BALDWINSVILLE, N.Y., Aug. 14, 2008 (PRIME NEWSWIRE) -- Patient Portal Technologies, Inc. (OTCBB:PPRG) (Patient Portal) announced today record financial results for the second quarter ended June 30, 2008.
Patient Portal reported revenues of $4.2 million for the second quarter of 2008 compared to $392,000 during the second quarter of 2007 and $3.9 million for the first quarter of 2008. This represented an 8.1% increase over the first quarter results. Gross margin for the second quarter of 2008 was $1.037 million compared to $118,000 during the same period in 2007 and $564,000 for the first quarter of 2008. The increase in revenue is attributable to the continued rollout of new services from the acquisition of hospital service contracts.
The Company reported net income before interest, depreciation and amortization of approximately $263,000 for the second quarter compared to $49,000 for the first quarter of 2008 and a loss of ($122,000) for the comparable period in 2007.
The Company's gross margin percentage increased to 25.5% in the second quarter from approximately 14.5% in the first quarter of 2008. This increase is directly attributable to the impact of new, higher margin services that were launched in the first half of 2008.
"We continue to have great momentum in executing our business strategy, resulting in strong financial performance for the first half of the year. We see continued demand for our new services, which were introduced into the market during the second quarter of 2008. MedEx, HealthCast and PASS, our preadmission survey services, are being received very well and should continue to generate strong revenue and margin growth in the future," said Kevin Kelly, CEO of Patient Portal. "We are aggressively investing in the services that we believe are critical to our hospital partners. Our proprietary platform is a great foundation to continue to launch new innovative services. Given our results to date and demand for our services, we are confident the remainder of 2008 will be just as strong, if not stronger, than the first half of the year," Mr. Kelly added.
About Patient Portal Technologies
Patient Portal Technologies is an industry leader assisting hospitals improve their financial performance by deploying its proprietary patient communication and information systems and solutions. The Company's products and services utilize a state-of-the-art proprietary software platform that addresses the entire continuum of care cycle before, during and after the hospital stay by optimizing patient scheduling, reducing administrative costs, providing patient specific education and improving medication management, all of which maximizes reimbursement to service providers. The company provides its products and solutions to hospitals and healthcare facilities throughout the entire United States.