Welcome!

News Feed Item

Patient Home Monitoring Announces Another Record Quarter of Revenue and Profit, Reports 21% Annualized Quarter-over-Quarter Increase in Organic Growth Revenue

53.8% Increase in Quarterly EPS Growth

LOS ANGELES, CALIFORNIA -- (Marketwired) -- 08/11/14 -- Patient Home Monitoring (PHM) (TSX VENTURE: PHM) today released its financial results for the third quarter ended June 30, 2014.

PHM is rolling-up a large and fragmented market of small, profitable businesses providing healthcare products and services to chronically ill patients. The companies are acquired for their technical and market expertise in certain product and service lines, as well as their patient databases. Once acquired, PHM works to offer these newly acquired services to its entire patient base, thereby increasing revenue per patient and achieving organic post acquisition revenue growth and profits.

Highlights:

Consolidated Results

Increased Revenue


--  Revenue rose to $5.5 million, a 51% increase from the previous quarter
    and a 499% increase year over year.
--  Revenues include only June 2014 of the Care Medical acquisition ($1.33
    million).
--  June Revenue exceeded $2.7 million or $32 million annualized run rate
    revenue.

Significant Organic Revenue Growth including Cross-Selling


--  Over 5.3% quarterly increase in quarter-over-quarter sales attributed to
    organic growth, an annual run rate growth of 21.4% in quarter-over-
    quarter organic sales.
--  New internal call center fully implemented and generating cross-selling
    leads utilizing the Company's growing database of active patients.

Improved Profitability


--  Earnings per share (EPS) rose 53.8% from the previous quarter.(1)
--  Net profit rose to $896,345, a 61% increase from the previous
    quarter.(2)
--  Adjusted earnings before interest, taxes, depreciation and amortization
    (EBITDA) including transactional and nonrecurring cost rose to
    $1,293,773 a 63% increase from the previous quarter.(3)
--  Annualized EBITDA run rate exceeding $6.2 million.

Mergers & Acquisitions Update


--  Closed Care Medical Partners Acquisition June 1, 2014, contributing
    revenues and profits for only 33% of the quarter.
--  1 large ($8 million+ in revenue) acquisition target moving towards a
    Letter of Intent (LOI).
--  2 small ($1-2 million in revenue) acquisition targets moving towards
    LOIs.
--  Over $15 million of leverageable assets on the balance sheet to close
    the next several acquisitions without the need for equity financing.

Stronger Balance Sheet


--  $5.25 million cash balance as of August 1, 2014, as compared to $3.52
    million reported on June 30, 2014.
--  Generated $1.0 million in cash flow from operations for the quarter.
--  Acquired $7.3 million in home-based medical equipment as fixed assets
    fiscal year-to-date (October 1, 2013 to June 30, 2014).
--  $5.19 million in Accounts Receivable as of August 1, 2014.

Full results are available on sedar.com.

"We continue to execute on our strategic plan with another record quarter," said Michael Dalsin, Chairman of PHM. "As of June 2014, PHM is generating over $32 million in annualized revenues and $6.2 million in annualized EBITDA. It was a break out quarter for PHM with regard to expansion of our active patient databases. The cross-selling and organic growth efforts resulted in an annual organic revenue growth rate of over 21.4% for the quarter. It is gratifying to see PHM move from solely a M&A focused company to one that can deliver both organic and inorganic growth at a material level.

It is important to keep in mind that this quarter's revenues and profits only included the month of June of the Care Medical Partners acquisition. Had the full quarter included Care Medical Partners, quarterly revenues would have exceeded $8 million and net profits would have exceeded $1.25 million.

On the acquisition front, PHM's M&A team is negotiating LOIs to acquire profitable companies with cumulative revenues of about $12 million. Our pipeline remains full with the M&A team reviewing over a dozen opportunities a month.

I want to once again congratulate the operational team, led by Andrew Folmer on a record quarter, both in terms of revenues and profits. Particularly I want to credit David Hayes, our Senior Vice President of Sales, with setting up our internal cross selling call center. I also want to credit Jess Cuthbert, our VP of Operations and Asa Stafford, our VP of Patient Services for their work in integrating Care Medical into PHM."

About PHM

PHM is an acquisition-oriented, fast-growing and profitable company servicing patients with heart disease and other chronic health conditions. PHM is focused on acquiring companies in a highly fragmented and developing market of small privately-held companies servicing chronically ill patients with multiple disease states caused mainly by age and obesity. Because of the new and highly fragmented nature of the market, PHM is actively identifying and evaluating profitable, annuity-based companies to acquire at favorable prices for their patient databases and technical expertise. PHM's post-acquisition organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services and making life easier for the patient. The expected result is growing EPS with each acquisition and growing revenue and profits from the cross selling efforts.

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.

(1) EPS and Net Profit does not include IFRS Fair Value of options, warrants expense and stock based compensation. EPS growth was calculated using the following information:


Weighted Average Shares
Outstanding

Q1 2014                               Q2 2014                        Q3 2014
98,970,022                        128,752,044                    134,809,794

Net Profit                         Net Profit                     Net Profit
$140,297                            $ 556,628                       $896,345

EPS                                       EPS                            EPS
$ 0.0014                             $ 0.0043                       $ 0.0067

(2) Net Profit does not include Stock Based Compensation or change in the IFRS Fair Value of options and warrants liability.

(3) Adjusted EBITDA is defined as EBITDA plus Stock Based Compensation and change in financial derivative liability.

Forward-Looking Statements

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, difficulty integrating newly acquired businesses, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected. This press release refers non-GAAP and non-IFRS financial measures that do not have standardized meaning prescribed by GAAP or IFRS. PHM's presentation of these financial measures may not be comparable to similarly titled measures used by other companies. These financial measures are intended to provide additional information to investors concerning PHM's performance.

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
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
In his session at 18th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., and Logan Best, Infrastructure & Network Engineer at Webair, focused on real world deployments of DDoS mitigation strategies in every layer of the network. He gave an overview of methods to prevent these attacks and best practices on how to provide protection in complex cloud platforms. He also outlined what we have found in our experience managing and running thousands of Linux and Unix ...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.