The Quantum Group, Inc. (NYSE Amex:QGP) announced financial
results for the third quarter of fiscal year 2009 ended July 31,
2009.
For the period, the Company reported an increase in revenues of
approximately 134% to $10,454,969, compared to $4,459,362 for the
same quarter in fiscal year 2008. Further, the Company has exceeded
the preliminary revenue guidance released on August 12, 2009. On a
sequential basis, revenues increased 26% from $8,308,967 in the
second quarter of fiscal 2009 to $10,454,969 in the third quarter
of fiscal 2009.
“We are very pleased by the consistent growth of our Company,”
stated Noel J. Guillama, President and CEO of The Quantum Group.
“There has never been a more exciting time to be in healthcare as
an innovation-driven company. We are confident that our business
model, one that focuses on a comprehensive industry wide solution
and creating efficiencies, is more relevant and marketable than
ever. Propelled by our 21st Century Electronic Medical Record
platform PWeR™ (Personal Wellness electronic Record™) that operates
through a cloud computing model and empowers the one patient,
one record™ concept, we continue to find providers to be very
receptive to the services and solutions offered by The Quantum
Group of Companies (including subsidiaries Renaissance Health
Systems and Quantum Innovations).”
Guillama further commented, “Efficiency by innovation is the key
to our Company. We have reached a maturation point through the
growth of Renaissance Health Systems that places our focus on
putting operational systems and processes in place to control
costs, eliminate waste and potentially harmful care. While our
revenues increased 26% this quarter over the second quarter, we
reduced our operating costs by 27% and we expect to continue to
drive similar efficiencies going forward.”
Susan Darby Gallagher, Executive Vice President & Chief
Administrative Officer noted, “The efficiencies of our business
have been achieved through the combination of the unique skill base
of our employees, the critical mass to provide the scale and
growth, and the automation of processes through best practices and
technology. These results have been evident through our increased
growth with less cost.”
The Company reported that over the last three years it generated
$53,443 in revenues per employee in the third quarter of 2007,
$96,943 per employee in the same quarter of 2008, and $177,203 per
employee in the same quarter of 2009. This represents a revenue
increase per employee of 232% over 3 years.
The Company reported a loss from operations of $2,208,680 in the
third quarter of fiscal year 2009 as compared to a loss from
operations of $2,125,556 for the same quarter in fiscal year of
2008. This loss resulted in a loss per share of $.34 versus $.26
per share for the same period in 2008. The Company further reported
a total net loss of $3,861,395 for the quarter compared to a total
net loss of $2,275,236 for the third quarter of fiscal year 2008
and reported costs attributed to financing of $1,672,523 for this
quarter compared to $149,680 from the same quarter of fiscal year
2008.
The Company’s Quarterly Report on Form 10Q for the quarter ended
July 31, 2009, can be obtained through the SEC website or via the
following link:
http://www.sec.gov/Archives/edgar/data/1118847/000111650209001446/0001116502-09-001446-index.htm
About The Quantum Group, Inc.
The Quantum Group is an innovation-driven Healthcare Services
Organization (HSO) that provides Technology Solutions
through PWeR, a 21st Century Electronic Medical Records (EMR)
platform; Provider Systems and services through Renaissance
Health Systems, a Medical Services Organization (MSO) with more
than 2,000 affiliated providers; and Business Services for
healthcare providers and facilities through Quantum Global
Professional Services. For more information, please visit
www.QuantumMD.com.
About PWeR™
PWeR stands for Personal Wellness electronic Record™.
This 21st Century EMR solution is a new breed, intelligent
healthcare information platform that hosts medical records and
permits interactive use. Medical records will follow the patient,
giving every healthcare provider that sees a particular patient
access to all the information needed to assist in their diagnosis
and treatment plan. Providers can access a patient's entire medical
record at one glance. Patients can look back over physician
instructions or track their wellness progress. In critical
situations or in providing treatment to PWeR patients, hospitals
are enabled to access full medical histories and make educated
treatment decisions based on accurate data. One patient… one
record™. That's PWeR. For more information, please visit
www.myPWeR.com.
Certain statements contained in this
news release that are not based on historical facts are
forward-looking statements, as the term is defined in the Private
Securities Litigation Reform Act of 1995, and are subject to
substantial risks and uncertainties. These risks and uncertainties
are in part detailed in the Company's Annual Report on Form 10-K
for the fiscal year ended October 31, 2008, and its Quarterly
Reports on Form 10-Q (“Quarterly Reports”) for the periods ended
January 31, April 30 and July 31, 2009, which were filed with the
Securities and Exchange Commission. Forward-looking statements can
be identified by the use of words such as "expects," "plans,"
"will," "may," "anticipates," "believes," "should," "intends,"
"estimates" and “could,” other words of similar meaning and the
negative form of such words. These statements are subject to risks
and uncertainties that cannot be predicted or quantified and,
consequently, actual results may differ materially from those
expressed or implied by these forward-looking statements. Such
risks and uncertainties include, without limitation, the ability of
the Company to properly execute its business model, to raise
substantial and immediate additional capital in the current credit
markets, to implement its business model, to continue its
upward revenue growth trend through the end of the current fiscal
year and into fiscal 2010, to control patient medical costs
relative to income received, to attract and retain qualified
executive, management and operational personnel, to continue
growing its patient base, to negotiate or renegotiate favorable
terms for its current debt and future financings, to negotiate
favorable agreements with a diversified provider base and HMO
payers and to continue to supply the services required by these HMO
payers and provider clients. In addition, as further described in
the Quarterly Reports, the Company received notice from the NYSE
Amex LLC (formerly American Stock Exchange (the “Exchange”)) that
it is not in compliance certain Exchange listing standards.
Specifically, the Exchange staff noted that the Company sustained
losses that are so substantial in relation to its overall
operations or its existing financial sources that it appeared
questionable as to whether the Company would be able to continue
operations and/or meet its obligations as they mature. As of the
date of this news release, the Company has received no further
communication from the Exchange relating to the status of its
compliance efforts; however, there is no assurance that the Company
will remain listed on the Exchange. There can also be no assurance
that the Company’s deployment of its PWeR™ technology platform will
be commercially successful or that the continuing infrastructure
development, hosting, security, sales and servicing will be
accomplished in a timely manner or at all or be accepted by
clients. The PWeR platform may also experience further potential
complications during utilization by clients, technical and software
setbacks and any unexpected costs of development, as well as
pricing and completive pressures, and the capital necessary to
deploy it may not be available on time or at all. The Company is
also subject changes in federal and state government regulations
dealing with its provider system and technology solutions that
could have a material adverse effect on its financial condition and
result in interruptions of services, and to contractual risk,
expenses and compliance with its alliance partner(s) agreements.
The Company does not undertake any obligation to release any
revisions to these forward-looking statements publicly to reflect
events occurring after the date of this report or to reflect the
occurrence of unanticipated events. As a result, investors should
not place undue reliance on these forward-looking statements.
Quantum Grp., (The) (AMEX:QGP)
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