- Published: 04 January 2016
- Written by Editor
Patient Home Monitoring Posts Record Audited Year-end Financials; Releases Record First Quarter Revenue and Profit Figures
LAFAYETTE, LOUISIANA--(Marketwired - Jan 4, 2016) - Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a profitable company focused on the annuity-based healthcare services market in the US announced that it posted Audited financials for the year ended September 30, 2015. Along with the full year results, PHM released revenue and profit figures for the quarter ending December 31, 2015.
PHM is offering an ever-larger suite of products and services to an increased geographic footprint in the US. While investing in enrollment growth for all of its existing products and services, PHM's mission in the market has always been to offer newly reimbursed and high demand services and products to patients. These cutting edge products often offer higher margins and limited competition.
Fiscal First Quarter (Ended December 31, 2015)
Revenues are estimated to exceed $40,000,000 for the quarter, an increase of more than 293% from the same quarter a year ago and an increase of 36% from the previous quarter.
Adjusted EBITDA(1) is currently estimated to be approximately $8,000,000 for the quarter, an increase of more than 236% from the same quarter a year ago and an increase of more than 123% from the previous quarter.
Full results will be posted on SEDAR around the end of January 2016. PHM's management will hold an interactive earnings call to review the first quarter and full year financials in early February 2016.
Audited Full Year (October 1, 2014 through September 30, 2015)
Revenues were $71,704,531 for the full year, as compared to $21,191,600 for the prior year, an increase of 238%.
Adjusted EBITDA(1) was $11,818,221 for the full year, as compared to $4,354,683 for the prior year, an increase of 171%.
Key Financial Figures for Audited FY 2013-2015
|Audited||FY 2015||FY 2014||FY 2013|
|Gross Margin %||66%||64%||65%|
Full results have been posted on SEDAR.
"The year-end results, coupled with the first quarter, provides a good perspective of PHM's tremendous and consistent growth," said Casey Hoyt, CEO of PHM. "In just over two years, PHM has grown from a company with about $1,000,000 of quarterly revenue to a company with over $40,000,000 of quarterly revenue, all while growing profitability, our balance sheet and EPS along the way. We have plenty of cash on hand, growing cash flow and limited debt. In 2016 we are well positioned to take advantage of our national footprint with a growing sales force and product and service lines."
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.
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) Adjusted EBITDA is defined as EBITDA excluding Stock Based Compensation, good will impairment and gains/losses on financial derivatives.
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, good will impairment and gain/losses on financial derivatives.
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.
Patient Home Monitoring Corp.