SAN FRANCISCO, CALIFORNIA--(Marketwired - Nov. 5, 2013) - 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 announced better than expected post acquisition financial figures for the month of October 2013, reporting triple digit growth in monthly sales with increased EBITDA and profitability. PHM also announced considerable progress in its sales and cross-selling strategy objectives.
October 2013 Post Acquisition Financial Figures
For the month of October 2013, PHM generated revenue in excess of $800,000, an increase of over 166% from August 2013 sales. PHM has increased EBITDA and profit as a result of this growth in revenue.
Key Milestones and Cross Selling Strategy
1500 Pharmacies in Network
HHC, PHM's first acquisition, has enrolled its 1,500th pharmacy in its provider network. These pharmacy providers offer an excellent sales platform through which to offer other services to patients already being serviced with diabetes supplies, Coumadin testing and influenza vaccinations.
Significant Increase in Influenza Vaccine Sales
HHC has recognized an increase of 69% in influenza vaccines administered over 2012 figures. Both Medicare and the CDC have been actively promoting influenza vaccinations as one of the most important steps that seniors can take to safeguard their health.
"Our revenue for October 2013 is much higher than we anticipated when we closed the HHC acquisition in early September," said Bob Kusher, CEO of PHM. "These higher revenue and profit figures indicate that we successfully made a strong acquisition. Our pipeline is filled with acquisitions that are similar in growth potential and I look forward to closing the next acquisition."
"Growing our base of pharmacies and expanding our geographic footprint is a key element in reaching our goal of servicing more patients and deploying additional programs," continued Mr. Kusher. "Most of our recently added pharmacy partners are enrolling in multiple programs with us, helping us to effectively offer patients a variety of products and services."
The PHM Board of Directors has approved the issuance of performance stock compensation in the form of options to Nitin Kaushal, Michael Dalsin and Roger Greene as Directors of the Board and to Jim Booth, Stephen Axelrod and Mark Kohler as members of the Board of Advisors. Kaushal, Dalsin and Greene have fully vested their stock options from 2010. PHM has issued 900,000 options each to Michael Dalsin and Roger Greene as Chairman and Executive Director, respectively, vesting equally over three years at an above market strike price of $0.30. PHM has issued 1,200,000 options to Nitin Kaushal as non-executive Director and Chair of the Audit Committee, vesting equally over three years at a strike price of $0.26. Messrs. Booth, Axelrod and Kohler have been issued 100,000 options each, vesting equally over three years at a strike price of $0.26. PHM has issued 3,000,000 options to Robert Kusher as Chief Executive Officer and Chair of the Executive Committee, vesting equally over three years at a strike price of $0.26. PHM currently has 99,300,654 issued and outstanding common shares and only 2,785,600 performance stock options are yet-to-be vested. Mr. Kusher's stock options are subject to shareholder approval of the to-be updated stock option plan at PHM's upcoming annual shareholder's meeting.
About PHM
PHM is a profitable and cash flow positive company servicing patients with chronic heart disease 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.
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 or acquisitions, 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, availability of qualified senior management, risks from change in ownership or unfamiliarity with new markets, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected.
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.
Contact Information:
Chairman
(323) 253-3055