Los Angeles, April 15, 2014 (GLOBE NEWSWIRE) -- BioCorRx, Inc. (BICX), a leader in addiction treatment programs, announces its financial results for the 12 months ending December 31, 2013. The full 10-K filing is available on the SEC's website at http://edgar.sec.gov/
An audio interview with Lourdes Felix, CFO and Brady Granier, COO is available by clicking here. The audio clip gives investors an overview of the 2013 results as well as expectations for 2014.
Due to the unpredictable nature of insurance billing and reimbursements, the earnings reported vary from what was projected earlier in the year. "We did have substantial discounts that we had to book at the end of the year, but overall we were quite happy with the revenues generated in 2013", stated CFO Lourdes Felix. The Company was able to sign several licensing deals in 2013 that generated significant cash flow for the year. These licensing deals also show a promising potential for growth in 2014. "Because of the cash flow influx last year we were able to pretty much sustain ourselves and pay our monthly obligations, so that made us feel very good about the direction the company was going in. We did not have to go out and borrow any funds or get into any type of heavy contracts [in 2013]", says Felix.
The Company made significant operating changes over the course of 2013, which puts them in an advantageous position for the coming year. "We've never been on more sound footing than we are now as a company, 2013 was a monumental year for us", states COO Brady Granier. In early 2013 the Company was operating out of only one clinic. Going into 2014, five clinics are currently open and operating. Additionally the licensees from those clinics have been so pleased with their results that they are looking to open more clinics in their territories in the coming weeks and months. The Company also has signed LOI's with two of the licensee groups to expand their territories. "A lot of the changes that took place in 2013 are setting us up to build distribution in 2014", says Granier. Specifically, now that the Company has a significant footprint across the United States it makes sense to expand their marketing plan and media coverage to turn Start Fresh into a household brand. One of the most significant announcements the Company has made, is their plan to acquire the formula for the naltrexone implant from Trinity RX Solutions. This would be a major step in the company's future plans to seek FDA approval on the implant itself, which would be a significant milestone for future growth. "We are currently working on adopting a strategy to take to the FDA. Our plan would be to submit for a meeting with [them] later this year", says Granier.
About BioCorRx, Inc.
BioCorRx, Inc. (OTCQB: BICX) is an addiction treatment and rehabilitation company on the leading edge of substance abuse addiction treatment. The company has developed a highly effective program called the Start Fresh ProgramTM consisting of two components used by various addiction clinics in the US. Clinic reports show that the treatment program has an 85% success rate with individuals that complete the program. The first component of the program consists of an outpatient implant procedure performed by a licensed physician that 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. For more information on BICX, visit www.BioCorRx.com
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, including those discussed in the following cautionary statements and elsewhere in this release. 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.
CONTACT: Investor Relations Maximum Performance Advisors, Inc. 858-381-4677