Patient Home Monitoring Corp.

October 06, 2011 08:30 ET

Patient Home Monitoring Announces Unaudited Revenue For FY2011, Growth Figures for September 2011, and Growth Figures for Q4 2011.

SAN FRANCISCO, CALIFORNIA--(Marketwire - Oct. 6, 2011) - Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a company focused on in-home cardiology disease management services, today announced continued strong growth figures for September 2011, Q4 FY2011 and expected revenue for FY2011 in advance of its annual report expected to be released in early 2012.

Monthly Growth

September 2011 Meter Shipments

PHM shipped 158 meters in September 2011. PHM meter shipments in Q4 totaled 453.

At the end of each month, PHM classifies revenue into two components:

  1. Existing Patient Services. PHM generates a recurring monthly revenue stream from enrolled weekly testers.
  2. New Patient Enrollment. New patients add to the existing monthly revenue stream.

Once enrolled, PHM ships a meter with an expected 5-year economic life to a patient. With this meter investment, PHM generates monthly recurring revenue by providing weekly monitoring services to the patient.

Understanding how many meters were shipped to newly enrolled patients each month is relevant for analyzing growth because shipment of a meter is a prerequisite to performing INR (1) tests eligible for reimbursement (2).

Quarterly Growth

Q4 INR Tests Recorded

PHM recorded 15,194 INR tests in Q4 2011, up from 10,460 INR tests in Q3. For the month of September 2011, PHM recorded 5,477 INR tests, illustrating continued monthly growth.

Annual Growth

FY2011 Annual Revenue and Quarterly Revenue Growth Figures

PHM began offering revenue generating services in April 2010 on a pilot basis and recorded FY2010 revenue of $39,209.

PHM expects FY2011 revenue of over $1,440,000(3). PHM experienced an average quarter-over-quarter revenue growth rate of more than 65%.

"While our revenue growth has been impressive", Said Dr. Jaime Gerber, interim CEO of PHM, "I look forward to our 2012 fiscal year and believe we will continue to see strong double digit revenue growth quarter-over-quarter. With the addition of our point of care facilities we expect to yield increased patient enrollment in home self-testing and derive additional revenue from direct clinic management. We are poised to build significant shareholder value in the coming year."


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® 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.

(1) International normalized ratio ("INR") tests are used as measures of current and future sales performance. Please refer to the "Non-GAAP Measures" section of PHM's MDA for further discussion on these operational measures.

(2) Management does not mean to suggest or imply that shipment of meters is equivalent to revenue. Meter shipment is a prerequisite, but not a guaranty, of revenue. Management does not propose meter shipments as a non-GAAP financial measurement, because there is no simple reconciliation between meter shipment and GAAP revenue.

(3) Based on unaudited financial results.

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.

Contact Information

  • Stanmore Capital Partners, Inc.
    Michael Dalsin
    Managing Director
    +1(323) 253-3055