Patient Home Monitoring Corp.

May 31, 2012 09:00 ET

Patient Home Monitoring (PHM) Announces Second Fiscal Quarter 2012 Results and Conference Call

SAN FRANCISCO, CALIFORNIA--(Marketwire - May 31, 2012) - 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, 2012. In conjunction with the results, PHM's management team provided an update about the exciting growth of the company.

PHM will post a webcast on Thursday, May 31, 2012 at 8:00 am ET. This webcast will review and discuss the second fiscal quarter of 2012 and provide details of the future growth plans for the company.

To listen, please visit the investor website at:

Q2 2012 Highlights

  • Generated adjusted EBITDA before patient acquisition costs(2) of $155,625.
  • Reduced Adjusted EBITDA loss to $113,726.(2)
  • Became manager of a large clinic operation in the Northeast United States with over 1800 patients on Coumadin.
  • Put aggressive operational team in place for further clinic management and expansion into additional revenue streams.
  • Increased quarterly INR tests(1) recorded to 23,581 from 6,376, a 270% over Q2 FY11.
  • For the last month in the quarter, March 2012, PHM recorded 8,499 INR tests.
  • Increased quarterly revenue to $919,897 from $250,901, a 266% increase over Q2 FY11.
  • Achieved quarterly gross margin of 65.5%, up from 57.4%, a 14% increase over Q2 FY11, in the face of an 11% reimbursement cut from Medicare.
  • Increased quarterly gross profit to $602,311 from $143,939, a 318% increase over Q2 FY11

"With the completion of this quarter, PHM has successfully built a business that can launch aggressively into the in-home services market for cardiology patients," said Dr. Jaime Gerber, MD, CEO of PHM. "The platform is quite strong from which to build. Our foundation includes a number of important attributes. Because of our positive adjusted EBITDA before patient acquisition costs and strong cash balance of over $850,000 at the end of the quarter, PHM has the ability to borrow for certain capital needs for growth. We now have almost two years of expertise in the cardiology in-home monitoring market including unique operating procedures and specific market knowledge competitors lack. We have acquired two vastly different clinical operations on each coast and integrated them successfully."

"We are now ready to launch into an expanded growth mode," continued Dr. Gerber. "For a few months now we have been planning the expansion of our business and I believe in the coming quarters, PHM can realize the growth of the market potential".

For complete financial results, please see PHM's filings at

(1) International normalized ratio ("INR") tests and number of cardiology groups with patients testing 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) Adjusted EBITDA before patient acquisition costs and Adjusted EBITDA. In calculating Adjusted EBITDA before patient acquisition costs certain items are excluded from net loss including interest, taxes, amortization, non-cash stock-based compensation and patient acquisition costs. In calculating Adjusted EBITDA certain items are excluded from net loss including interest, taxes, amortization and non-cash stock-based compensation. Please refer to the "Non-IFRS Measures" section of PHM's MD&A for further discussion on these operational measures at

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(r) 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.

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