Patient Home Monitoring Corp.

March 02, 2015 09:00 ET

PHM Board Elects David Hayes as CEO, Jess Cuthbert as COO Effective March 1, 2015; Posts Another Record Quarter of Revenue Results on SEDAR for Q1 FY2015


Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a profitable company focused on rolling-up annuity-based healthcare service companies in the U.S. and Canada, announced it elected David Hayes as Chief Executive Officer for Patient Home Monitoring Corp. and Jess Cuthbert as Chief Operating Officer of Patient Home Monitoring Corp.

As announced on January 14, 2015 PHM has transitioned David Hayes, current VP of Sales and former CEO of Resource Medical Group (RMG), to Chief Executive Officer. PHM acquired RMG in January of 2014 and David Hayes has led PHM's initiatives to increase sales among new and existing business lines since that time. PHM has also transitioned Jess Cuthbert, current VP of Operations and former owner of Resource Medical Group (RMG), to Chief Operations Officer. David and Jess have worked closely with each other for many years and have successfully integrating several of PHM's acquisitions.

Michael Dalsin will remain on as Chairman of the Board of Directors and will continue to have an active role in leading the company and communicating with capital markets.

"I am pleased to see David and Jess move into these positions of leadership," said Michael Dalsin, Chairman of the Board for PHM. "I am confident that the new executive team will continue to execute on our organic growth plan as we make more and more acquisitions."

Additionally, in a press release on January 29, 2014, PHM pre-announced revenue and profit figures for its first fiscal quarter ending December 31, 2014, along with the audited year end financials. PHM posted the full set of Q1 FY 2015 financials on SEDAR.

Q1 FY 2015 Overview:
Quarterly revenues $10,167,665
Quarterly adjusted EBITDA $2,376,402
Quarterly net profit before stock-based compensation $1,570,222

"We had a great quarter in terms of organic revenue growth, posting a 14% quarter-over- quarter rate and all of it from organic growth," said Michael Dalsin, Chairman of the Board for PHM. "We continue to add profits and build our balance sheet. I expect significant M&A activity over the next month resulting in a growing database of patients and added revenue lines, all with an eye to an ever increasing organic growth rate."

About PHM

The explosive growth in the number of elderly patients in the US healthcare market is creating pressure to provide more efficient delivery systems. Healthcare providers, such as hospitals, physicians and pharmacies, are seeking partners that can offer a range of products and services that improve outcomes, reduce hospital readmissions, and help control costs. PHM fills this need by delivering a growing number of specialized products and services to achieve these goals. PHM is a positive cash flow and profitable company that serves patients with heart disease and other chronic health conditions, this operation is a platform for acquisitions and organic growth. 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.

These Adjusted EBITDA figures are unaudited and may change subject to due diligence and closing procedures. They are intended only as an estimate of trailing twelve month Adjusted EBITDA of the combined entities and are not meant to convey forward looking information. Adjusted EBITDA is a Non-IFRS measure the Company uses as an indicator of financial health, and excludes several items which may be useful in the consideration of the financial condition of the Company, including interest expense, taxes, depreciation, amortization, stock based compensation, and owner compensation.

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 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.

This press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S. Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of PHM. The securities of PHM have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.

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