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MINNEAPOLIS - FOXO Technologies Inc. (NYSE American: FOXO), a biotechnology firm, has announced the filing of its Form 10-Q for the quarter ending March 31, 2024, thereby regaining compliance with SEC reporting requirements. Mark White, Interim CEO, expressed confidence in the company's ability to maintain timely filings and address outstanding issues with NYSE American.
The company recently closed the acquisition of Myrtle Recovery Centers, Inc., a behavioral health facility in East Tennessee, on June 14, 2024. This move, accompanied by a commitment for up to $2.5 million in additional capital, is poised to generate profitable annual revenues of approximately $3-4 million. Myrtle Recovery Centers, which opened in August 2023, has secured an in-network contract with a major Tennessee health insurer and is finalizing other contracts.
FOXO is also in the process of acquiring rural hospital operations from Rennova Health, Inc. (OTC: RNVA) in Tennessee. The transaction includes Scott County Community Hospital, which is awaiting shareholder approval and is expected to close in the third quarter of 2024.
Both Myrtle Recovery Centers and Scott County Community Hospital reported unaudited net revenue of around $18.7 million and net income of $5.2 million for the year ended December 31, 2023.
FOXO Technologies focuses on enhancing human health and longevity, leveraging AI and epigenetic technology to identify molecular biomarkers of health and aging. The company's technology is also aimed at providing solutions for the life insurance industry.
The press release also contained forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the company's current expectations and involve risks and uncertainties that could cause actual results to differ materially.
This news article is based on a press release statement from FOXO Technologies Inc.
InvestingPro Insights
In light of FOXO Technologies Inc.'s recent developments, including the acquisition of Myrtle Recovery Centers and the pending acquisition of rural hospital operations, it is crucial for investors to consider various financial metrics and expert insights. According to real-time data from InvestingPro, FOXO Technologies has a market capitalization of $2.97 million USD, indicating its relatively small size in the biotechnology industry.
InvestingPro Tips highlight that FOXO's stock has experienced high price volatility and has performed poorly over the last month, with a significant price drop of 44.12% in that timeframe. Additionally, the company suffers from weak gross profit margins, currently at 5.04%, which is a critical factor for investors to consider given the company's recent expansion efforts.
The revenue figures for FOXO Technologies also pose a concern, with a stark revenue decline of 71.28% in the last twelve months as of Q1 2024. This could be reflective of broader challenges within the industry or specific operational hurdles the company has faced. Furthermore, with a negative P/E ratio of -0.17, the company is not currently profitable, a trend that is echoed by the lack of a dividend for shareholders.
For investors seeking a deeper analysis and more comprehensive tips, InvestingPro offers additional insights for FOXO Technologies, which can be found at https://www.investing.com/pro/FOXO. There are 11 more InvestingPro Tips available, which can provide further guidance on the company's financial health and stock performance. Interested readers can take advantage of the exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching their investment strategy with expert data and insights.
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