Patient Home Monitoring Releases First Quarter Financial Results

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.

CINCINNATI, March 02, 2018 (GLOBE NEWSWIRE) -- Patient Home Monitoring Corp. (the “Company”) (TSX-V:PHM), a healthcare services company with operations in the U.S., today announced its first quarter financial results and operational highlights.

Financial highlights from the first fiscal quarter ending December 31, 2017 (spinoff completed December 21, 2017):

• Revenue for the quarter ended December 31, 2017 was more than $18,500,000
• Gross Profit for the quarter ended December 31, 2017 was more than $12,600,000
• Adjusted EBITDA for the quarter ended December 31, 2017 was approximately $1,520,000 or 8.2%
• The Company is forecasting second quarter revenue to be between $18,500,000 and $19,000,000.
• Additionally, the Company is forecasting an improvement to EBITDA margins for the second fiscal quarter

Operational highlights from the first fiscal quarter ending December 31, 2017:

• Completed the Viemed spinoff
• Increased the number of unique patients served by 10% compared to Q1 of FY 2017
• Increased respiratory resupply orders by 35% compared to Q1 of FY 2017
• Increased unique sale orders and deliveries by 8% compared to Q1 FY 2017 

The interim financial statements of the Company for the three months ended December 31, 2017 and 2016 and accompanying Management's Discussion & Analysis (MD&A) are available at www.sedar.com.

“With our first quarter results now published, I think shareholders can better understand the foundation of our growth platform,” said CEO and Chairman Greg Crawford. “We continue to maintain revenue, our current assets, and have a great foundation for acquisitions and resulting organic growth. I expect we will see EBITDA percentage growth over the coming quarters as we execute on our strategy. I also look forward to introducing our shareholders to our new Chief Financial Officer on our quarterly conference call which will be held shortly.”

ABOUT PATIENT HOME MONITORING CORP.

The Company provides in-home monitoring and disease management services for patients in the United States healthcare market. It seeks to continue to expand its offerings to include the management of several chronic disease states focusing on patients with heart or pulmonary disease, sleep disorders, reduced mobility and other chronic health conditions. The initial service line includes providing in-home monitoring equipment, supplies and services to patients in the U.S. who take prescription blood thinners, such as Coumadin® (warfarin).

The primary business objective of the Company is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. The Company’s 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 the Company, including: the Company forecasting a slight improvement to EBITDA margins for the second fiscal quarter; increasing revenue from approximately $18,500,000 to between $18,500,000 and $19,000,000 during the second fiscal quarter; and EBITDA percentage growth over the coming quarters; are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation: reducing costs as a percentage of revenue in the second fiscal quarter; an increase in the number of sale orders; and ongoing ability to reduce costs as a percentage of revenue over the coming quarters. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: credit; market (including equity, commodity, foreign exchange and interest rate); liquidity; operational (including technology and infrastructure); reputational; insurance; strategic; regulatory; legal; environmental; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; 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; the overall difficult litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company 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, the Company 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 the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

Non-GAAP Measures

This press release refers to “Adjusted EBITDA” which is a non-GAAP and non-IFRS financial measure that does not have a standardized meaning prescribed by GAAP or IFRS. The Company’s presentation of this financial measure may not be comparable to similarly titled measures used by other companies. This financial measure is intended to provide additional information to investors concerning the Company’s performance. Adjusted EBITDA is defined as EBITDA excluding stock based compensation and gains/losses on financial derivatives. Adjusted EBITDA is a Non-IFRS measure the Company uses as an indicator of financial health, and excludes several items which may be useful in the consideration of the financial condition of the Company, including interest expense, taxes, depreciation, amortization, stock based compensation, good will impairment and gain/losses on financial derivatives. The following table shows our Non-IFRS measure (Adjusted EBITDA) reconciled to our net income for the indicated periods:

Management uses these non-GAAP measures as key metrics in the evaluation of the Company’s performance and the consolidated financial results. The Company believes these non-GAAP measures are useful to investors in their assessment of the operating performance and the valuation of the Company. In addition, these non-GAAP measures address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors. However, non-GAAP financial measures are not prepared in accordance with GAAP, and the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

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.

For further information please visit our website at www.phmcompanies.com, or contact:

Edward Brann
Director
Patient Home Monitoring Corp.
859-300-6455
investorinfo@myphm.com