MIAMI, Nov. 19, 2014 (GLOBE NEWSWIRE) -- Sanomedics International Holdings, Inc. (OTCQB:SIMH), a medical technology holding company that focuses on providing game changing products, services and ideas, announced today its financial results for the third quarter 2014.
Third Quarter Financial Highlights
- Revenue increased 33% year over year
- Gross profit increased 85% year over year
- Backlog continues to grow
The Company's net revenues for the nine months were up 33% year-over-year, from $211,000 to $281,000 driven from the continued commercialization and acceptance of the Caregiver® TouchFree™ InfraRed Thermometers.
The Company reported a net loss attributable to common stockholders of $(1.6) million in the third quarter of 2014 compared to net income of $59,757 for the comparable period of 2013. This increase in net loss resulted from non-recurring, non-cash expenses, changes in the fair value of contingent consideration and derivative instruments as well as depreciation and amortization, including interest expense, totaling $889,000. Additionally, the Company had an increase of $.5 million in SG&A expense resulting from an increase in professional fees and loan costs.
Keith Houlihan, President of Sanomedics, commented, "We are entering into very exciting times for our Company and shareholders. We are seeing an abundance of support for the commercialization of our Caregiver TouchFree Infrared thermometer. Sales backlog is at an all-time high. We believe that our third quarter revenue represents the beginning of a significant growth period for our business that will extend into the fourth quarter and beyond. We look forward to generating significant shareholder value".
About Sanomedics International Holdings, Inc.
Sanomedics International Holdings, Inc. (OTCQB:SIMH) is a medical technology holding company that focuses on game changing products, services and ideas -- a place where physicians, entrepreneurs, and medical companies can work together to drive innovative technologies through concept, development, and ultimately commercialization. Sanomedics plans to grow existing business organically and through strategic acquisitions specifically relating to healthcare technology and services.
Sign up for Sanomedics email news alert system today at: http://ir.stockpr.com/sanomedics/email-alerts.
Follow us on Twitter @Sanomedics
Forward Looking Statements
Statements in this press release regarding Sanomedics that are not historical facts are forward- looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "forecasts," "predicts," "potential," or the negative of those terms, and similar expressions and comparable terminology. These include, but are not limited to, statements relating to future events or our future financial and operating results, plans, objectives, expectations and intentions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be achieved. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements.
These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this release. Given these uncertainties, you should not place undue reliance on these forward-looking statements and should consider various factors, including the risks described, among other places, in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the SEC.
| Condensed Consolidated Statements of Operations | ||
|
For the three months ended September 30, |
||
| 2014 | 2013 | |
| (Restated) | ||
| Revenues, net | $83,181 | $90,671 |
| Cost of goods sold | 12,703 | 12,197 |
| Gross profit | 70,478 | 78,474 |
| Operating expenses | 842,540 | 418,828 |
| Loss from operations | (772,062) | (340,354) |
| Other income (expense) | (889,329) | 400,111 |
| Net (loss) income before income taxes | (1,661,391) | 59,757 |
| Income taxes | -- | -- |
| Net (loss) income | $(1,661,391) | $59,757 |
| Net (loss) income per share-basic and diluted | $(0.20) | $0.01 |
| Weighted average number of shares outstanding during | ||
| The period-basic and diluted | 8,486,686 | 4,081,174 |
|
For the nine months ended September 30, |
||
| 2014 | 2013 | |
| (Restated) | ||
| Revenues, net | $281,002 | $211,750 |
| Cost of goods sold | 42,928 | 45,789 |
| Gross profit | 238,074 | 165,961 |
| Operating expenses | 2,319,904 | 1,185,672 |
| Loss from operations | (2,081,830) | (1,019,711) |
| Other income (expense) | (2,606,384) | (1,490,511) |
| Net (loss) income before income taxes | (4,688,214) | (2,510,222) |
| Income taxes | -- | -- |
| Net (loss) income | $(4,688,214) | $(2,510,222) |
| Net (loss) income per share-basic and diluted | $(0.35) | $(1.23) |
| Weighted average number of shares outstanding during | ||
| The period-basic and diluted | 13,528,789 | 2,045,442 |
| Selected Balance Sheet Data-(Unaudited) | ||
| September 30, | December 31, | |
| 2014 | 2013 | |
| Cash | $40,103 | $9,560 |
| Accounts receivable | 30,786 | 19,225 |
| Total current assets | 762,988 | 68,457 |
| Total assets | $807,436 | $105,834 |
| Total current liabilities | $6,416,394 | $3,356,779 |
| Convertible notes payable and advances, related parties | ||
| net of discount, net of current portion | 755,378 | 1,873,123 |
| Stockholders' deficit | (6,364,336) | (5,124,068) |