- Revenue for the three months ended March 31, 2016 totaled $7.6 million
- Revenue for the Nine months ended March 31, 2016 totaled $30.2 million
- Combined net loss for the three months ended March 31, 2016 was ($45,198) or ($.03) per share
- Combined net income for the nine months ended March 31, 2016 was $9,032,947 or $3.44 per diluted share
- Combined adjusted EBITDA for the three months ended March 31, 2016 totaled $1.6 million
- Combined adjusted EBITDA for the nine months ended March 31, 2016 totaled $13.2 million
- AEON also filed Form 10KT for the transitional period from January 1, 2015 to June 30, 2015 as a result of its change in year end
- The Company to host an earnings conference call on September 29, 2016 at 4:30PM (EDT)
GAINESVILLE, Ga., Sept. 27, 2016 (GLOBE NEWSWIRE) — Authentidate Holding Corp. (OTC:ADAT), one of North America’s fastest growing clinical labs through its wholly-owned subsidiary AEON Clinical Laboratories, and a provider of secure web-based revenue cycle management applications and telehealth and services for healthcare organizations, today announced financial results for the three-month and nine-month periods ended March 31, 2016. Consistent with the release, the Company filed a Form 10KT for the transitional period from January 1, 2015 to June 30, 2015 and a Form 10-Q for the quarterly ended March 31, 2016 which combines the results for the Company from the merger date of January 27, 2016. The Company finalized the merger of Authentidate and AEON Clinical Laboratories during the quarter ended March 31, 2016.
Sonny Roshan, the Chairman and Chief Executive Officer of Authentidate, stated, “We are excited to be working to help physicians address cancer and addiction, two of the largest challenges facing America today. Authentidate is focused on improving the standard of care and providing services that reduce the overall cost of the health care system. As a combined Company, we aspire to bring the most effective solutions to physicians so they can deliver superior service to their patients and Prescribe with Confidence™.”
Mr. Roshan continued, “We also want to update our customers and shareholders that effective August 7, 2016, Mr. Richard Hersperger left the Company and I assumed the position of Chief Executive officer in addition to my role as Chairman. We wish Richard well in his future endeavors.”
Bill Henry, the Chief Operating Officer of Authentidate, stated, “We are encouraged by the progress we have made integrating AEON and Authentidate. We are especially pleased that we have been able to post strong year over year revenue and EBITDA growth during our initial months as a combined company. Sales volumes have increased as we extend our reach to new customers while maintaining a solid base. Our agile approach to sales, customer-centric operational model and innovative products is a point of differentiation supporting our unique competitive position. We are well positioned to capitalize on the considerable growth and acceptance of personalized medicine and genetic testing within the healthcare industry.”
Mr. Henry continued, “We are wrapping up our integration and rebranding activities and expect that in the coming months we will complete the actions necessary to achieve our synergy targets. Our rebranding efforts are ahead of schedule as we seek to take advantage of the many resources within the combined company. We feel especially well positioned to compete with a strong balance sheet and exciting growth rates.”
The combined companies posted total revenue of $7,616,243 during the three months ended March 31, 2016 compared to $4,801,796 for the same period a year ago. For the nine months ended March 31, 2016, the Company posted revenue of $30,213,684 compared to $17,826,663 from the same period a year ago. Strong growth in testing volume and an expansion of the network led to the growth in revenue for both the three and nine month period ended March 31, 2016.
Operating income for the combined company for the three months ended March 31, 2016 was $854,000, compared to operating income of $3.3 million for the same period last year. For the nine months ended March 31, 2016, operating income was $9.9 million compared to $8.3 million for the first nine months of the prior fiscal year.
Adjusted EBITDA for the quarter ended March 31, 2016 totaled $1,725,213. The Company posted EBITDA of $13,222,054 for the nine month period ended March 31, 2016 as compared to $7,701,662 generated in the same period from the prior year.
For the three months ended March 31, 2016, The Company posted a net loss of ($45,198) resulting in a loss per share of ($.03) based on weighted average fully diluted shares outstanding of 4,327,990 which compares to net income of $1,690,871 for the quarter ended March 31, 2015 resulting in a earning per share of $1.76 based on weighted average fully diluted shares outstanding of 958,030.
Net income for the nine month period ended March 31, 2016 was $9,032,947 compared to $7,137,922 from the comparable period a year ago. Earnings per share for the nine month period ended March 31, 2016 was $3.44 based on weighted average fully diluted shares of 2,694,990 as compared to EPS of $7.45 based on weighted average fully diluted shares of 958,030 from the same period in the prior year.
The Company’s total assets were $55,161,188 as of March 31, 2016 compared to total assets of $7,829,272 from March 31, 2015, shareholder equity of $43,693,703, which compares to $5,398,873 from the same period a year ago. Cash as of March 31, 2016 was $2,884,163 compared to $5,190,540 held at March 31, 2015. The Company recorded a deferred tax asset of $38,375,000 on the balance sheet in the quarter ended March 31, 2016.
Mr. Roshan stated, “We are happy to finally have the Form 10-Q and the Form 10KT filings complete. We recently completed our first full quarter as a combined company and continue to look for ways to combine the collective strengths of our people, technologies and market position. We look forward to discussing the results of our most recent quarter and the prospects on our upcoming conference call.“
The Company to host an earnings conference call on September 29, 2016 at 4:30PM (EDT).
The dial-in number for callers in the U.S. is 877-407-8293 and the dial in number for international callers is 201-689-8349. Or, participants may access a live webcast of the conference call by clicking the link listed on Authentidate’s Investor Events Page at URL: http://www.authentidate.com/investors/investor-events
A dial-in replay of the call will be available through October 13, 2016. To access the replay, please dial 877-660-6853 in the U.S. and 201-612-7415 internationally, and enter the conference ID #13643109. A link to replay the webcast of the conference call will be listed on Authentidate’s Investor Events Presentations page at http://www.authentidate.com/investors/investor-events
About Authentidate Holding Corp.
Authentidate Holding Corp., through its wholly owned subsidiary, AEON Clinical Laboratories, operates a comprehensive clinical laboratory using state of the art testing equipment. Housed in a 28,000 square foot campus, in Gainesville, Georgia, AEON has developed proprietary methodologies that provide market leading urine and oral fluid (saliva) test results. AEON provides four primary tests: Medical Toxicology, Pharmacogenomics, Cancer Genetic Testing, and Molecular Biology. Authentidate is also a provider of secure web-based revenue cycle management applications and telehealth products and services that enable organizations to coordinate patient care and enhance related administrative and clinical workflows.
Authentidate’s telehealth solutions combine patient vital signs monitoring with a web application that streamlines patient care management. Delivered as Software as a Service (SaaS), customers can easily access our web-based applications thereby utilizing previous investments in systems and technology.
Authentidate, Inscrybe and InscrybeMD are registered trademarks of Authentidate Holding Corp. All other trade names are the property of their respective owners.
For more information, visit the Company’s websites at www.aeonclinical.com and www.authentidate.com
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Act of 1934. When used in this release, the words “believe,” “anticipate,” “think,” “intend,” “plan,” “will be,” “expect,” and similar expressions identify such forward-looking statements. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control. Other risks and uncertainties are more fully described in our Annual Report on Form 10-K for the year ended June 30, 2015 filed with the SEC, and in other filings that Authentidate makes and will make with the SEC. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The statements made in this press release speak only as of the date stated herein, and subsequent events and developments may cause our expectations and beliefs to change. Unless otherwise required by applicable securities laws, we do not intend, nor do we undertake any obligation, to update or revise any forward-looking statements contained in this news release to reflect subsequent information, events, results or circumstances or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date after the date stated herein.
Certain non-GAAP financial measures are included in this press release. In the calculation of these measures, the Company generally excludes certain items such as amortization and impairment of acquired intangibles, non-cash stock-based compensation charges, unusual, non-recurring gains and charges and non-cash interest expense. The Company believes that excluding such items provides investors and management with a representation of the Company’s core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company’s operating expenditures and continuing operations. Management uses such non-GAAP measures to evaluate financial results and manage operations. The release and the attachments to this release provide a reconciliation of each of the non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The non-GAAP financial measures are not meant to be considered a substitute for the corresponding GAAP financial statements and investors should evaluate them carefully. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.
James Carbonara, Hayden IR,
firstname.lastname@example.org or (646) 755-7412
Brett Maas, Hayden IR,
Brett@haydenir.com or (646) 536-7331
Article source: http://www.otcmarkets.com/stock/ADAT/news?id=141336