Authentidate Announces First Quarter Financial Results
13 Novembre 2015 - 10:05PM
Authentidate Holding Corp. (Nasdaq:ADAT), a
provider of secure web-based revenue cycle management applications
and telehealth products and services for healthcare organizations,
today announced financial results for the first quarter ended
September 30, 2015. In addition, the company announced that efforts
related to its business combination with AEON Clinical Laboratories
continue to progress.
Ian Bonnet, Chief Executive Officer of
Authentidate, stated, “We continue to work towards completing a
definitive agreement with AEON Clinical Laboratories to combine the
two companies. Along with our efforts to complete the
proposed transaction, we are continuing to work together on a
number of customer projects. By combining our technological
platform with the complimentary product set and financial strength
of AEON, we will be able to provide our collective customers with
an expanded product set to support their patients’ healthcare
management needs and enable the self-funding of future growth for
the combined company.”
“As previously reported, we have also modified
our business plan to help the company increase revenues and achieve
positive cash flow from operations. We are making steady
progress in this regard and we are starting to see the impact of
our cost saving activities on our operating results as we reduced
our operating loss and net loss for the quarter compared to the
prior year period. These savings were offset in part by
additional legal, due diligence and related merger expenses and
non-cash expenses for debt discount amortization and the change in
the warrant liability related to our financing transactions.
At the end of October we also completed the relocation of our
corporate offices and we are continuing to realign our data center
operations which will each result in lower expenses moving forward.
We also believe we will achieve additional operating synergies from
our proposed business combination and are working on our
integration plan.”
Mr. Bonnet concluded, “The AEON combination
represents a significant opportunity for us to reach a broader base
of customers with a more robust product offering that can make a
marked impact on the delivery of healthcare services to a
significant number of patients. We look forward to bringing this
transaction to a close and we are excited about the future
prospects for the combined company.”
As previously reported, the final transaction
agreement is subject to material conditions, and there can be no
assurance that a definitive agreement will be reached by the
parties, or that any agreement will result in the completion of the
transaction.
Conference Call Details
Management will schedule a conference call after
the completion of a definitive merger agreement with AEON Clinical
Laboratories. Details regarding the conference call will be
provided at that time.
For additional information about this
transaction, please refer to the company’s filings with the SEC at
www.sec.gov/edgar.shtml.
First Quarter Financial
Results
Revenues for the quarter ended September 30,
2015 were $398,000 compared to $1.1 million for the prior year
period. The decrease in revenues for the quarter is due primarily
to lower telehealth equipment sales and service revenues and lower
transaction volumes from our hosted software services.
Operating loss for the quarter ended September
30, 2015 was $1.7 million compared to $2.1 million for the prior
year period. The decrease in operating loss for the period is
due primarily to lower personnel and consulting expenses from our
cost saving activities offset in part by higher merger related
expenses.
Net loss for the quarter was $2.1 million, or
$0.05 per share, compared to $2.1 million, or $0.06 per share, for
the prior year period. These results reflect non-cash expenses for
debt discount amortization and the change in the warrant liability
which for the most part offset the operating cost savings discussed
above.
Balance Sheet
As of September 30, 2015 cash and cash
equivalents were approximately $282,000. Following the end of
the quarter, the company added new short-term debt financing
resulting in gross proceeds of approximately $450,000.
About Authentidate Holding
Corp.
Authentidate Holding Corp. is a provider of
secure web-based revenue cycle management applications and
telehealth products and services that enable healthcare
organizations to coordinate care for patients and enhance related
administrative and clinical workflows. Authentidate's products and
services enable healthcare organizations to increase revenues,
reduce costs and enhance patient care by eliminating paper and
manual work steps from clinical and administrative processes.
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
only require an Internet connection and web browser to access our
web-based applications thereby utilizing previous investments in
systems and technology. The company's healthcare customers and
users include leading homecare companies, health systems, physician
groups and governmental entities. These organizations utilize the
company's products and services to coordinate care for patients
outside of acute-care.
For more information, visit the company’s website
at 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. Such statements regarding future events
and/or the future financial performance of the company are subject
to certain risks and uncertainties, which could cause actual events
or the actual future results of the company to differ materially
from any forward-looking statement. Such risks and uncertainties
include, among other things, the availability of any needed
financing, the company's ability to implement its business plan for
various applications of its technologies, the impact of
competition, the management of growth, and the other risks and
uncertainties that may be detailed from time to time in the
company's reports filed with the Securities and Exchange
Commission. In light of the significant risks and uncertainties
inherent in the forward-looking statements included herein, the
inclusion of such statements should not be regarded as a
representation by the company or any other person that the
objectives and plans of the company will be achieved.
Authentidate, Inscrybe and InscrybeMD are
registered trademarks of Authentidate Holding Corp. All other trade
names are the property of their respective owners.
-
Financial Tables Follow -
|
|
Authentidate Holding Corp. and
Subsidiaries |
|
Condensed Consolidated Balance Sheet
Data |
|
|
|
|
|
|
|
|
|
September 30, |
|
|
|
|
|
2015 |
|
June 30, |
|
(in thousands, except per share data) |
|
(Unaudited) |
|
2015 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
282 |
|
|
$ |
247 |
|
|
Restricted cash |
|
|
256 |
|
|
|
256 |
|
|
Accounts receivable, net |
|
|
217 |
|
|
|
274 |
|
|
Inventory, net |
|
|
598 |
|
|
|
603 |
|
|
Prepaid expenses and other current
assets |
|
|
437 |
|
|
|
222 |
|
|
Total current assets |
|
|
1,790 |
|
|
|
1,602 |
|
|
Property and equipment,
net |
|
|
253 |
|
|
|
301 |
|
|
Other assets |
|
|
|
|
|
Licenses, net |
|
|
1,811 |
|
|
|
1,904 |
|
|
Other assets, net |
|
|
334 |
|
|
|
356 |
|
|
Total assets |
|
$ |
4,188 |
|
|
$ |
4,163 |
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Deficit |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts payable, accrued expenses
and other liabilities |
|
$ |
2,478 |
|
|
$ |
2,109 |
|
|
Notes payable, net of unamortized
discount |
|
|
3,169 |
|
|
|
2,150 |
|
|
Warrant liability |
|
|
373 |
|
|
|
214 |
|
|
Deferred revenue |
|
|
68 |
|
|
|
67 |
|
|
Total current
liabilities |
|
|
6,088 |
|
|
|
4,540 |
|
|
Long-term deferred
revenue |
|
|
80 |
|
|
|
88 |
|
|
Total liabilities |
|
|
6,168 |
|
|
|
4,628 |
|
|
Commitments and contingencies |
|
|
|
|
|
Shareholders’
deficit |
|
|
|
|
|
Preferred stock, $.10 par value;
5,000 shares authorized, Series B, 28 shares and Series D, 665
shares issued and outstanding on September 30, 2015 and June
30, 2015, respectively |
|
|
69 |
|
|
|
69 |
|
|
Common stock, $.001 par value;
190,000 shares authorized, 42,195 and 42,116 shares issued and
outstanding on September 30, 2015 and June 30, 2015,
respectively |
|
|
42 |
|
|
|
42 |
|
|
Additional paid-in
capital |
|
|
206,559 |
|
|
|
205,909 |
|
|
Accumulated deficit |
|
|
(208,650 |
) |
|
|
(206,485 |
) |
|
Total shareholders’
deficit |
|
|
(1,980 |
) |
|
|
(465 |
) |
|
Total liabilities and shareholders’
deficit |
|
$ |
4,188 |
|
|
$ |
4,163 |
|
|
|
|
|
|
|
|
Authentidate Holding Corp. and
Subsidiaries |
|
Condensed Consolidated Statement of Operations
and Comprehensive Operations Data |
|
(Unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
|
September 30, |
|
(in thousands, except per share data) |
2015 |
|
2014 |
|
|
|
|
|
|
Revenues |
|
|
|
|
Hosted software services |
$ |
382 |
|
|
$ |
508 |
|
|
Telehealth products and
services |
|
16 |
|
|
|
544 |
|
|
Total revenues |
|
398 |
|
|
|
1,052 |
|
|
Operating expenses |
|
|
|
|
Cost of revenues |
|
207 |
|
|
|
593 |
|
|
Selling, general and
administrative |
|
1,501 |
|
|
|
2,011 |
|
|
Product development |
|
162 |
|
|
|
370 |
|
|
Depreciation and amortization |
|
182 |
|
|
|
189 |
|
|
Total operating expenses |
|
2,052 |
|
|
|
3,163 |
|
|
Operating loss |
|
(1,654 |
) |
|
|
(2,111 |
) |
|
Other expense |
|
(409 |
) |
|
|
- |
|
|
Net loss |
$ |
(2,063 |
) |
|
$ |
(2,111 |
) |
|
Basic and diluted loss
per common share |
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
Comprehensive
operations |
|
|
|
|
Net loss |
$ |
(2,063 |
) |
|
$ |
(2,111 |
) |
|
Comprehensive loss |
$ |
(2,063 |
) |
|
$ |
(2,111 |
) |
|
|
|
|
|
|
Media Contacts:
James Carbonara, Hayden IR,
james@haydenir.com or (646) 755-7412
Brett Maas, Hayden IR,
Brett@haydenir.com or (646) 536-7331
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