Quipt Home Medical Corp T.QIPT

Patient Home Monitoring Posts Second Quarter Financials; Ann

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Patient Home Monitoring Posts Second Quarter Financials; Announces Integration and Reimbursement Cut Restructuring Plan on Target LAFAYETTE, LOUISIANA -- (Marketwired – May 26, 2016) - NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN Patient Home Monitoring Corp. (“PHM”) (TSXV:PHM), a healthcare services company with operations in the US, announced today that the integration plan started last quarter due to reimbursement cuts is being executed as planned and is on target to generate growth and profitability. PHM has also posted its financial results for the second quarter of fiscal 2016. Highlights: • Revenues for the three months ended March 31, 2016 totaled $33,755,000, as compared to $13,036,000 in the same quarter a year ago, an increase of more than 159%. Due to the 2016 reduction in reimbursement for certain products and services, the revenues declined 16% from the previous quarter. • As of the end of the quarter, the company had a cash balance of $16,187,000, accounts receivable balance of $35,581,000 and current liabilities of $35,245,000. Full results have been posted on SEDAR. “I am pleased to share with investors that our plan for getting this business on track due to reimbursement cuts from a growth and profitability standpoint are being executed as planned,” said Casey Hoyt, CEO of PHM. “These quarterly results are indicative of the magnitude of work that is being done now and as we move forward. The complexity of the change in front of us has required significant new thinking across all our businesses, we will continue to develop the thinking and the actions required to get the businesses to market performance. Our financial results tell the story, we must resolve our previous business deficiencies, we must continue to focus on every dollar and expense, and capture every organic growth opportunity.” PHM also announced that it will hold its quarterly conference call to review the quarter and update the market on plans for 2016 and beyond at 4:00 p.m. (EST) on May 26, 2016. About PHM The explosive growth in the number of elderly patients in the US healthcare market is creating pressure to provide more efficient delivery systems. Healthcare providers, such as hospitals, physicians and pharmacies, are seeking partners that can offer a range of products and services that improve outcomes, reduce hospital readmissions, and help control costs. PHM fills this need by delivering a growing number of specialized products and services to achieve these goals. 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'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. Forward-Looking Statements Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to PHM, the intentions of PHM regarding the enhancement of the value of PHM and accelerating the development of PHM's business, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect PHM's current views and intentions with respect to future events, and current information available to PHM, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forwardlooking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include changes in law, the ability to implement business strategies and pursue business opportunities, state of the capital markets, 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, difficulty integrating newly acquired businesses, low profit market segments as well as general economic, market and business conditions, amongst others. Should any factor affect PHM in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, PHM does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and PHM undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. 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 Patient Home Monitoring Corp. Jay Hoffman Chief Strategy Officer & Investor Relations [phone] [e-mail] www.phmcompanies.com