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SELECTIS HEALTH Inc., a leading healthcare services provider, announced its financial results for the second quarter of 2023. The company reported a net loss of $2.1 million for the quarter, compared to a net income of $1.0 million in the same quarter last year. Quarterly revenue stood at $8.9 million, reflecting a decrease from $11.5 million in the previous year.
Despite facing challenges, SELECTIS HEALTH managed to generate substantial revenue during the quarter. However, increased expenses, particularly in property taxes, insurance, and other operating costs, impacted the company's profitability. Total expenses for the quarter amounted to $10.5 million, compared to $10.1 million in the same quarter last year. Additionally, the company incurred interest expenses of $567,413 and a loss on extinguishment of debt amounting to $46,466.
SELECTIS HEALTH witnessed a decline in revenue compared to the same quarter last year. The decrease is attributed to factors such as changing market dynamics and the ongoing impact of the COVID-19 pandemic. Despite these challenges, the company remains focused on diversifying its revenue streams and expanding its healthcare services portfolio to drive future growth.
SELECTIS HEALTH's balance sheet demonstrates a stable financial position. The company reported total assets of $46.9 million, with current assets of $10.2 million and long-term assets of $36.7 million. On the liabilities side, SELECTIS HEALTH reported total liabilities of $44.1 million, driven by accounts payable and accrued liabilities totaling $5.9 million and long-term debt of $26.1 million.
SELECTIS HEALTH reported a basic and diluted loss in earnings per share of $0.69 for the quarter, based on a weighted average of approximately 3.1 million common shares outstanding. This is in contrast to the positive earnings per share of $0.34 in the same quarter last year. The decrease in earnings per share can be attributed to the net loss incurred during the quarter.
Looking ahead, SELECTIS HEALTH remains focused on improving its financial performance and profitability. The company aims to optimize its operational efficiency and explore opportunities for cost reduction. Additionally, SELECTIS HEALTH plans to leverage its strong relationships with healthcare providers to expand its service offerings and capture a larger share of the growing healthcare market.
Despite facing challenges in the second quarter of 2023, SELECTIS HEALTH remains committed to delivering high-quality healthcare services. The company is actively working towards improving its financial performance and driving revenue growth. With a solid foundation and strategic initiatives in place, SELECTIS HEALTH is well-positioned to navigate the evolving healthcare landscape and deliver long-term value to its shareholders.