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
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
SYS-CON Events announced today Object Management Group® has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...