Patient Home Monitoring (PHM) Announces Audited Fiscal Year 2011 and First Fiscal Quarter 2012 Results and Anticoagulation Cl...
01 February 2012 - 12:22AM
Marketwired Canada
Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a company focused on in-home
cardiology healthcare services, today announced audited results for its fiscal
year 2011 and unaudited results for its first fiscal quarter ended December 31,
2011. In conjunction with the results, PHM's management team provided details
behind the impressive revenue growth including a focus on acquiring
anticoagulation clinics across the United States.
PHM will post a webcast on Tuesday, January 31, 2012 at 8:00 am ET. This webcast
will review and discuss the first fiscal quarter of 2012 and the 2011 fiscal
year end results. It will also provide a corporate update.
To listen, please visit the investor website at:
http://www.phmhometesting.com/2012Q1
Q1 2012 Highlights
PHM Revenue Growth from Q1 FY2011 to Current Reported Quarter
----------------------------------------------------------------------------
Revenue
----------------------------------------------------------------------------
Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12
----------------------------------------------------------------------------
$134,155 $250,901 $441,997 $616,655 $845,270
----------------------------------------------------------------------------
Revenues
-- Increased quarterly revenue to $845,270 from $616,655, a 37% increase
over the prior quarter.
-- Increased quarterly INR tests(1) recorded to 19,434 from 15,194, a 28%
increase over the prior quarter.
-- For the last month in the quarter, December 2012, PHM recorded 7,008 INR
tests.
Profits
-- Increased quarterly gross profit to $569,540, up from $392,615 last
quarter, a 45% increase.
-- Generated Adjusted EBITDA before patient acquisition costs(2) (operating
profit) of $218,365, up from $25,888 the prior quarter, an increase of
743%.
-- Achieved quarterly gross margin of 67.4%, up from 63.7%, a 5.8% increase
over the prior quarter.
In January, 2012, PHM acquired its second anticoagulation clinic operation. Once
fully integrated, this large clinic is expected to enroll a substantial amount
of its 1,700 patients. PHM is in discussions with several other clinics to
acquire their operations.
"We had a fantastic start to our fiscal year." said Dr. Jaime Gerber MD, CEO of
PHM. "We are looking forward to 2012 as a break out year for PHM. Our clinic
acquisition strategy has tremendous potential for growth and profitability. I
expect, that in the coming quarters, we will see more announcements about these
acquisitions. The net result is continued strong revenue growth and improving
financial performance. We anticipate that we will be able to secure a long term
debt solution for our meter purchases, allowing us to use our cash for
acquisitions."
Full Year Audited 2011 Highlights
Revenues
-- Increased annual revenue to $1,443,708 from $39,209 a 3,582% increase
over the prior year.
-- Increased annual INR tests(1) recorded to 35,790 from 719, a 4,878%
increase over the prior year.
Profits
-- Increased gross margin to 59.5% from -7%.
-- Narrowed Adjusted EBITDA before patient acquisition costs(2) (operating
loss) to ($430,678) from ($969,416) the prior year.
-- In August 2011, PHM reported achieving positive Adjusted EBITDA before
patient acquisition costs.(2)
Strategy
-- Appointed Dr. Jaime Gerber, MD, FACC, as Chief Executive Officer.
-- Finalized pilot acquisition of an anticoagulation clinic operation,
setting the foundation for a nationwide roll-up of clinics.
"With 2011 behind us, we can safely say that PHM's start-up risk has been
eliminated." said Dr. Jaime Geber, MD, CEO of PHM, "We have successfully
commercialized a business with a sustainable competitive advantage in a billion
dollar niche market. For 2012, we will start leveraging our position to drive
further growth and cash flow. I am proud of our entire team. Through savvy cash
management and a tremendous amount of pre-launch planning and research, we were
able to survive the early stage risks we faced at this time last year."
For complete financial results, please see PHM's filings at www.sedar.com.
(1) International normalized ratio ("INR") tests and number of cardiology groups
with patients testing are used as measures of current and future sales
performance. Please refer to the "Non-IFRS Measures" section of PHM's MD&A for
further discussion on these operational measures.
(2) 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://phmhometesting.com/investor/public/dl/2011_Q3_MD&A.pdf.
Q4 FY 2011 Q1 FY 2012 FY 2011 FY 2010
Adjusted EBITDA $ 25,888 $ 218,365 $ (969,416) $ (430,678)
Less: Interest Expense $ - $ 1,619 $ - $ -
Less: Amortization $ 50,447 $ 59,233 $ 7,660 $ 121,221
Less: Stock Based
Compensation $ 17,054 $ 29,764 $ 219,360 $ 90,623
Less: Patient
Acquisition Costs $ 352,743 $ 293,133 $ 449,270 $ 947,634
----------------------------------------------------------------------------
Net Loss $ (394,356) $ (165,384) $(1,645,706) $(1,590,156)
About PHM
PHM is a healthcare services company focused on providing home-based monitoring
services and supplies for cardiology patients. PHM's entry-point service
monitors patients on blood thinner medications such as Coumadin(r) or warfarin.
Medicare recently expanded reimbursement for this in-home service. 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. PHM plans to lever its position as a value- added
service provider to expand into other home-based services for these patients and
their referring physicians.
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.
(TSXV:INR)
Historical Stock Chart
From Jun 2024 to Jul 2024
(TSXV:INR)
Historical Stock Chart
From Jul 2023 to Jul 2024
