LOS ANGELES, CA--(Marketwire - November 15, 2010) - MMRGlobal, Inc. (
As compared to the third quarter in 2009, subscriber revenues increased by 15%, total revenues increased by nearly 66%, and total sales, a portion of which was booked as deferred revenue, increased by 114%. For the first nine months of 2010, as measured to the same period in the previous year, total revenues were up by 18%, total sales rose by 48.7%, and subscriber revenue was up 4.4%. With regard to the Company's operating loss, more than $12 million or 75% was attributable to non-cash expenditures which stemmed mainly from the application of accounting principles to value derivative liabilities and equity, imputed interest in the sale of Convertible Notes, and stock options, warrants and common stock issued for services among other similar types of expenses. The Company also showed a reduction in net loss. In the quarter ending September 30th 2009 the Company showed a net loss of $2,582,189 compared to a net loss for the three months ended September 30, 2010 of $1,686,395, down 35% or 78.6% from the previous quarter. During this quarter, employees, directors and affiliates converted debt and/or deferred compensation to 1,608,424 shares in the Company's stock at an average price of $0.945 per share. Of this amount, 706,605 shares were purchased by the Company's CEO at twelve and a half cents per share.
"We see greater awareness and acceptance of the need for health information technology from physicians, healthcare professionals and hospitals as meaningful use is more clearly defined and adoption of electronic health records (EHRs) and personal health records (PHRs) as a matter of law draws closer," said Robert H. Lorsch, MMRGlobal's Chairman and CEO. "Our PHR is the only product of its kind that interfaces with any professional or consumer electronic medical system. As a result, we believe we are positioned to be a leader for companies who provide products and services to transition healthcare professionals to electronic medical records (EMRs). We believe MMRGlobal is the only publicly traded provider of EMRs positioned to roll up smaller emerging growth Health IT companies into a comprehensive one-stop shop for professionals and consumers to buy health information technology products and services, similar to highly successful incubators from the dot-com era, only now in Health IT."
"Moreover, through relationships with strategic partners like Kodak designed to sell MMRPro (www.mmrprovideos.com), Chartis Insurance (www.mymedicalrecordsonline.com/chartis) and others within various stages of development, we are confident we will emerge as a leader in health information technologies. MMRGlobal's suite of easy-to-use professional and consumer-based products is a user-friendly alternative to safely store electronic medical and personal health records for both clinical use and in the event of an emergency," Lorsch added.
As qualifying portions of the U.S. Government stimulus programs are phased in over time, the Company enables healthcare professionals to generate Stimulus Funding through the MMR Stimulus Program which provides a revenue stream for physicians for as long as they use MMR professional products and services. The Company believes that its Stimulus Program can generate more monies to physicians than government programs over less time with products that are cost-effective, simple to implement and cause minimal workflow disruption.
In addition to the Company's primary business of Health IT, management continues efforts to exploit pre-merger intellectual property, which includes its anti-CD20 monoclonal antibodies and other Specifid vaccine related products and patents to universities, research foundations, manufacturers, institutional investors and others for the benefit of the Company's shareholders.
Conference Call Information
The Company will host a conference call for investors to discuss third quarter 2010 results and answer questions on Friday, November 19th at 1:30PM Pacific Time. The conference call will be available through a webast and information on how to participate will be released Wednesday (November 17).
About MMRGlobal, Inc.
MMR Global, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. ("MMR"), 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, and professional organizations and affinity groups. MyMedicalRecords 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. The MyMedicalRecords Personal Health Record 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 in real time through an integrated patient portal. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. MMR is also an integrated service provider on Google Health. To learn more about MMR Global, Inc. and its products, visit www.mmrglobal.com.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature, including 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," "offer," "development," "if," "negotiate," "when," "begun," "believe," "achieve," "will," "estimate," "expect," "maintain," "plan," and "continue," or the negative of these words. Factors that could cause or contribute to such differences include, but are not limited to, the risk the Company's products are not adopted or viewed favorably by the healthcare community; risks related to the current uncertainty and instability in financial and lending markets, including global economic uncertainties; variations in our quarterly operating results; product integration in physician practices and hospitals; timing and volume of sales and installations; length of sales cycles and the installation process; market acceptance of new product introductions; ability to establish and maintain strategic relationships; ability to identify and integrate acquisitions; relationships with licensees; competitive product offerings and promotions; changes in government laws and regulations and future changes in tax legislation and initiatives in the healthcare industry; undetected errors in our products; possibility of interruption at our data centers; risks related to third party vendors; risks related to obtaining and integrating third-party licensed technology; acceptance of the Company's marketing and promotional campaigns; risks related to a security breach by third parties; maintaining, developing and defending our intellectual property rights including those pertaining to our biotechnology assets; risks associated with recruitment and retention of key personnel; 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. Additionally, we are a developing early-stage company and many variables can affect revenues and/or projections, including factors out of our control. The Company is providing this information as of the date of this release and, except as required by 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.
Contact Information:
CONTACT:
Michael Selsman
Public Communications Co.
(310) 553-5732
ms@publiccommunications.biz