Rennova Health, Inc. Positioned for Significant Revenue Growth and Continued Loss Reductions
At Stock Day Media, we’re highlighting Rennova Health, Inc., a rural health care provider with significant revenue opportunities heading into 2023 and beyond. With a continued effort to reduce losses and its undervalued status on the market, investors are encouraged to learn more about this company below.
About Rennova Health, Inc.
Rennova Health, Inc. is a publicly traded company, which can be found on the OTC Markets under the ticker symbol ‘RNVA’. As a provider of health care services, Rennova operates the Big South Fork Medical Center in Oneida, Tennessee, as well as a hospital located in Jamestown, Tennessee which is slated to reopen in the near future, and a rural clinic in Kentucky.
2021 vs 2022 Financial Reports
As part of the company’s continued efforts to improve financials, Rennova Health, Inc. achieved significant revenue growth and reduced losses between 2021 and 2022. In 2021, Rennova Health reported approximately $3.2 million in revenues, however this number rose to just over $13 million in 2022. Meanwhile, Rennova reported approximately $12.5 million in losses for 2021, which was reduced to a reported $1.4 million in losses for 2022. According to a recent press release,CEO Seamus Lagan is confident that the continued improvement is sustainable and that there are more opportunities for revenue growth, especially considering the upcoming launch of the company’s Myrtle Recovery Centers.
Myrtle Recovery Centers Potential
Expected to open sometime in the 2nd quarter of 2023, Myrtle Recovery Centers represents significant potential for Rennova’s growth. According to the recently launched website for Myrtle Recovery Centers, this facility is designed to offer compassionate and comprehensive care for individuals with substance, behavioral, and mental health challenges. The 30-bed facility will likely begin with 14 employees and will grow to around 25 employees at full capacity.
Meanwhile, a majority of the patients are expected to have their care paid for by Medicaid or Medicare, which would provide significant and profitable revenues for Rennova Health, Inc.
InnovaQor (INQR) Investment
Rennova also expects significant growth from its investment in InnovaQor, a company that was created from the separation of the company’s software division. Since the separation, InnovaQor has been in the development of a communication network designed for medical professionals, which will primarily generate revenues from its subscription-based model.
Rennova Health also intends to distribute some of the InnovaQor investment to Rennova shareholders, subject to meeting regulations and requirements for this transaction. In the meantime, Rennova is confident that it will soon be repaid the investment that it provided to support InnovaQor’s projects.
Learn More About Rennova Health, Inc. Today!
With continued financial improvements and upcoming revenue opportunities, Rennova Health, Inc. represents significant investment potential. With its undervalued market status and low entry stock price, investors are encouraged to learn more about this company by visiting StockDayMedia.com, today!