2 million in 2021 to just over $13 million in 2022. He also pointed out an $11.5 million reduction in losses from continuing operations before other income (expense) and income taxes. These losses were reduced from approximately $12.5 million in 2021 to just over $1.4 million in 2022. Lagan continued to say that he believed there would be a continued improvement in revenue from current operations and hoped to add new revenue this year from the new mental and behavioral health division.

Davis followed by asking for an update on the timeframe for opening Myrtle Recovery Centers and reminded listeners that we had previously launched a new web site for this project at www.myrtlerecoverycenters.com
Lagan replied that opening was well on track for the second quarter and went on to describe the project in three parts, the facility, licensure with the State, and the employees required. He described that work onsite is complete and the facility is ready to accept patients. The licensure process is at an advanced stage with only a fire inspection required by the State to finalize a pre-opening site visit. He voiced a belief that the fire inspection will be completed in a matter of days and that he could see no reason why a pre-opening site visit by the State will not result in the granting of the license. He also explained that the total employed will start at approximately 14 and grow to approximately 25 when the facility is at full capacity and stated that there is an experienced CEO running the project, that adequate employees have been secured to open and that adequate applications have been received to staff the facility for full capacity. He explained that it was expected that most of the patients at this initial 30 bed facility will be paid for by Medicaid or Medicare and confirmed his belief that the project could add significant and profitable revenues to Company operations.

Davis then asked about the investment Rennova held in InnovaQor (INQR) and asked for an explanation to help his new listeners understand this structure.
Lagan explained the previous separation of a software division into InnovaQor and explained that InnovaQor had an exciting project underway for the development of a medical professional’s communication network. He described that this network should generate significant revenues from subscription fees. He further described the intention, subject to meeting the relevant regulations and requirements, to distribute some of the investment in InnovaQor, to the Rennova shareholders and stated his belief that Rennova will shortly start to get repaid the money it has provided to support the project.

Davis ended the interview by asking Lagan what message he would like the Company’s shareholders to take away from the interview. Lagan responded by saying that he hoped the listeners would see the progress that has been in the past year and that continued progress would be made for the remainder of this year.

To hear Seamus Lagan’s entire interview, follow the link to the podcast here:

https://audioboom.com/posts/8286271-rnva-ceo-seamus-lagan-is-featured-on-the-stock-day-podcast

Investors Hangout is a proud sponsor of “Stock Day,” and Stock Day Media encourages listeners to visit the company’s message board at https://investorshangout.com/

About Rennova Health, Inc.
Rennova Health, Inc. (“Rennova,” the “Company,” “we”, “us”, “its” or “our”) is a provider of health care services. The Company owns an operating hospital in Oneida, Tennessee known as Big South Fork Medical Center, a hospital located in Jamestown, Tennessee that it plans to reopen, and a rural clinic in Kentucky. For more information, please visit www.rennovahealth.com

Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company's most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Contact:

Rennova Health
561-855-1626
info@rennovahealth.com

FAQ

What were Rennova Health's financial results for 2022?

Rennova Health reported revenues of over $13 million for 2022, up from approximately $3.2 million in 2021.

How much did Rennova Health reduce its losses in 2022?

The company reduced its losses from continuing operations from about $12.5 million in 2021 to just over $1.4 million in 2022.

What new facility is Rennova Health planning to open?

Rennova Health plans to open a mental and behavioral health facility, which is expected to add significant revenue.

What is the projected impact of Rennova's investment in InnovaQor?

The investment in InnovaQor is expected to generate significant revenues from a new medical professional communication network.

When is the mental health facility expected to open?

The mental health facility is on track to open in the second quarter of 2023.