Patient Home Monitoring Corp.
TSX VENTURE : PHM

May 30, 2013 20:22 ET

Patient Home Monitoring (PHM) Announces Consecutive Quarters of Profitability in Reporting Second Fiscal Quarter 2013 Results

SAN FRANCISCO, CALIFORNIA--(Marketwired - May 30, 2013) - Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a company focused on in-home cardiology healthcare services, today announced unaudited results for its second fiscal quarter ended March 31, 2013. In conjunction with the results, PHM's management will provide details about its second consecutive quarter of profitability. PHM's new CEO, Bob Kusher, will conduct an earnings call and webcast on Monday, June 3, 2013 at 6:00 am ET to review and discuss the second fiscal quarter of 2013 and to provide a corporate update.

To listen, please visit the investor website at:

www.phmhometesting.com/investor/Q2_2013_Conferencecall

Q2 2013 Highlights

  • Generated Net Profit of $74,911 for the quarter; Generated $171,361 of Net Profit in the first six months of FY2013.
  • Generated Adjusted EBITDA.(1) of $193,531 for the quarter.
  • Generated adjusted EBITDA before patient acquisition costs(1) of $337,426 for the quarter.
  • Generated quarterly revenue to $934,273.
  • Achieved gross margin of 65.6% for the quarter, in the face of a 2% reimbursement cut from Medicare.
  • Generated gross profit of $612,985 for the quarter.
  • Hired Bob Kusher as Chief Executive Officer (subject to TSX PIF approval).
  • Executed a Letter of Intent to acquire LM Pharmacy Solutions, a company with long-standing relationships with pharmacies dispensing Coumadin® (warfarin) to patients in the US. PHM finalized the acquisition in Q3 FY2013.
  • Announced engagement of FDA specialist to secure proprietary meter rights for weekly Coumadin® (warfarin) testing.
  • Actively engaged several additional promising acquisition candidates and continues to be engaged in negotiations with several targets.

"We have completed a second consecutive quarter of profitability." said Mr. Michael Dalsin, Chairman of PHM. "We have brought on a new business leader with a vision for organic growth for the company, both through increased patient enrollment as well as securing the rights to a proprietary meter. It is important to note that we are also actively investigating acquisition-based growth strategies. I believe the building blocks are finally being put in place for the kind of explosive growth I know PHM can achieve."

(1) "Adjusted EBITDA" and "Adjusted EBITDA before patient acquisition costs" are used as profitability measures. Please refer to the "Non-IFRS Measures" section of the most recent MD&A for further discussion on these measures.

About PHM

PHM is a healthcare services company focused on providing in-home testing for patients on blood thinner medications such as Coumadin® or warfarin. Medicare recently expanded reimbursement for in-home patient self testing (PST) of blood coagulation levels. 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.

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.

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

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