IRVINE, Calif., Aug. 19, 2015 (GLOBE NEWSWIRE) -- Praxsyn Corporation (OTCQB:PXYN) today announced that it has filed its Quarterly Report on Form 10-Q for the second quarter ended June 30, 2015. Full details of the financial results, as well as Management's Discussion & Analysis, can be found in the Form 10-Q on file with the Securities and Exchange Commission.
During the first half of the year, Praxsyn focused on developing its pre-approved business from its Preferred Provider Organization (PPO) network which comprised 59 percent of its total revenues of $31.8 million. By doubling its collection team, the company has improved its total in-house cash collections for the six months ended June 30, 2015, resulting in an increase to $19.5 million compared to $200 thousand during the same period in 2014.
"We have made substantial progress in growing our pre-approved PPO business and continue to see healthy momentum, as well as positive feedback from patients," said Justin Cary, CFO of Praxsyn. "We believe the streamlining of certain key areas of performance, such as production processes and cost controls, will lead to significant improvements in our operating performance over time."
Praxsyn's second quarter Form 10-Q also highlighted various litigation where the company has recently reached settlement agreements. "We are pleased to report that we have negotiated settlements that were advantageous to the company," said Edward Kurtz, CEO of Praxsyn.
About Praxsyn Corporation and Subsidiaries
Headquartered in Irvine, California, Praxsyn is a holding company who finds alternative solutions that prioritize the needs and goals of their strategic relationships. Mesa Pharmacy Inc., is a wholly owned subsidiary and a community retail pharmacy who provides custom medications that are marketed to health physicians and medical clinics. NexGen Med Solutions LLC is a wholly owned subsidiary who specializes in the billing and collections of worker's compensation claims. Additional company information can be found at www.praxsyn.com.
Forward-Looking Statements
Certain statements made in this press release are forward-looking in nature (within the meaning of the Private Securities Litigation Reform Act of 1995) including but not limited to statements regarding key areas of past, current and future performance, expected cash on hand and anticipated results of the analysis of the Form 10-Q for the quarter ended June 30, 2015, which is on file with the SEC and also available on the company's website, and, accordingly, are subject to risks and uncertainties. The actual results may differ materially from those described or contemplated and consequently, you should not rely on these forward-looking statements as predictions of future events. Certain of these risks and uncertainties are discussed in the reports we filed with the SEC at http://www.sec.gov/.