Selectis Health, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a mixed performance in revenue and losses compared to the previous fiscal period. Total revenue for the three months ended September 30, 2024, was $10.0 million, an increase from $9.0 million in the same period of 2023. Healthcare revenue specifically rose to $10.0 million from $8.9 million, attributed to improved occupancy rates, patient mix, and Medicaid reimbursement rates. For the nine months ended September 30, 2024, total revenue reached $29.1 million, up from $27.6 million in 2023.

Despite the revenue growth, Selectis Health reported a net loss of $1.6 million for the third quarter of 2024, an improvement from a net loss of $2.3 million in the same quarter of 2023. The net loss attributable to common stockholders for the same period was $1.6 million, down from $2.3 million in 2023. However, for the nine months ended September 30, 2024, the net loss increased significantly to $1.8 million compared to a loss of $337,924 in the prior year.

The company’s cash position declined, with cash as of September 30, 2024, at $984,373, down from $1.5 million at the end of 2023. Total current assets also decreased to $3.5 million from $5.0 million, while total assets fell to $33.9 million from $40.7 million. Total liabilities decreased to $38.8 million from $43.6 million, but stockholders’ equity showed a deficit of $(4.8 million) compared to $(3.0 million) at the end of 2023.

Selectis Health's operational changes included the sale of the Archway Property for $6.75 million in June 2024, which contributed to cash flow but also resulted in a decrease in rental revenues, which fell to $0 from $158,927 in the same quarter of 2023. General and administrative expenses decreased to $2.4 million from $3.1 million, reflecting cost control measures, including a reduction in contract services.

The company continues to face challenges, including negative operating cash flows of $(1.4 million) for the nine months ended September 30, 2024, and a negative net working capital of $16.7 million. Management has indicated plans to enhance revenue through increased occupancy and Medicaid reimbursements while controlling operating expenses and seeking additional capital. The company remains under scrutiny regarding its ability to continue as a going concern due to ongoing losses and projected cash needs.