Welcome!

News Feed Item

Patient Home Monitoring (PHM) Announces a Profitable First Quarter of Fiscal 2013 with Strong Cash Flow; and Audited Fiscal Year 2012 Results

SAN FRANCISCO, CALIFORNIA -- (Marketwire) -- 01/29/13 -- Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a company focused on in-home cardiology healthcare services, today announced audited results for its fiscal year ended September 30, 2012. It also released unaudited results for its first quarter of fiscal 2013 ended December 31, 2012. In conjunction with the results, PHM's management provided details behind the impressive triple digit revenue growth in fiscal 2012 as well as strong first quarter cash flow and profitability.

PHM will broadcast an earnings call and webcast on Tuesday, January 29, 2013 at 12:00 pm ET to review and discuss the first fiscal quarter of 2013 and the fiscal year end results for 2012.

To listen, please visit PHM's investor website at:

www.phmhometesting.com/investor/Q1_2013_Conferencecall

Q1 2013 Highlights

Quarterly Net Profit


--  Swung to a net profit of $96,449 from a loss of $65,229 in the previous
    quarter. An increase in profit of $161,678 for the quarter. 

Quarterly Cash Flow


--  Generated positive cash flow of $199,853, an increase of $410,028 in
    cash flow compared to the previous quarter. 

PHM's Adjusted EBITDA(1) (Operating Profit) Trend from Q1 FY 2012 to Q1 FY 2013


----------------------------------------------------------------------------
Adjusted EBITDA (EBITDA excluding options expenses)                         
----------------------------------------------------------------------------
       Q1 FY 12        Q2 FY 12        Q3 FY 12       Q4 FY 12      Q1 FY 13
----------------------------------------------------------------------------
       ($74,767)      ($113,726)        $28,489        $53,001      $254,943
----------------------------------------------------------------------------

"The results for the first quarter of fiscal 2013 highlight our increasing profitability and cash flow." said Dr. Jaime Gerber MD, CEO of PHM. "In FY 2012, we accelerated profit growth and with this most recent quarter, we are pleased to have generated our first full quarter of profit. The strong cash flow from this quarter reaffirms the increasing value of PHM to its shareholders."

"We are happy to announce that in FY 2012, we increased top line revenue by 170% despite an 11% reimbursement cut," continued Dr. Gerber, "PHM operates in an underpenetrated market that remains poised for growth, with over 3.5 million patients available for enrollment. Our focus on service quality and fiscal efficiency creates value for our patients, physicians, and shareholders. We have reached a critical mass in our annuity stream revenue where each additional patient drives significant annual cash flow and profitability."

Full Year Audited 2012 Highlights

Revenues


--  Increased annual revenue to $3,901,058 from $1,443,708, a 170% increase
    over the prior year. 

Profits


--  Generated $990,312 in Adjusted EBITDA before patient acquisition
    costs(1) (operating profit), a swing of $1,420,990 from fiscal 2011. 
--  Narrowed Adjusted EBITDA losses to $107,004 in 2012 from $1,378,312 in
    2011. 
--  Increased quarterly gross profit margin to 67.3% from 59.5% in FY 2011
    in the face of an 11% reimbursement cut. 

For complete financial results, please see PHM's filings at www.sedar.com.

(1) Operational Profitability is defined as Adjusted EBITDA before patient acquisition costs. In calculating Adjusted EBITDA before patient acquisition costs certain items are excluded from net loss including interest, taxes, amortization, non-cash stock-based compensation, and patient acquisition costs. Please refer to the "Non-IFRS Measures" section of PHM's MD&A for further discussion on these operational measures at:

http://www.phmhometesting.com/investor/public/dl/2013_Q1_MD&A.pdf


                         Q1 FY 12      Q2 FY 12      Q3 FY 12      Q4 FY 12 
Net Gain (Loss)       $  (165,384)  $  (193,268)  $  (115,882)  $   (65,229)
Add Back: Interest                                                          
 Expense              $     1,619   $    25,332   $    27,406   $    15,818 
Add Back:                                                                   
 Amortization         $    59,233   $    67,712   $    79,219   $    86,984 
Add Back: Stock                                                             
 Based Comp.          $    29,764   $   (13,502)  $    37,746   $    15,428 
----------------------------------------------------------------------------
Adjusted EBITDA       $   (74,768)  $  (113,726)  $    28,489   $    53,001 
Add Back: Patient                                                           
 Acquisition Costs    $   293,133   $   269,351   $   254,553   $  280, 279 
----------------------------------------------------------------------------
Adjusted EBITDA                                                             
 before Pat. Acq.     $   218,365   $   155,625   $   283,042   $   333,280 

                              Q1 FY 13           FY 2011            FY 2012 
Net Gain (Loss)        $        96,449   $    (1,641,001)   $      (539,763)
Add Back: Interest                                                          
 Expense               $        28,060   $             -    $        70,175 
Add Back:                                                                   
 Amortization          $        86,763   $       121,221    $       293,148 
Add Back: Stock                                                             
 Based Comp.           $        43,671   $       141,468    $        69,436 
----------------------------------------------------------------------------
Adjusted EBITDA        $       254,943   $    (1,378,312)   $      (107,004)
Add Back: Patient                                                           
 Acquisition Costs     $       144,073   $       947,634    $     1,097,316 
----------------------------------------------------------------------------
Adjusted EBITDA                                                             
 before Pat. Acq.      $       399,016   $      (430,678)   $       990,312 

About PHM

PHM is a healthcare services company focused on providing in-home testing for patients on blood thinner medications such as Coumadin® or warfarin. Medicare recently expanded reimbursement for in-home patient self testing (PST) of blood coagulation levels. PHM has a unique value proposition to cardiology groups that manage patients on blood thinners, focusing on systemization to enroll patients in PST. This unique, systemized approach creates an opportunity for physician groups to operate more efficiently, increasing revenue to their clinic while providing a higher standard of care for patients.

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of PHM and anticipated events or results, are assumptions based on beliefs of PHM's senior management as well as information currently available to it. While these assumptions were considered reasonable by PHM at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue operations, decline of reimbursement rates, dependence on few payors, possible new drug discoveries, a novel business model, dependence on key suppliers, granting of permits and licenses in a highly regulated business, competition, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Patient Home Monitoring
Michael Dalsin
Chairman
Managing Director, Stanmore Capital Partners, Inc
(323) 253-3055

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
The unique combination of Amazon Web Services and Cloud Raxak, a Gartner Cool Vendor in IT Automation, provides a seamless and cost-effective way of securely moving on-premise IT workloads to Amazon Web Services. Any enterprise can now leverage the cloud, manage risk, and maintain continuous security compliance. Forrester's analysis shows that enterprises need automated security to lower security risk and decrease IT operational costs. Through the seamless integration into Amazon Web Services, ...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
Due of the rise of Hadoop, many enterprises are now deploying their first small clusters of 10 to 20 servers. At this small scale, the complexity of operating the cluster looks and feels like general data center servers. It is not until the clusters scale, as they inevitably do, when the pain caused by the exponential complexity becomes apparent. We've seen this problem occur time and time again. In his session at Big Data Expo, Greg Bruno, Vice President of Engineering and co-founder of StackIQ...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, discussed the best practices that will ensure a successful smart city journey.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.