Company to Discuss Merger With AEON, Introduce
AEON Business and New Senior Management, in Conference Call today
at 12 p.m. ET
Authentidate Holding Corp. (Nasdaq:ADAT) today announced AEON’s
nine-month 2015 financial results for the period ending September
30, 2015. Authentidate recently completed merger transaction
whereby privately-held AEON has merged with a wholly-owned
subsidiary of Authentidate, creating a company focused on
delivering innovative solutions that achieve technology best
practices in medicine and raise the standard of healthcare.
The unaudited financial results for AEON include:
- Revenue for the nine month period ended September 30, 2015 of
$21.6 million up 15% year over year
- Net income for the nine months of $6.8 million representing 31%
net margin
- $6.9 million in cash and cash equivalents as of September 30,
2015.
In addition, Authentidate disclosed benchmark targets for AEON,
used to earn additional stock-based consideration. These targets
include:
- Generating $16 million in EBITDA for the calendar year ended
2015, and
- $100 million in aggregate EBITDA for the calendar years 2016
through 2019.
Additional information regarding the merger, including updated
financial information, will be discussed when the Company hosts a
conference call today at 12 p.m. ET. The call will be hosted by
Richard Hersperger, the Company’s new Chief Executive Officer, and
Mr. Hersperger will discuss the merger transaction, combined
financial outlook and introduce new senior management. In addition,
Mr. Hersperger will take questions from investors.
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
AEON’s primary business focus is on the “Personalized Medicine”
approach to laboratory testing. This includes the testing of an
individual’s blood, urine or saliva for the presence of drugs or
chemicals and the patient’s DNA profile. AEON provides health care
professionals with four primary tests: Pharmacogenomics, Cancer
Genetic Testing, Molecular Microbiology, and Medical
Toxicology.
AEON believes that in 2014, the U.S. clinical laboratory testing
industry generated revenues of approximately $60.0 billion based on
Washington G-2 reports and other industry publications. The Centers
for Medicare and Medicaid Services of the Department of Health and
Human Services have estimated that in 2014 there were more than
8,900 hospital-based laboratories, 121,200 physician-office
laboratories and 5,900 independent clinical laboratories in the
U.S.
Genetic testing: 3 tests commercialized, with new test
launching in the coming 18-months.
AEON is an innovator in the genetic testing area with three
established genetic tests today (pharmacogenomics, cancer genetic
testing and cancer tumor) and a pipeline of additional genetic
tests in development which it plans to bring to market over the
coming eighteen months. AEON is investing to expand its genetic
testing capabilities to address the rapidly increasing demand for
more personalized medical analysis that involves using an
individual’s genetic profile to guide decisions regarding the
prevention, diagnosis, and treatment of disease. AEON strives to
offer unique testing specifically designed for its increased focus
on personalized medicine, with superior service levels. In this
effort, AEON provides advanced testing in DNA pharmacogenomics,
cancer genetics and molecular microbiology. Genomic testing is more
complex than conventional toxicology testing, requires unique
knowledge and significantly more sophisticated equipment. As a
result, genetic testing commands higher pricing while enjoying
significantly less competition.
Cancer Tests: Offers analysis of 38 Genes, covering 18
Different Cancers.
AEON provides testing for hereditary cancer markers, offering
multiple BRCA testing options including comprehensive sequencing
and deletion/duplication analyses of BRCA1 and BRCA2 and numerous
multigene panels. AEON offers the analysis of thirty-eight genes
covering eighteen different cancers.
Molecular Microbiology tests: analysis for 22
Pathogens
Molecular microbiology identifies microorganisms including
viruses, bacteria and parasites through DNA or RNA detection vs.
traditional microbiology procedures which use culture to grow
potential microorganisms. AEON’s gastrointestinal panel tests for
22 pathogens from a stool sample and its respiratory panel tests
for 20 pathogens from a nasopharyngeal swab.
Toxicology tests: 15,000 Tests Per Month
AEON’s toxicology testing utilizes HPLC-Tandem Mass Spectrometry
testing and provides information about medications and other
substances in the patient’s system from either urine or oral fluid
samples with rapid 48-72 hour turnaround time. This information
helps guide a clinician’s treatment of a patient and helps to
ensure the safe use of prescription and other medications in pain
management, substance abuse, hospital, and other clinical
applications and is also routinely used in employment screening and
law enforcement. AEON offers a comprehensive set of toxicology
tests and conducts more than 15,000 tests per month.
Revenue, Sales and Marketing
AEON provides testing services to a broad range of health care
providers and other customers. AEON’s services are paid for through
a mix of reimbursement from Medicare, Medicaid and private health
insurance along with direct pay clients. Currently, the top fifty
payors represent over 83% of AEON’s billings with 39% of these
billings representing in network insurance charges. AEON is
currently working to become an in-network provider under contract
with 100% of its private health insurance payors which it believes
will result in higher revenues and higher collections. As the
Company shifts its focus to the large, national payors, management
expects the percentage of in-network billings to rapidly
increase.
As AEON continues to grow, it plans to pursue additional
Lab-to-Lab Reference relationships to further drive increased
contracted volume with lower cost of acquisition per new patient
and per test. Under this model large accounts would contract with
AEON under two primary scenarios:
*Large account with its own existing lab contracts with AEON to
serve as a reference lab;
*Large account without a lab contracts with AEON as a reference
lab. In this case AEON will help the account build out a lab and
may also provide lab management services.
In each case, AEON believes it will gain significant volumes of
new contracted testing.
Additional information is available by accessing copies of the
Company’s most recent 8-K which are available at www.sec.gov or at
www.authentidate.com under the SEC filings tab located on the
Investor Relations page, as well as joining today’s conference
call.
A dial-in replay of the call will be available through February
16, 2016. To access the replay, please dial 877-660-6853 in the
U.S. and 201-612-7415 internationally, and enter the conference ID
# 13629758. 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 AEON Clinical Laboratories
AEON Clinical Laboratories is a growing comprehensive and
efficient clinical laboratory using state of the art testing
equipment. Housed in a 28,000 square foot campus, in Gainesville,
Georgia, AEON emphasizes Technology Innovation. AEON has developed
proprietary methodologies that provide some of the fastest and most
reliable urine and oral fluid (saliva) test results in the nation.
AEON provides health care professionals with four primary tests:
Medical Toxicology, Pharmacogenomics, Cancer Genetic Testing, and
Molecular Biology.
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.
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 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 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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