Another Record Quarter of Revenue and Profit, Reports Increase of 28% in Quarter-Over-Quarter Revenue
Annualized Organic Growth in Excess of 255%; Annualized Run-Rate Revenue in Excess of $62,000,000
Marketwired Patient Home Monitoring Corp.
1 hour ago
LOS ANGELES, CALIFORNIA–(Marketwired - Apr 28, 2015) - 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 provided highlights of its financial results for the second quarter of fiscal 2015.
FYQ2 2015 Highlights
Revenue for the quarter rose to $13,036,000 million, a 28% increase from the previous quarter and a 255% increase year over year.
Revenues included only 2 months of Black Bear Medical and only 1 month of West Home Health.
March Revenue exceeded $5,179,000 or $62,148,000 annualized run rate revenue.
Organic Growth Summary
To date, PHM has acquired 5 companies with reported trailing 12-month revenues totaling $40,500,000.
Post acquisition revenues have risen by $21,648,000 in annualized revenues.
Net income (footnote before stock-based comp) rose to $1,618,543, a 23.5% increase from the previous quarter. (2)
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) including transactional and nonrecurring cost rose to $2,858,079, a 20.3% increase from the previous quarter. (3)
Earnings per share (EPS) rose 71% from the previous quarter. (1)
Mergers & Acquisitions
PHM finalized 2 acquisitions this quarter: Black Bear Medical of Maine and New Hampshire and West Home Health of Virginia.
PHM has executed 2 LOIs this quarter: a $16.5 million revenue company in Colorado and a $20 million revenue company in Tennessee.
PHM is in term sheet negotiations with 8 companies, ranging from $3 million in revenues to over $30 million in revenues.
PHM has increased investment in the M&A team to increase the quantity and quality of potential acquisition targets.
“This is our 8th consecutive quarter of record revenues and profits,” reported Michael Dalsin, Chairman of PHM. “Our March revenues of $5,179,000, which translates to annualized revenues of $62,148,000, were higher than expected. Our executive team continues to execute well on integration and cross selling, which is reflected in our financial results.”
“Our acquisition and organic growth model is working well in this fast growing market. Our business plan has been proven effective and there have been no recent regulatory changes to prevent us from continuing it” said Mr. Dalsin. “We had a productive quarter in terms of signing LOIs and when closed, we will exceed $100 million in annualized revenues. We are also working toward finalizing the LOI with a $40 million annual revenue business very soon.”
Full financial results are available on sedar.com.
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.
PHM will host an interactive Q&A earnings call at 4p.m. EST on Wednesday, April 29, 2015 to provide in depth data and analysis about the quarterly results.
Participants from PHM will be Michael Dalsin (Chairman), Roger Greene (Vice Chairman), David Hayes (CEO) and Andrew Folmer (CFO).
The details of the call will be released shortly.
Financial professionals are invited to call in and ask questions. To pre-register as a qualified caller, please e-mail firstname.lastname@example.org by 5 p.m. EST Tuesday, April 28th, 2015.