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Regional Health Properties, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in patient care revenues to $2,585,000 from $2,136,000 in the same quarter the previous year. This increase is attributed to a rise in the Medicaid reimbursement rate and occupancy at the Glenvue facility.
Rental revenues decreased to $1,640,000 from $1,739,000 in the same quarter of the previous year. This decrease is due to changes in lease agreements.
Patient care expenses remained consistent at $2,179,000, while general and administrative expenses decreased to $1,224,000 from $1,329,000, primarily due to a reduction in corporate overhead.
Credit loss expense increased to $499,000 from $229,000, reflecting reserves against patient accounts receivable and rental accounts receivable.
Net loss for the quarter was $982,000, slightly higher than the $973,000 loss in the previous year.
Cash provided by operating activities was $990,000, while cash used in investing and financing activities was $430,000 and $1,242,000, respectively.
Regional Health Properties had a working capital deficit as of September 30, 2024, with cash on hand of $497,000 and an accumulated deficit of $84,552,000.
The filing also details a notice of default under two USDA loans and an SBA loan, with efforts underway to reach a forbearance agreement with the lenders.
Regional Health Properties continues to face challenges in maintaining compliance with NYSE American listing standards and is appealing a determination to delist its securities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Regional Health Properties Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.