LOS ANGELES, CA--(Marketwired - Apr 21, 2014) - MMRGlobal, Inc. (OTCQB: MMRF) ("MMR" or the "Company") today announced that in addition to its projections that first quarter 2014 revenue from all sources is expected to be among the highest in MMR's history, the Company believes that trend will continue based on federal laws and rules including the recently updated Clinical Laboratory Improvement Amendments (CLIA). Under the HITECH Act, Meaningful Use requirements mandate that eligible healthcare providers make available personal health information online such as through a Personal Health Record (PHR) to at least fifty percent of all patients, while under the amended CLIA, laboratories will be able to offer direct access to lab test results to one hundred percent of all lab patients through Personal Health Record systems and patient portals including MyMedicalRecords or other systems that may be licensed by MMR. As a result of the government mandates driven by the Affordable Care Act, HITECH and CLIA, MMR believes its revenues will grow at rates significantly higher than projected industry growth rates while its Personal Health Record patents and other intellectual property increase in value.
Calling attention to an article regarding the updated CLIA at http://ihealthtran.com/wordpress, the Company believes that the new federal rule on the exchange of health data from labs will have a significant effect on both MMR's revenues and its ability to license its patented PHR products and services. With the new rule removing legal barriers that prevented patients from receiving laboratory results direct from the labs in all 50 states, subscribers to the Company's MyMedicalRecords PHR can now have their laboratory test results easily sent into a secure, password-protected PHR account.
In a Frost & Sullivan report announced on March 6, 2012 entitled "The U.S. Personal Health Records Market: Understanding Technical and Strategic Imperatives around Consumer-Focused Health IT," Frost & Sullivan projects the market for PHR software to grow at a compound annual growth rate (CAGR) of 5.8 percent, specifically from $312.2 million in 2012 to $414.8 million in 2015. According to references used in an October 15, 2012 investment report for Cerner Corporation (http://tippie.uiowa.edu/henry/reports12/cern_f12.pdf) and in 2013 MMR patent valuations (http://tinyurl.com/m3xecgv), the world healthcare IT market is expected to grow from $99.6 billion in 2010 to $162.2 billion in 2015 at a CAGR of 10.2%. In the case of MMR's most recently completed quarter, the Company expects to announce growth at multiples of more than several hundred percent, compared to the previous year.
References to the 10.2% CAGR used in the Cerner report were also included in MMR 2013 patent valuations http://tinyurl.com/m3xecgv which, when published, were based on an international patent portfolio that included seven U.S. patents, and now includes 10 U.S. patents and one Notice of Allowance.
Additionally, the Company forecasts continued revenue from its biotechnology assets based on the latest information available to the Company pursuant to the terms of its thirteen million dollar biotech licensing agreement, which is the subject of an 8-K filed on December 21, 2010. The Company also has begun entering into agreements with licensed medical cannabis dispensaries to sell Personal Health Records direct to consumers at retail.
MMRGlobal is a leading provider of patented Personal Health Records, MyEsafeDepositBox storage solutions and MMRPro document management and imaging systems for healthcare professionals. The Company's wholly owned subsidiary, MyMedicalRecords, Inc., owns 10 U.S. health IT patents including U.S. Patent Nos. 8,301,466; 8,498,883; 8,121,855; 8,117,045; 8,117,646; 8,321,240; 8,352,287; 8,352,288; 8,626,532 and 8,645,161, plus one Notice of Allowance and numerous pending applications. MMR also owns additional HIT patents in 11 other countries or regional territories of commercial interest including Australia, Singapore, New Zealand, Mexico, Japan, Canada, China, Hong Kong, South Korea, Israel and Europe. The Company is in continuing talks with EMR vendors and others in the United States, Australia and Israel regarding licensing and sales of its health IT patents, products and services. MMR also filed patent infringement complaints against Allscripts Healthcare Solutions, Inc., Jardogs, Quest Diagnostics, Inc. and WebMD for infringement of two of its issued U.S. patents.
MMRGlobal, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-use online Personal Health Records ("PHRs") and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, financial institutions, retail pharmacies, and professional organizations and affinity groups. The MyMedicalRecords PHR enables individuals and families to access their medical records and other important documents, such as birth certificates, passports, insurance policies and wills, anytime from anywhere using the Internet. MyMedicalRecords is built on proprietary, patented technologies to allow documents, images and voicemail messages to be transmitted and stored in the system using a variety of methods, including fax, phone, or file upload without relying on any specific electronic medical record platform to populate a user's account. The Company's professional offering, MMRPro, is designed to give physicians' offices an easy and cost-effective solution to digitizing paper-based medical records and sharing them with patients through an integrated patient portal. Through its merger with Favrille, Inc. in January 2009, the Company acquired intellectual property biotech assets that include anti-CD20 antibodies and data and samples from its FavId™/Specifid™ vaccine clinical trials for the treatment of B-Cell Non-Hodgkin's lymphoma. To learn more about MMRGlobal, Inc. visit www.mmrglobal.com. View demos and video tutorials of the Company's products and services at www.mmrtheater.com.
All statements in this press release that are not strictly historical in nature, whether or not such statement relates directly to valuations, and including, without limitation, intellectual property licenses, property enforcement actions, infringement claims or litigation, and future performance, management's expectations, beliefs, intentions, estimates or projections, constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. Some can be identified by the use of words (and their derivations) such as "need," "possibility," "potential," "intend," "offer," "development," "if," "negotiate," "when," "begun," "believe," "achieve," "will," "estimate," "expect," "maintain," "plan," and "continue," or the negative of these words. Actual outcomes and results of operations and the timing of selected events may differ materially from the results predicted, and any reported results should not be considered as an indication of future performance. Such statements are necessarily based on assumptions and estimates and are subject to various risks and uncertainties, including those relating to the possible invalidity of the underlying assumptions and estimates and possible changes or developments in economic, business, industry, market, legal and regulatory circumstances and conditions and actions taken or omitted to be taken by third parties, including customers, suppliers, business partners, potential licensees, competitors and legislative, judicial and other governmental authorities and officials. Factors that could cause or contribute to such differences include, but are not limited to: unexpected outcomes with respect to intellectual property enforcement actions, claims of intellectual property infringement and general intellectual property litigation; our ability to maintain, develop, monetize and protect our patent portfolio for both the Company's health IT and biotechnology intellectual property assets in the U.S. and internationally; the timing of milestone payments in connection with licensing our intellectual property; the risk the Company's products are not adopted or viewed favorably by the healthcare community and consumer retail market; business prospects, results of operations or financial condition including variations in our quarterly operating results; risks related to the current uncertainty and instability in financial and lending markets, including global economic uncertainties; changes in government laws, standards and regulations and future changes in tax legislation and initiatives in the healthcare industry both in the U.S. and internationally; our ability to establish and maintain strategic relationships; changes in our relationships with our licensees; the timing and volume of sales and installations; the length of sales cycles and the installation process; the market's acceptance of new product and service introductions; competitive product offerings and promotions; undetected errors in our products; the possibility of interruption at our data centers; risks related to third party vendors; risks related to obtaining and integrating third-party licensed technology; risks related to a security breach by third parties; risks associated with recruitment and retention of key personnel; other litigation matters; uncertainties associated with doing business internationally across borders and territories; and additional risks discussed in the Company's filings with the Securities and Exchange Commission, including disclosures about the Company's relationship with the Michael Bass Group since 2009. The Company is providing this information as of the date of this release and, except as required by applicable law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.