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|FOR IMMEDIATE RELEASE|
For: Authentidate Holding Corp.
Berkeley Heights, NJ
September 26, 2013
AUTHENTIDATE HOLDING CORP. REPORTS FISCAL 2013 FOURTH QUARTER AND
Full-Year Revenues Increase Approximately 51% Year-over-Year, Operating Loss Narrows, Business Conditions Seen as Improving
Authentidate Holding Corp. (Nasdaq: ADAT), a provider of secure web-based software applications and telehealth products and services for healthcare organizations, today announced financial results for the three- and 12-month periods ended June 30, 2013.
Selected highlights for the fiscal year include:
|||Increased revenues and reduced operating losses for the quarter and fiscal year periods. For the year, revenues increased approximately 51% due to growth from both telehealth products and services and hosted software services.|
|||Strengthened our balance sheet with the conversion of the companys outstanding shares of Series C convertible redeemable preferred stock to common stock, the cancellation of $6.5 million of senior secured notes in exchange for shares of Series D convertible preferred stock and warrants, and the completion of an underwritten public offering of the companys common stock and warrants for net proceeds of approximately $3.93 million.|
|||Completed the required test-in phase with the Department of Veterans Affairs (VA) for our Electronic House Call (EHC) and Interactive Voice Response (IVR) telehealth solutions; the VA approved the use of these solutions by VA facilities throughout the country.|
|||Completed the integration between the VAs VistA Electronic Health Records system and the companys telehealth solutions; the VA approved the use of the interface in its national telehealth program and also approved a number of new Disease Management Protocols (DMPs) for both telehealth solutions, significantly increasing the available patient population for these solutions.|
|||Announced several new customers for our Inscrybe® Referral Management and Hospital Discharge solutions and a co-marketing agreement with Fastrack Healthcare Systems, a Mediware company, for an interface between the referral management solution and the Fastrack Enterprise practice management system.|
|||Introduced a mobile telehealth tablet and a telehealth software application to address the growing need for mobility in the telehealth market, complement current products and services and provide for a broader range of price points and patient segments that can benefit from telehealth.|
Following the end of the fiscal year, the company announced that it had started to enroll patients for its sole-source VA telehealth pilot program for Human Immunodeficiency Virus (HIV) patients. We also announced new customers for the telehealth and referral management solutions and the retention of Hayden IR as our new investor relations firm.
Ben Benjamin, Chief Executive Officer of Authentidate, stated, The significant progress we made with our VA telehealth project during fiscal 2013 helped drive a meaningful increase in our revenues for the second half of the year. We continue to work closely with the VA and believe that the extension of our contract for the second of four option years reflects positive progress with this project. We are also encouraged by the growing number of VA locations using our products and services as well as the sole-source award from the VA for a telehealth pilot program for HIV patients. As we previously reported, the VA estimates that it provided care to more than 25,000 patients with HIV in 2011. Although we cannot predict the number of patients that will be enrolled in the program,
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The following information was filed by Authentidate Holding Corp (ADAT) on Thursday, September 26, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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