HOUSTON, Nov. 15, 2018 /PRNewswire/ -- Nobilis Health
Corp. (NYSE American: HLTH) (NEO: HLTH) ("Nobilis" or the
"Company") announced today that on November
15, 2018 it received notice from the New York Stock Exchange
(the "NYSE") that the Company is not in compliance with the NYSE's
continued listing requirements under the timely filing criteria
established in Section 1007 of the NYSE American Company Guide, as
a result of its failure to timely file its Quarterly Report on Form
10-Q for the three months ended September
30, 2018.
The NYSE informed Nobilis Health that, under the NYSE rules, the
Company will have six months from November
15, 2018 to file the Form 10-Q with the SEC. Nobilis Health
can regain compliance with the NYSE listing standards at any time
before that date by filing the Form 10-Q with the SEC. If the
Company fails to file Form 10-Q by the NYSE's compliance deadline,
the NYSE may grant, at its discretion, an extension of up to six
additional months for the Company to regain compliance, depending
on the specific circumstances. The letter from the NYSE also notes
that the NYSE may nevertheless commence delisting proceedings at
any time if it deems that the circumstances warrant.
The Company has stated previously, additional time is required
for the Company and auditor to complete their review of the
Company's financial statements in order to finalize the 10-Q.
The Company is re-evaluating the Net Realizable Value on its
Accounts Receivable and intends to make a significant adjustment to
the carrying value of accounts receivable, primarily on out of
network claims greater than 365 days old. The final
adjustment is subject to the completion of the Company's and
auditor's review.
About Nobilis Health Corp.
Nobilis
Health (www.NobilisHealth.com) is a full-service healthcare
development and management company, with more than 30 locations
across Texas and Arizona, including hospitals,
ambulatory surgery centers, and multi-specialty clinics. In
addition, Nobilis Health partners with more than 30
facilities across the country. Marketing nine independent
brands, Nobilis Health deploys a unique patient
acquisition strategy driven by proprietary, direct-to-consumer
marketing technology, focusing on a specified set of procedures
that are performed at its facilities by local
physicians. Nobilis Health's business model connects
patients with physicians and delivers the highest quality
healthcare.
Forward Looking Statements
This press release contains
certain forward-looking statements within the meaning of Canadian
and United States securities laws,
including the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995, as
amended. Forward-looking statements include all statements that do
not relate solely to historical or current facts and may be
identified by the use of words such as "may," "believe," "will,"
"expect," "project," "estimate," "anticipate," "plan" or
"continue." These forward-looking statements are based on current
plans and expectations and are subject to a number of risks,
uncertainties and other factors which could significantly affect
current plans and expectations and our future financial condition
and results. These factors, which could cause actual results,
performance and achievements to differ materially from those
anticipated, include, but are not limited to our ability to
successfully maintain effective internal controls over financial
reporting; our ability to implement our business strategy, manage
the growth in our business, and integrate acquired businesses; the
risk of litigation and investigations, and liability claims for
damages and other expenses not covered by insurance; the risk that
payments from third-party payers, including government healthcare
programs, may decrease or not increase as costs increase; adverse
developments affecting the medical practices of our physician
limited partners; our ability to maintain favorable relations with
our physician limited partners; our ability to grow revenues by
increasing case and procedure volume while maintaining
profitability at the Nobilis Facilities; failure to timely or
accurately bill for services; our ability to compete for physician
partners, patients and strategic relationships; the risk of changes
in patient volume and patient mix; the risk that laws and
regulations that regulate payments for medical services made by
government healthcare programs could cause our revenues to
decrease; the risk that contracts are canceled or not renewed or
that we are not able to enter into additional contracts under terms
that are acceptable to us; and the risk of potential decreases in
our reimbursement rates. The foregoing are significant factors we
think could cause our actual results to differ materially from
expected results. However, there could be additional factors
besides those listed herein that also could affect us in an adverse
manner.
We have not undertaken any obligation to publicly update or
revise any forward-looking statements. All of our forward-looking
statements speak only as of the date of the document in which they
are made or, if a date is specified, as of such date. Subject to
any mandatory requirements of applicable law, we disclaim any
obligation or undertaking to provide any updates or revisions to
any forward-looking statement to reflect any change in our
expectations or any changes in events, conditions, circumstances or
information on which the forward-looking statement is based. All
subsequent written and oral forward-looking statements attributable
to us or persons acting on our behalf are expressly qualified in
their entirety by the foregoing factors and in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2017, filed
on March 12, 2018, as updated by other filings with the
Securities and Exchange Commission.
Contact Information:
Marty Spake
Vice President, Corporate Development
(281) 506-9794
mspake1412@Nobilishealth.com
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SOURCE Nobilis Health Corp.