Patient Home Monitoring Corp.

February 10, 2014 09:00 ET

Patient Home Monitoring (PHM) Provides Highlights of FYQ1 2014 Earnings Call and Announces Appointment of Andrew Folmer as Chief Financial Officer

SAN FRANCISCO, CALIFORNIA--(Marketwired - Feb. 10, 2014) -


Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a profitable company focused on rolling-up annuity-based healthcare service companies in the US and Canada, today provided highlights of its FYQ1 2014 earnings call held by Chairman Michael Dalsin and Director Roger Greene. It also announced it has appointed Andrew Folmer to the position of Chief Financial Officer.

PHM is rolling-up a large and fragmented market of small, profitable businesses providing healthcare products and services to chronically ill patients. PHM plans to acquire these businesses and then offer additional, high margin services to its entire patient base, thereby increasing revenue per patient and achieving organic post acquisition growth.

To listen to the full earnings call please go to the link provided:

FYQ1 2014 Earnings Call Highlights

  • 120% increase in revenue from the quarter a year ago.
  • 110% increase in EPS as a result of the HHC acquisition.(1)
  • 91% increase in net profit not including transaction costs and non-recurring costs from the quarter a year ago.(2)
  • An increase of $5.5 million in net assets from the quarter a year ago.
  • $8.5 million in cash at the end of FYQ1 2014, as compared to $450,000 a year ago
  • $2.6 million in Accounts Receivable at the end of FYQ1 2014, as compared to $700,000 a year ago
  • Two 65%+ gross margin cross selling service lines being offered to patients - blood thinner home monitoring and complex COPD treatment.
  • Pipeline of 15 acquisition candidates moving toward Letters of Intent.

Andrew Folmer Appointed Chief Financial Officer

Mr. Folmer is a seasoned financial executive and leader. He has 30 years of experience in finance, including previous work as a CFO, of which 15 years of experience was in the healthcare industry. He is a CPA with audit and accounting experience with major accounting firms. In the private sector, he has helped build companies in the pharmacy and pharmaceutical businesses. Mr. Folmer served as an executive of a startup that grew and sold to a Fortune 50 company for approximately $100 million. He has also managed day-to-day functions in Treasury, Operations, Sales and Marketing, Human Resources and Information Technology. Mr. Folmer holds a BS degree in Accounting from Elizabethtown College, where he is a member of the Baseball and Tennis Hall of Fame.

"With the recent developments in PHM, we have been able to attract a talented and seasoned Chief Financial Officer, who will be a key player in managing our growth and integration of acquired companies." added Mr. Dalsin. "He has extensive experience in finance and operations, which he can use as a basis for not only controlling costs, but also shaping the Company for future growth."

"PHM continues to strengthen its accretive roll up strategy" said Michael Dalsin, Chairman of PHM. "We have seen a quarter with 91% EPS growth as a result of one acquisition. I expect the acquisitions made in January will have a positive impact on EPS this upcoming quarter. PHM is a profitable company with a balance sheet of over $8 million in cash and a pipeline of over a dozen qualified companies to potentially acquire."

About PHM

PHM is currently a positive cash flow and profitable company that serves patients with heart disease and other chronic health conditions, and will act as a platform for acquisitions. PHM is focused on a highly fragmented and developing market of small privately-held companies servicing chronically ill patients with multiple disease states caused mainly by age and obesity. Because of the new and highly fragmented nature of the market, PHM is actively working to identify and evaluate profitable, annuity-based companies to acquire their patient databases and technical expertise at favorable prices. PHM's post acquisition organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services and making life easier for the patient. The expected result is growing EPS with each acquisition and growing revenue and profits from the cross selling efforts.

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.

(1) EPS and Net Profit does not include IFRS Fair Value of options, warrants expense, transaction cost, and non-recurring costs. EPS growth was calculated using the following information:
Pre HHC Close Shares Post HHC Close Shares
65,027,355 67,799,208
Net Profit Excluding Acquisition Net Profit Including Acquisition
$122,178 $267,171
EPS Excluding Acquisition EPS Post Close
0.00188 0.00394
(2) Net Profit does not include IFRS Fair Value of options, warrants expense, transaction cost, and non-recurring costs.

Forward-Looking Statements

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, difficulty integrating newly acquired businesses, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected. This press release refers non-GAAP and non-IFRS financial measures that do not have standardized meaning prescribed by GAAP or IFRS. PHM's presentation of these financial measures may not be comparable to similarly titled measures used by other companies. These financial measures are intended to provide additional information to investors concerning PHM's performance.

Contact Information

  • Patient Home Monitoring
    Sam Steinkamp
    Corporate Affairs