|By Marketwired .||
|August 11, 2014 08:08 PM EDT||
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.
-- 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.
-- 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."
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.
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.
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