FOXO TECHNOLOGIES INC.’S BEHAVIORAL HEALTH SUBSIDIARY REACHES KEY OPERATIONAL MILESTONES
Rhea-AI Summary
FOXO Technologies (NYSE American: FOXO) announced significant operational achievements for its behavioral health subsidiary, Myrtle Recovery Centers. Since launching in Oneida, Tennessee in August 2023, the facility has:
- Treated over 400 patients
- Provided 5,000+ care days
- Projects 10,000 patient care days by end of 2025
Myrtle's CEO Robert Merritt highlighted the facility's strong reputation in East Tennessee for substance use disorder treatment. FOXO's CEO Seamus Lagan expressed satisfaction with the investment and indicated plans for expansion to additional locations to increase revenue contribution.
Positive
- Treated over 400 patients and provided 5,000+ care days since August 2023
- Projecting growth to 10,000 patient care days by end of 2025
- Plans for expansion to additional locations to increase revenue
- Strong presence and reputation in East Tennessee market
- Increasing referral sources indicating business growth
Negative
- None.
News Market Reaction
On the day this news was published, FOXO gained 153.11%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
WEST PALM BEACH, FLORIDA, May 06, 2025 (GLOBE NEWSWIRE) -- FOXO Technologies Inc. (NYSE American: FOXO) (“FOXO” or the “Company”) today announced that its behavioral health subsidiary, Myrtle Recovery Centers, Inc., has reached key patient care milestones. Since operations commenced at its Oneida, Tennessee location in August 2023, the facility has seen over 400 patients and has served patients for over 5,000 care days.
Robert Merritt, Chief of Executive Officer of Myrtle stated, “We are excited about reaching these important patient care milestones as they are indicative of the strong presence and reputation our facility has for delivering exemplary care for substance use disorder patients in East Tennessee. We continue to increase our referral sources and believe we will have served 10,000 patient care days by year end 2025 since inception. We look forward to providing care for more residents in the area and are looking to expand our footprint to facilitate an increasing demand for our services.” Seamus Lagan, Chief Executive Officer of parent company, FOXO Technologies Inc., further added, “we are pleased with our investment in Myrtle and how it has ramped up operations and made a significant impact in the rural communities Myrtle serves. We look forward to expanding Myrtle into additional locations and increasing the revenues this subsidiary contributes to FOXO.”
About FOXO Technologies Inc. (“FOXO”)
FOXO owns and operates three subsidiaries.
Rennova Community Health, Inc., owns and operates Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical), a critical access designated (CAH) hospital in East Tennessee.
Myrtle Recovery Centers, Inc., a 30-bed behavioral health facility in East Tennessee. Myrtle provides inpatient services for detox and residential treatment and outpatient services for MAT and OBOT Programs.
FOXO Labs, Inc. is a biotechnology company dedicated to improving human health and life span through the development of cutting-edge technology and product solutions for various industries.
For more information about FOXO, visit www.foxotechnologies.com.
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the FOXO’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to the risk of changes in the competitive and highly regulated industries in which FOXO operates; variations in operating performance across competitors or changes in laws and regulations affecting FOXO’s business; the ability to implement FOXO’s business plans, forecasts, and other expectations; the ability to obtain financing; the risk that FOXO has a history of losses and may not achieve or maintain profitability in the future; potential inability of FOXO to establish or maintain relationships required to advance its goals or to achieve its commercialization and development plans; the enforceability of FOXO’s intellectual property, including its patents and the potential infringement on the intellectual property rights of others; and the risk of downturns and a changing regulatory landscape in the highly competitive biotechnology industry or in the markets or industries in which FOXO operates. The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties discussed in FOXO’s most recent reports on Forms 10-K and 10-Q, particularly the “Risk Factors” sections of those reports, and in other documents FOXO has filed, or will file, with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FOXO assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Sebastien Sainsbury
ssainsbury@foxotechnologies.com
(561) 485-0151
FAQ
How many patients has FOXO's Myrtle Recovery Centers treated since opening in Tennessee?
What is FOXO Technologies' (FOXO) expansion plan for Myrtle Recovery Centers?
How many patient care days does Myrtle Recovery Centers expect by the end of 2025?
What type of healthcare services does FOXO's Myrtle Recovery Centers provide?
