Patient Home Monitoring Corp.
TSX VENTURE : PHM

August 27, 2012 13:19 ET

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

SAN FRANCISCO, CALIFORNIA--(Marketwire - Aug. 27, 2012) - Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a company focused on in-home cardiology healthcare services, today announced unaudited results for its third fiscal quarter ended June 30, 2012.

PHM will post a webcast on Tuesday, August 28, 2012. This webcast will review and discuss the third fiscal quarter of 2012 and provide details of the future growth plans for the company.

To listen, please visit the investor website at:

http://www.phmhometesting.com/2012Q3

Q3 2012 Highlights
  • Generated adjusted EBITDA before patient acquisition costs(2) of $283,042.
  • Generated positive Adjusted EBITDA of $28,489.(2)
  • Finished integrated platform for management of clinical operations.
  • Rolled out a state-of-the-art software application for linking in-home data, the specialized call center, and clinic locations.
  • Launched the National Dosing Support Center.
  • Finalized assessment of additional in-home services suitable for its cardiology market patients to expand its offering into underserved large markets.
  • Increased quarterly INR tests(1) recorded to 26,214 from 10,460 the same quarter a year ago, a 151% increase over Q3 FY11.
  • For the last month in the quarter, June 2012, PHM recorded 8,632 INR tests.
  • Increased quarterly revenue to $1,066,153 from $441,997 in Q3 FY 11, a 141% increase.
  • Achieved quarterly gross margin of 68.7%, up from 62.4% in Q3 FY 11, a 10% increase, in the face of an 11% reimbursement cut from Medicare in 2012.
  • Increased quarterly gross profit to $732,786 from $275,809 the same quarter a year ago, a 165% increase over Q3 FY11.

For complete financial results, please see PHM's filings at www.sedar.com.

(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
http://phmhometesting.com/investor/public/dl/2012_Q3_MD&A.pdf.

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

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