Patient Home Monitoring Corp.

February 07, 2012 08:00 ET

Patient Home Monitoring (PHM) Announces January 2012 Growth Figures

SAN FRANCISCO, CALIFORNIA--(Marketwire - Feb. 7, 2012) - Patient Home Monitoring Corp. (TSX VENTURE:PHM), a company focused on in-home cardiology healthcare services, today announced monthly growth in terms of meters shipped during the month of January 2012.

PHM adds patients to their long-term annuity stream business every month, increasing annual revenue with every new patient.

Monthly Growth

January 2012 Meter Shipments

PHM shipped 188 meters in January 2012, the first month of the second quarter fiscal 2012.

Month (Quarter) Meters Shipped Total Meters Shipped (running total) for the Quarter
October (Q1) 177 177
November (Q1) 169 346
December (Q1) 155 501 total meters shipped in Q1
January (Q2) 188 188

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).

"January is typically a slow month in the US healthcare services industry as patients have large deductibles," said Dr. Jaime Gerber, PHM's CEO. "With the results from November and December 2011, and January 2012, PHM has exceeded its expectations in the three slowest months of its year. I look forward to the rest of the second quarter's growth increasing as we integrate our second clinic operation and look to close further acquisitions."

(1) International normalized ratio ("INR") tests are used as measures of current and future sales performance. Please refer to the "Non-IFRS 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-IFRS financial measurement, because there is no simple reconciliation between meter shipment and IFRS revenue.

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.

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

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