SAN FRANCISCO, CALIFORNIA--(Marketwire - May 18, 2012) - Patient Home Monitoring Corp. (TSX VENTURE:PHM), a company focused on in-home cardiology healthcare services, today announced monthly revenue figures as well as growth in terms of meters shipped for the month of April 2012.
As it embarks on a clinic roll-up strategy, PHM continues to improve its clinic operations. As part of this improvement, phm launched its national dosing support center for clinicians prescribing anti-coagulants for patients in the united states.
Launch of national dosing support center
PHM is proud to announce it has launched a national dosing support center headed by a prominent clinician. The center, the first of its kind in the united states, is staffed with highly qualified registered nurses with extensive experience in dosing patients on anti-coagulants under standard protocols. The center is the next step required for a rapid and scaled expansion into additional management of clinic operations. The center is a novel and cost effect approach to managing thousands of patients in a high quality, uniform fashion. PHM believes that building a repository for patients across the country on anti-coagulants will create tremendous value.
As PHM manages clinics, all dosing will be supported from this efficient centralized center.
Monthly growth
Each month, PHM has grown by adding patients to their long-term annuity stream business. To better communicate this trend and its impact on the business, two figures will be reported:
1. Monthly Growth. PHM generates a recurring revenue stream from enrolled testers by recording a weekly INR value and transmitting the information to the patient's healthcare provider.
- In April of 2012, PHM recorded 8,245 INR tests.
| Month (Quarter) | INR Tests | Sum | ||
| 1st Quarter | 19,434 total tests recorded in Q1 | |||
| 2nd Quarter | 23,581 total tests recorded in Q2 | |||
| April (Q3) | 8,245 | 51,260 total tests recorded in FY2012 |
2. New Meters Shipped. Once enrolled, PHM ships a meter to a patient. This meter has an expected 5-year economic life. With this meter investment, PHM generates 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).
PHM shipped 104 meters in April 2012, the first month of the third quarter fiscal 2012.
| Month (Quarter) | Meters Shipped | Total Meters Shipped (running total) for the Quarter; Total for the Year | ||
| 1st Quarter | 501 total meters shipped in Q1 | |||
| 2nd Quarter | 504 total meters shipped in Q2 | |||
| April (Q3) | 104 | 1,109 new meters shipped in FY2012 |
"As announced last month, we continue to focus on improving our clinical operations to enable rapid and full scale management of clinics," said Dr. Jaime Gerber, PHM's CEO. "We continue to believe in the power of clinic management. Our two current clinic operations have confirmed this demand. In fact, we still have a backlog of patients who have expressed an interest in our service from these clinics. "
"We are committed to build a proper platform to meet this patient demand over the long run," continued Dr. Gerber. "We see several clinic opportunities with thousands of patients. In order to provide a quality partnership to both patients and referring doctors, we are going to take some time to ensure our operations are solid. Once we have achieved this goal, we will begin enrolling aggressively again. There are still millions of patients in need of our service and I see demand only increasing."
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® 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, changes in US healthcare laws, coverage or budgets, 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 MD&A 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 guarantee, 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.
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:
Chairman, Patient Home Monitoring
Managing Director, Stanmore Capital Partners, Inc
(323) 253-3055