SAN FRANCISCO, CA, Jan. 28 /CNW/ - Patient Home Monitoring (PHM)
(TSXV:PHM), a company focused on in-home cardiology healthcare
services, today announced financial results for the quarter and year
ended September 30, 2010.
"While the year end financials mainly reflect PHM's listing and not the
operational progress made, 2010 was an important first year for PHM,"
said Ed Berenblum, CEO of Patient Home Monitoring. "We began
operations in April of 2010 with a plan to penetrate a high growth
market in an underserved niche with a unique and compelling offering.
By September 30th, our year end, we had been operating for just six months but managed to
accomplish many goals. We launched the business with a controlled pilot
study with just one customer and a handful of patients. The purpose of
this study was to ensure that we understood the risks, sensitivities,
complications and costs of operating a business in this market niche.
In June, we finalized our listing and financing, which enabled the full
launch of the business. By August, four months into the pilot, we began
to develop and implement the systems and the infrastructure required to
scale the business to serve multiple customers and several thousand
patients. We spent September investing in these activities, including
systems design, hiring and training staff and building our sales
"Most importantly, as our year ended, PHM moved out of start-up phase
and into full commercial mode, enrolling patients from multiple
groups," Continued Mr. Berenblum. "Our next milestone is to achieve a
revenue level which will make PHM a self sustaining business. We are
currently focused on satisfying the demand we see in our market as
quickly as possible. We are hiring staff to expand our customer
pipeline, negotiating more favorable supply agreements for purchasing a
higher volume of equipment and continuing to evolve our systems to
realize the benefits of revenue with increased automation and reduced
per unit cost."
"In reviewing the year end financials, many of the expenses were related
to the listing, financing, and start-up activities. While this was an
expensive endeavor, it is a requirement for PHM to achieve rapid growth
by penetrating this large, underserved market niche. We have been
cautious with our operational expenses since listing and will continue
to focus on cash management as we grow our business. I am confident
that with our current balance sheet and revenue growth rate we will get
to a self sustaining level. In terms of future financings, our Board
and I will determine the best method to grow our business while
maximizing shareholder value."
PHM launched in-home monitoring services with a small group of patients
in April 2010
Extrapolating from over four months of statistics, PHM's business model
appears to yield two to four times the market penetration per clinic
generally achieved by the competition.
PHM closed equity financing of $4.5 million and listed on the TSX
Successfully recruited Ed Berenblum as Chief Executive Officer
PHM invested in call center and patient enrollment infrastructure
enabling the company to scale up to many thousands of patients with
minimal further capital investment
By September 30, 2010 PHM started the process of enrolling multiple
large cardiology groups in the US to provide their patient base with
PHM's Patient Self-Testing ("PST") services
By September 30, 2010, PHM had transitioned from start-up phase to full
commercial mode, with the staffing, infrastructure and a pipeline of
potential customers to achieve enrollment of many thousands of patients
For complete financial results, please see our filings at www.sedar.com.
PHM is a healthcare services company focused on providing in-home
testing for patients on blood thinner medications such as Coumadin or
warfarin. PHM's unique value proposition, for cardiology groups that
manage patients on Coumadin, focuses on systemization to enroll
patients in PST. This approach creates an opportunity for physician
groups to operate more efficiently, increasing revenue to their clinic
while providing a higher standard of care for patients.
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 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.
SOURCE PHM Patient Home Monitoring
For further information:
|Michael Dalsin |
Chairman, Patient Home Monitoring
Managing Director, Stanmore Capital Partners, Inc.