| Line Item | Q4 2025 | Q1 2026 | $ Variance | % Variance |
|---|---|---|---|---|
| NET REVENUE | ||||
| Commercial Insurance - Net | $2.28M | $2.10M | ($185K) | -8.1% |
| Personal Injury - Net | $2.47M | $2.17M | ($305K) | -12.3% |
| TOTAL OPERATIONAL NET REVENUE | $4.76M | $4.27M | ($491K) | -10.3% |
| VARIABLE / CONTROLLABLE COSTS | ||||
| Salaries & Wages | $2.87M | $2.80M | $66K | +2.3% |
| Employee Benefits | $223K | $280K | ($56K) | -25.3% |
| Physician Fees | $649K | $439K | $210K | +32.4% |
| Professional Fees | $151K | $91K | $59K | +39.4% |
| Repairs & Maintenance | $277K | $279K | ($2K) | -0.9% |
| Supplies & Other | $565K | $499K | $66K | +11.8% |
| Telephone & Utilities | $248K | $216K | $33K | +13.2% |
| Insurance | $96K | $141K | ($45K) | -46.8% |
| Advertising | $31K | $8K | $22K | +73.1% |
| Travel, Meals & Entertainment | $7K | $6K | $1K | +16.7% |
| Other Expense | $367K | $282K | $85K | +23.2% |
| TOTAL VARIABLE COSTS | $5.48M | $5.04M | $440K | +8.0% |
| OPERATIONAL MARGIN | ||||
| OPERATING MARGIN | ($721K) | ($772K) | ($51K) | -7.1% |
| Operating Margin % | -15.1% | -18.1% | -2.9 pts | - |
Revenue: Net operational revenue declined $407K (-8.6%) to $4.35M. Personal Injury gross revenue fell $1.0M (-7.5%) as case mix slipped; CI gross was modestly higher ($+400K) but absorbed by $561K higher CI contractuals. Net revenue degradation was partially cushioned by $755K improvement in PI contract adjustments.
Costs: Variable costs fell $440K (-8.0%) — favorable. Physician fees led the reduction (-$210K / -32%) reflecting lower case referrals. Other Expense -$85K, Supplies -$66K, Salaries & Wages held flat (-$66K).
Margin: Operating margin improved modestly by $32K to ($688K) — still running at approximately ($229K)/month loss. No inflection yet; the P&L is stable but unprofitable at current volumes.