Selectis Health, Inc.,(GBCS) a leading healthcare servic es provider, released its consolidated financial statements for the twelve months ended December 31, 2022. The company reported a net loss of $2.4 million for the year, while its revenue reached $40.5 million. Despite the challenging operating environment, Selectis Health achieved steady revenue growth, driven by strong performances in rental revenue, healthcare revenue, healthcare grant revenue, and management fee revenue.
Revenue Growth and Segment Breakdown:
Selectis Health experienced robust revenue growth in 2022, totaling $40.5 million, compared to $29.3 million in the previous year. The revenue growth was primarily attributed to the following segments:
Rental Revenue: Selectis Health generated $591,808 in rental revenue for the year, contributing to its overall revenue growth.
Healthcare Revenue: The healthcare services segment performed exceptionally well, recording $36.7 million in revenue for 2022, compared to $26.9 million in 2021. This significant increase can be attributed to the company's efforts to expand its service offerings and meet the rising demand for quality healthcare services.
Healthcare Grant Revenue: Selectis Health received $3.3 million in grant revenue during the year, reflecting its ability to secure funding for various healthcare initiatives and projects.
Management Fee Revenue: Although no management fee revenue was reported for 2022, it is worth noting that the company had generated $224,143 in the previous year.
Net Loss Impact:
Despite the strong revenue performance, Selectis Health reported a net loss of $2.4 million for 2022. The loss can be attributed to various factors, including property taxes, insurance, and other operating expenses, general and administrative expenses, provisions for bad debts, and depreciation and amortization expenses.
Selectis Health, Inc. showcased its resilience and commitment to growth during the challenging year of 2022. The company's revenue surpassed $40.5 million, reflecting strong performances in rental revenue, healthcare revenue, healthcare grant revenue, and management fee revenue. Although Selectis Health reported a net loss of $2.4 million, it remains focused on strategic initiatives to enhance profitability and expand its market presence. With a solid foundation and a comprehensive suite of healthcare services, Selectis Health is well-positioned to navigate the dynamic healthcare landscape and deliver value to its stakeholders in the coming years.