Welcome!

News Feed Item

Millennium Healthcare CEO Reports on Operational Developments and Progress

GARDEN CITY, N.Y., Aug. 21, 2014 /PRNewswire/ -- Millennium Healthcare Inc. (OTCBB: MHCC) today issued a statement from its Chief Executive Officer, Dominick Sartorio, providing an update on recent corporate developments. The statement is included in its entirety below:

Millennium Medical Devices has begun the official launch of its current product lines.  The product launch marks the conclusion of product beta testing and the initiation and development of product roll out and revenues for the Company. The Company is now focused on product distribution, execution, and training for the previously announced 1,300 locations now in our distribution network through various network selling agreements. 

Beta testing for product usage was completed through June with a soft product roll out and revenue capture beginning in July. Beta testing proved to be a great success and has provided the Company with valuable training information along with product acceptance, implementation and usage data. Beta testing for OralCDx and Vasoscan was conducted in selected locations on the East Coast.

With product rollout initially launched in five states, David Perry, Millennium Chief Operating Officer stated, "Recently, a Millennium Healthcare team was dispatched for product implementation comprised of a key physician, a medical assistant and a certified representative, which, collectively executed the Company's first round of installations with outstanding results."  Mr. Perry continued, "With the conclusion of the beta test phase for our first two products, OralCDx, an oral cancer biopsy test and Vasoscan, a cardiovascular diagnostic assessment test, initial usage levels have exceeded our internal expectations. Vasoscan testing done in physician offices during beta testing were at an average 19.7 tests per day per office. The soft launch of the OralCDx product within our network averaged initial physician stocking orders of 100 kits per location with an average reorder rate of 92%. This demonstrates a high level of adoption and integration of the OralCDx technology."

With the passing of the Affordable Care Act, we feel we have established a solid foundation for growth as we anticipate experiencing strong demand from the primary care physician community for our innovative and preventative diagnostic products.

Our core business model is directed to the approximately 400,000 primary care physicians in the United States today. With the recent introduction of the Affordable Care Act in January 2014, physicians within our network are potentially looking to provide clinical tests that can diagnose cardiovascular disease, oral cancer, and skin cancer on the front line. All of these diagnostic tests may provide early diagnosis and treatment of life threatening diseases, while potentially providing new reimbursement revenue streams for the physician. It is these innovative, ground-breaking diagnostic tests, supported by the Affordable Care Act with potentially strong reimbursements to physicians that have contributed to the anticipated high rate of penetration and integration within our network. We initiated our soft launch during July and anticipate recognizing these revenues in the third quarter as we continue building the infrastructure for a full launch.

Mr. Perry commented, "We are anticipating a dramatic increase in revenues in the third quarter, and an even more significant increase in the fourth quarter 2014. We are rolling out our technology every day to new physicians with an outstanding rate of usage and integration. Training and integration have been key thus far during our soft launch."  

We have raised over $6.5 million in net proceeds through private placements and debt financing in order to fund the development and growth of our operations and pay down prior obligations.  At June 30, 2014, we had $2.0 million in cash and receivables on our balance sheet. This liquidity allows us to execute our business plan throughout the East Coast.

This is a pivotal time for our company. We have worked diligently to assist our healthcare partners and alliances with the necessary training to become effectively and efficiently integrated with the use of our product lines.  We now continue to focus on our business plan and the execution of our rollout so that the Company can create value for our shareholders.

About Millennium Healthcare Inc.

Millennium Healthcare Inc. through its wholly owned operating subsidiaries provides primary care physician practices, physician groups and healthcare facilities of all sizes with cutting edge medical devices focused primarily on preventive care through early detection. The Company also provides advanced billing and coding services and practice development and management services.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995   

This press release contains certain statements that may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements are identified by such words and phrases as "we expect," "expected to," "estimates," "estimated," "current outlook," "we look forward to," "would equate to," "projects," "projections," "projected to be," "anticipates," "anticipated," "we believe," "could be," and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. Because they are forward-looking, they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release.

SOURCE Millennium Healthcare Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
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, will discuss 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 effi...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
SYS-CON Events announced today that Column Technologies will exhibit at SYS-CON's @DevOpsSummit at Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principal...
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
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...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...