Foxo Technologies Inc.’s Subsidiary, Myrtle Recovery Centers, Inc., Announces Expansion of Its Flagship Facility and Focus on Substance Use Disorder Patients With Related Medical Care Needs

FOXO’s Myrtle unit adds two beds after licensing, citing strong demand but minimal expansion.

What the company is saying

FOXO Technologies Inc. announces that its subsidiary, Myrtle Recovery Centers, Inc., received a license from the Tennessee Department of Mental Health and Substance Abuse Services to expand its flagship Oneida facility from 30 to 32 beds, now split evenly between residential and detox care. The company highlights a broadened patient care focus to include those with medical needs beyond substance use disorder, enabled by its relationship with Big South Fork Medical Center. Myrtle’s CEO, Bob Merritt, frames the expansion as a response to significant, increased demand from patients across East Tennessee, emphasizing the facility’s quality of service. FOXO CEO Seamus Lagan states that the additional beds create new capacity and revenue opportunity, and notes the facility has operated near full capacity for over a year. The announcement positions the expansion as a catalyst for further growth and acquisition opportunities, but does not provide specifics or financial targets. The tone is optimistic, with management attributing demand and business model refinement as drivers for future expansion.

What the data suggests

The disclosed numbers show Myrtle Recovery Centers has admitted over 1,300 patients and delivered nearly 20,000 patient days since opening in September 2023. In 2026, over 500 patients accounted for more than 7,500 patient days at the Oneida facility. The expansion increases capacity by two beds, bringing the total to 32, split evenly between residential and detox care. While the company claims strong demand and near-full capacity, no utilization rates, occupancy percentages, or financial figures such as revenue or profit are provided. The operational data is clear and internally consistent, but the impact of the two-bed increase is modest relative to the existing scale. The announcement does not quantify the revenue opportunity or provide evidence for the asserted demand growth beyond the raw patient admission numbers. The lack of financial disclosure limits the ability to assess profitability or efficiency gains from the expansion.

Analysis

The announcement is generally positive in tone, highlighting a regulatory milestone (license to expand from 30 to 32 beds) and providing concrete operational data (patient admissions and patient days). Most claims are realised and supported by disclosed numbers, such as bed count and patient volumes. However, the narrative inflates the significance of the expansion by emphasizing 'significant increased demand,' 'additional capacity and revenue opportunity,' and 'confidence to seek expansion and acquisition opportunities' without providing any financial metrics or utilization rates to substantiate these claims. The forward-looking content is limited to intentions to pursue further expansion and acquisitions, which are not yet actionable or quantified. The actual measurable progress is modest (a 2-bed increase), and there is no evidence of a large capital outlay or long-dated returns. The gap between narrative and evidence is moderate, as the language overstates the impact of a small operational change.

Risk flags

• ●The absence of financial data such as revenue, expenses, or profitability figures makes it difficult for investors to assess the economic impact of the expansion or the overall financial health of the Myrtle unit.
• ●The expansion is minimal, increasing capacity by only two beds, which may not materially change the business’s scale or earnings potential. Framing this as a major growth driver could signal a lack of larger-scale opportunities or overemphasis on small wins.
• ●Forward-looking statements about seeking further expansion and acquisition opportunities are not supported by disclosed plans, targets, or capital commitments, introducing uncertainty about the company’s ability to execute on these ambitions.

Bottom line

FOXO’s Myrtle Recovery Centers has secured regulatory approval to expand its Oneida facility from 30 to 32 beds, a modest operational increase. The company cites strong demand and near-full capacity, supported by cumulative admissions of over 1,300 patients and nearly 20,000 patient days since late 2023, but provides no financial figures to quantify the impact. Management’s narrative emphasizes growth potential and future expansion, yet the only realized change is a two-bed increase. Without revenue, occupancy, or profitability data, investors cannot gauge whether the expansion meaningfully improves business performance. The most actionable takeaway is that Myrtle’s facility is operating at or near capacity, but the scale of this expansion is small. Future disclosures should include financial metrics and specifics on planned growth to support the company’s claims of significant demand and expansion potential.

Announcement summary

(OTC:FOXO) FOXO Technologies Inc. announced that its subsidiary, Myrtle Recovery Centers, Inc., has received a license from the Tennessee Department of Mental Health and Substance Abuse Services to expand its flagship facility in Oneida, Tennessee from 30 beds to 32 beds, now consisting of 16 residential beds and 16 detox beds. Myrtle has also broadened its patient care focus to include patients with medical care needs in addition to substance use disorder care. The facility is able to offer a wide range of services to these patients, supported by its close relationship with its host hospital, Big South Fork Medical Center, an affiliate of Myrtle. Since its inception in September 2023, Myrtle has admitted over 1,300 patients and provided care for nearly 20,000 patient days. In 2026 alone, Myrtle admitted over 500 patients, accounting for over 7,500 patient days at its Oneida facility. Bob Merritt, Chief Executive Officer of Myrtle, stated that the State of Tennessee's recent license grant allows the company to expand operations in Oneida and that the facility is experiencing significant increased demand for services from patients throughout East Tennessee. Seamus Lagan, Chief Executive Officer of FOXO, noted that the two additional beds create additional capacity and revenue opportunity for Myrtle. He further commented that the facility has been close to full capacity for over a year and that significant demand for services and a refined business model give the company confidence to seek expansion and acquisition opportunities. FOXO owns and operates four key subsidiaries: Rennova Community Health, Inc., which owns and operates Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical Center), a critical access designated hospital in East Tennessee; Myrtle Recovery Centers, Inc., a 32-bed behavioral health facility in East Tennessee; Vector BioSource, Inc., an information, data, and biospecimen sourcing provider serving the biotechnology, clinical research, and pharmaceutical research industries; and FOXO Labs, Inc., a biotechnology company focused on improving human health and life span through technology and product solutions.

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