Patient Home Monitoring (PHM) Announces March 2012 Monthly Meter Shipments, the Launch of Its Cloud-Based Software Product an...
09 Abril 2012 - 3:37PM
Marketwired Canada
Patient Home Monitoring Corp. (TSX VENTURE:PHM), a company focused on in-home
cardiology healthcare services, today announced growth in terms of meters
shipped and INR tests for the month of March 2012.
As it embarks on a clinic roll-up strategy, PHM continues to improve its clinic
operations. As part of this improvement, PHM launched the StablilizerXL software
product, a revolutionary way to manage patients on anti-coagulants.
Launch of StabilizerXL Software as a Service (SaaS) Web-Based Product
PHM is proud to announce it has launched a comprehensive clinical management
software product into the disease management market. StabilizerXL provides a
streamlined approach to clinic management with robust analytical tools to manage
patients, track clinical outcomes and achieve cost efficiencies. The web-based
software, designed by both clinicians and business managers working inside PHM's
Coumadin clinics, was built from the ground up leveraging innovative components
that solve the workflow problems that make operating a clinic so costly.
PHM plans to offer this software to its clinical partners at market rates on a
monthly subscription basis.
Monthly Growth
PHM has grown revenues by adding patients to their long-term annuity stream
business. To better communicate this trend and its impact on the business, two
figures are reported:
1. Monthly Test Growth. PHM generates a recurring revenue stream from
enrolled testers by recording a weekly INR value and transmitting the
information to the patient's healthcare provider.
-- In March of 2012, PHM recorded 8,499 INR tests, an increase of 11% from
the previous month.
-- For the second fiscal quarter, PHM recorded 23,581 INR tests, an
increase of 21% from the previous quarter.
-- PHM has enjoyed double-digit quarter over quarter growth in revenue
generating INR tests since it launched in June 2010. For this particular
quarter, however, PHM is projecting that revenue growth will be modest
in comparison to INR test growth, primarily because Medicare reset the
reimbursement rate for testing from PHM's location for calendar year
2012 to 89% of 2011 rates. PHM expects to bill $38.93 USD per valid INR
test for each of its patients on Medicare, which is invoiced after every
fourth test.(1) For the remaining quarters of this fiscal and calendar
year, however, PHM is targeting to resume double digit revenue growth.
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Month (Quarter) INR Tests Sum/Reported Revenues
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1st Quarter 19,434 total tests recorded in Q1
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January (Q2) 7,440 7,440
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February (Q2) 7,642 15,082
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March (Q2) 8,499 23,581 total tests recorded in Q2
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2. New Meters Shipped. Once enrolled, PHM ships a meter to a patient. This
meter has an expected 5-year economic life to a patient. With this meter
investment, PHM generates recurring revenue by providing weekly
monitoring services to the patient.
Understanding how many meters were shipped to newly enrolled patients
each month is relevant for analyzing growth because shipment of a meter
is a prerequisite to performing INR(2) tests eligible for
reimbursement(3).
PHM shipped 153 meters in March 2012, the third month of the second quarter
fiscal 2012.
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Month Meters Total Meters Shipped (running total) for the
(Quarter) Shipped Quarter; Total for the Year
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October (Q1) 177 177
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November (Q1) 169 346
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December (Q1) 155 501 total meters shipped in Q1
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January (Q2) 188 188
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February (Q2) 163 351
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504 total meters shipped in Q2
March (Q2) 153 1,005 new meters shipped in FY2012
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"Our growth continues at strong levels but I believe we need to accelerate our
patient enrollment in clinic operations," said Dr. Jaime Gerber, PHM's CEO. "Our
recent clinic acquisition shows us once again that there is a significant demand
for our services with many new patients to enroll. Our current operational
challenge is to meet this demand more quickly. I believe we now have the right
operational team whose members are focused on clinic growth, overall
profitability and accelerating our monthly patient enrollment. I am confident
that in the months to come, and as we acquire more clinics, this renewed focus
on our clinical operations will result in increased monthly growth. There are
thousands of patients interested in in-home testing and I plan to give every one
of them an opportunity to enroll into our service as quickly as they desire."
About PHM
PHM is a healthcare services company focused on providing home-based monitoring
services and supplies for cardiology patients. PHM's entry-point service
monitors patients on blood thinner medications such as Coumadin(r) or warfarin.
Medicare recently expanded reimbursement for this in-home service. PHM has a
unique value proposition to cardiology groups that manage patients on blood
thinners, focusing on systemization to enroll patients in PST. This unique,
systemized 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. PHM plans to lever its position as a value-added
service provider to expand into other home-based services for these patients and
their referring physicians.
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, changes in US healthcare laws, coverage or budgets,
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.
(1) Revenue is generated only after four valid INR tests have been completed by
a patient. To be documented as a valid INR test, the test must be performed at
least seven days after the previous valid test. PHM is reimbursed $155.71 USD
for Medicare patients once the patient has completed four valid INR tests. While
not reimbursed on a per-test basis, it can be calculated that each valid INR
test in a billing cycle has a value of $38.93. Not every patient's INR test is
valid, as some INR tests may be less than 7 days apart. The majority of PHM's
patient population is covered by Medicare. However, there are also patients with
commercial insurance providers with reimbursement and allowable rates that vary
by carrier and plan. The INR figure above does not include training revenue
which PHM generates by teaching a patient to successfully demonstrate a
completed INR test prior to enrollment (requirement by Medicare for the
self-test INR service). Therefore, the total revenue figure will not be
exclusively tied to the total number of valid INR test cycles completed.
(2) International normalized ratio ("INR") tests are used as measures of current
and future sales performance. Please refer to the "Non-GAAP Measures" section of
PHM's MD&A for further discussion on these operational measures
(3) Management does not mean to suggest or imply that shipment of meters is
equivalent to revenue. Meter shipment is a prerequisite, but not a guarantee, of
revenue. Management does not propose meter shipments as a non-GAAP financial
measurement, because there is no simple reconciliation between meter shipment
and GAAP revenue.
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