Los Angeles, April 2, 2015 (GLOBE NEWSWIRE) -- BioCorRx, Inc. (BICX), developer of the Start Fresh Program® used for the treatment of alcohol and opioid dependence, announces its 2014 Financial Results with highlights as follows:
Increased revenues by 64% over 2013 led by our Start Fresh Program fees.
Over a 400% increase in patients treated with the Start Fresh Program from 2013 to 2014.
Successfully closed out 6 licensing agreements and strategic partnerships granting licensing rights to the Start Fresh Program in territories throughout the United States.
Eliminated nearly $1 million dollars in convertible debt, improving the capital structure of BioCorRx and strengthening the Company's balance sheet.
2014 GAAP Financial Summary:
· Revenues were $1.17 million.
· Net cash from continuing operations was $167,700.
· Net Loss was $3.1 million.
Non-GAAP Adjusted EBITDA:
· Adjusted EBITDA was a loss of $1.1 million.
"Our record year ended with a total of 10 clinics offering the Start Fresh program by year end. It was a great end to what was an all-around successful year for BioCorRx Inc." said Lourdes Felix, CFO of BioCorRx Inc. "We were able to upsurge our Start Fresh Program while continuing to execute and further expand our core market. Moving on to 2015, we will continue to look for and create opportunities for growth and expansion through strategic relationships like the ones we have created with EROI and Myriad Medical Marketing. We also look forward to the potential acquisition of Trinity Compound Solutions this year and their list of formulas, including the formula for the Naltrexone implant which we already have exclusive rights to (except Australia and New Zealand) and is used in the Start Fresh Program. Our vision remains to provide benefit to our shareholders, strategic partners, employees and more importantly, the families that are helped by our wonderful program."
Use of Non-GAAP Financial Measures
This press release, includes disclosures regarding "adjusted EBITDA" of which are non-GAAP financial measures and are not in compliance with Regulation S-X. Accordingly, they should not be construed as alternatives to net loss as defined by GAAP.
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About BioCorRx, Inc.
BioCorRx, Inc. ® (OTCQB: BICX) is an addiction treatment and rehabilitation company offering a unique approach to the treatment of substance abuse addiction. The Start Fresh Program® consists of two components. The first component of the program consists of an outpatient implant procedure performed by a licensed physician. The implant delivers therapeutic levels of the drug Naltrexone, an opioid antagonist that significantly reduces physical cravings for alcohol and opioids, into the body. The second component of the program developed by BioCorRx, Inc. is a one on one coaching program specifically tailored for the treatment of alcoholism and other substance abuse addictions. Clinic reports show that the treatment program can be successful for individuals who complete the program. For more information on BICX, visit www.BICXCorp.com or www.BioCorRx.com
2014 was a pivotal year for BioCorRx, Inc. Clinics using the Start Fresh Program collectively saw a 402% increase in patients treated from 2013 to 2014. Over the course of 2015, the company is continuing the process of developing more new territories to continue expansion.
Number of clinics at the end of each quarter
-Q1, 2014 -- 5 clinics offering the Start Fresh Program
-Q2, 2014 -- 6 clinics offering the Start Fresh Program
-Q3, 2014 -- 6 clinics offering the Start Fresh Program
-Q4, 2014 -- 10 clinics offering the Start Fresh Program
- Q1, 2015- 13 clinics offering the Start Fresh Program
Safe Harbor Statement
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "estimate," "become," "plan," "will," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof.