patient Home earns about $1.5-million in Q4 fiscal 2014 PATIENT HOME MONITORING ANNOUNCES RECORD QUARTERLY REVENUES, PROFITS; INCREASE IN ORGANIC GROWTH RATE TO OVER 25% ANNUALLY; APPOINTMENT OF COLE COX AS CHIEF FINANCIAL OFFICER
Patient Home Monitoring Corp. has released highlights of its fiscal year 2014 fourth quarter revenues and profits, including organic growth figures.
PHM also announced it has appointed Cole Cox as Chief Financial Officer (CFO).
Financial highlights for the quarter ending September 30, 2014:
-- Revenues exceeded $8,800,000; an increase of 59% from the previous quarter and 715% from the quarter a year ago. -- Adjusted EBITDA(1) exceeded $2,100,000; an increase of 62% from the previous quarter and 888% from the same quarter a year ago. -- Net profit before stock-based compensation(2) exceeded $1,500,000; an increase of 67% from the previous quarter. -- Annualized organic revenue growth for the quarter exceeded 25%. -- September 2014 revenues exceeded $3,000,000 as compared to June 2014 revenues of $2,700,000, an increase of $300,000 attributed exclusively to organic revenue growth. -- Annualized revenue run rate in excess of $35,000,000. -- Annualized Adjusted EBITDA run rate in excess of $8,800,000.
As in the case of other quarterly financial results, the foregoing figures are unaudited. Full financial results from this quarter will be included in the full year audited financial statements (October 1, 2013 - September 30, 2014) available on SEDAR expected before February 2015.
PHM continues to build its pipeline of qualified acquisition targets:
-- 11 active targets in initial due diligence -- 5 term sheets in negotiation -- 1 Letter of Intent (LOI) executed -- 2 LOIs pending
Using its strong and growing balance sheet, PHM expects it can close deals in the pipeline without any additional equity financing.
PHM is rolling-up a large and fragmented market of small, profitable businesses providing healthcare products and services to chronically ill patients. The companies are acquired for their technical and market expertise in certain product and service lines, as well as their patient databases. Once acquired, PHM works to offer these newly acquired services to its entire patient base, thereby increasing revenue per patient and achieving organic post acquisition revenue growth and profits.
Cole Cox as Chief Financial Officer
Mr. Cox has been appointed Chief Financial Officer by the Board of Directors. Mr. Cox, based in Southern California, was most recently CFO of a Toronto Stock Exchange listed company. Previous to his experience as a public company CFO, he was a senior auditor in public accounting at Grant Thornton LLP.
"This marks our sixth consecutive quarter of record sales and profits," said Michael Dalsin, Chairman and Investment Banker for PHM. "We have worked hard to achieve high triple digit revenue and profit growth over the last 18 months and we expect to continue to add significant revenues and profits through both organic and inorganic growth strategies.
We are focused on adding more patients and services through acquisition, resulting in continued improvements in revenues, profits and organic growth. And as a result, I continue to look for ways to augment our leadership team. As part of this process, I would like to welcome Cole Cox to our management team. He comes with deep experience in fast growth companies and fills an important role as PHM's operations develop."
"Since our first acquisition, our main priority has been organic revenue growth" said Andrew Folmer, President of PHM. "It is gratifying for our team to see the results of that effort this last fiscal year. As part of this organic growth, we continue to add patients to our high margin service lines and invest heavily in home-based medical devices and with each month, we build our balance sheet and make PHM stronger, with the ultimate goal of increasing shareholder value."
As a result of the AGM on April 11, 2014, PHM confirms it has closed the amalgamation of HH4Me described in detail in the circular dated March 14, 2014 and an announcement from March 28, 2014.
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