Rennova Health Inc (NASDAQ:RNVA) a vertically integrated firm of industry-leading diagnostics and related software offerings to healthcare providers, released a summary of its recent development, as well as update on its milestones and business strategy for 2017.
The management speaks
Seamus Lagan, the CEO of Rennova, said that they took several measures in 2016 to address concerns in the substance abuse testing division. They have commenced to witness the preliminary indications of success that will be helpful to a record top-line growth. Indeed, the last fiscal quarter was the best quarter for sales, and comprised numerous new clients, and also a number of returning customers.
The CEO reported that they have diversified their business model and have obtained in-network contracts with several third-party payers. They have shifted from a concentration in substance abuse assessment services in a specific geographic location to offering many diagnostic services across the country to a varied and expanding customer base.
As well as fresh successes in the pain management and substance abuse sector, Rennova have commenced an association with a clinical research organization and they project to commence generating sales from them in 1H2017.
The company has secured a deal with a service-disabled, veteran-owned business to be their sole provider of laboratory services and are servicing primary customers under a new association with a responsible care organization. They also have extended their menu to now provide specialized pharmacogenomics assessment for personalized medicine via Genomas.
The CEO added that they project that this sustained expansion of their client base and products, together with an increasing number of deals with various payers, will help them to grow their 2017 revenues to a mark that more closely look like years preceding 2016.
As previously reported, the firm closed on a preferred stock offering on December 20, 2016. It currently has over 84 million shares of common stock due.