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FOR RELEASE: Tuesday, October 13, 2015
Berkeley Heights, NJ
October 13, 2015
AUTHENTIDATE ANNOUNCES FOURTH QUARTER
AND FULL YEAR FINANCIAL RESULTS
Company Provides Update on Proposed Transaction with AEON Clinical Laboratories
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 fourth quarter and full-year periods ended June 30, 2015. In addition, the company announced that due diligence related to its combination with AEON Clinical Laboratories continues to progress, and cross selling between AEONs clinical solutions and Authentidates telehealth delivery solutions is continuing.
Ian Bonnet, Chief Executive Officer of Authentidate, stated, Efforts to advance the planned merger with AEON continue and we are pleased with our progress to date. Bringing these two companies together is expected to increase our market opportunities while providing our customers with an expanded product set to support their patients healthcare management needs. Under our first joint solution for Houston Clinics, Palm Recovery, a sister company of AEON, will be equipped to provide mental health and drug and alcohol rehabilitation services utilizing video chat from a computer and our web-based telehealth application. We also recently announced that we are partnering with AEON to nationally launch Cancer Detect Profile®, a 38-gene cancer genetic test coupled with telehealth-based genetic counseling for the prescribing physicians. AEONs genetic counselors will provide counseling to prescribing physicians utilizing video chat from the clinicians computer and our web-based telehealth application and reporting from our telehealth solution.
We have also been diligently working to more directly align our business with the commercial healthcare market over the last few months, continued Bonnet. As a result, we have implemented a number of changes to our business plan with the ultimate goal to increase revenues and positive cash flow from operations, including a recalibration of marketing and sales efforts that have already resulted in growth from existing customers and sales to new customers. These changes include cost reductions from reducing our workforce and use of consultants that we made in the third quarter of fiscal 2015 and additional workforce reductions through August 31, 2015. These reductions are expected to reduce operating expenses by approximately $4.2 million on an annualized basis. We have also taken actions to realign our data center operations for an expected annualized cost reduction of $203,000 and have executed an agreement with our landlord to relocate our corporate offices, which is expected to result in annualized savings of $372,000.
The following information was filed by Authentidate Holding Corp (ADAT) on Tuesday, October 13, 2015 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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