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MMRGlobal Files Quarterly Earnings Report, Cites Decreased Costs and Plans for Future Growth(May 15, 2012)
LOS ANGELES, CA -- (Marketwire) -- 05/15/12 -- MMRGlobal, Inc. (OTCBB: MMRF) ("MMR," the "Company," "we," "us," "our"), a leading provider of Personal Health Records (PHRs), MyEsafeDepositBox storage solutions and electronic document management and imaging systems for healthcare professionals, today announced that it has filed its quarterly report on Form 10-Q for the period ended March 31, 2012 with the United States Securities and Exchange Commission.
The Company reported revenues for the first quarter 2012 of $172,798, including a third milestone payment from its biotech licensing agreements. This paves the way for the Company's next milestone payment of at least $650,000 which the Company expects to receive during the remainder of 2012, as one of three remaining milestones. The Company has already received $850,000 in other milestone payments from existing licensing agreements.
Overall the Company has also continued to slash expenses and leverage equity transactions at a premium to market. Operating costs decreased by $225,284, or 13.4%, from $1,681,671 in the first quarter of 2011 to $1,456,387 in 2012. General and administrative expenses declined by $74,095, or 7.4%, from $1,007,861 in the first quarter of 2011 to $933,766 in 2012. Sales and marketing expenses decreased by $136,352, or 23.1%, from $588,996 in the first quarter of 2011 to $452,644 in 2012. Technology and product development expenses decreased by $14,837, or 17.5%, from $84,814 in the first quarter of 2011 to $69,977 in 2012. The Company also reported a decrease in interest and other finance charges of $335,506 or 72.7% from $461,269 in the first quarter of 2011 to $125,763 for the first quarter of 2012.
As such, the Company reported continued reductions in net losses from a net loss of $1,730,392 for the first quarter of 2011 to a net loss of $1,584,201 for the same period in 2012. $382,977 of this were non-cash losses attributable to expenditures which stem mainly from the application of accounting principles including but not limited to stock options, warrants and common stock issued for services, among other similar types of expenses.
While reducing costs, the Company's primary focus remains on increasing revenue from all of its products and services including its Personal Health Records and MMRPro professional document management and imaging system. We plan on increasing the size of MMR's paid member base through direct sales, affinity sales and patient upgrades from the MMRPro Stimulus Program as well as our Rapid Revenue direct marketing program launched earlier last month.
MMR continues to work with strategic partners whose interests are aligned with the Company's agenda to take advantage of today's opportunities in healthcare including Regent Surgical Health, Chartis International Insurance (formerly AIG), Alcatel-Lucent, ng Connect, 4medica, Interbit Data, MedicAlert®, Vida Senior Resource and affiliated home health care agencies, VisiInc, Unis-Tonghe in China, UST Global®, as well as independent pharmacies, pharmacy chains and other retailers and mass merchandisers nationwide, visiting nurses, caregivers, patient advocates, in-home sales affiliates, hospitals and medical supply companies. As part of this strategy, we are in the process of creating a national manufacturers representative network that will focus on selling Prepaid Personal Health Record cards at retail to the larger chains and mass merchandisers.
"We believe that Personal Health Records are emerging as the killer app as people realize the importance of maintaining health records online," said Bob Lorsch, MMRGlobal CEO. "The government continues to incentivize adoption of computerized medical records and by 2014, providers will be required to give over 90% of their patients the ability to view, download and transmit medical records online, without having to request it. As such, we are uniquely well-positioned to benefit from the changes affecting healthcare across the board."
MMRGlobal is scheduled to present its plans for the future and opportunities in ehealth at the 13th Annual B. Riley & Co. Investor Conference May 21-23, 2012 at Loews Santa Monica Beach Hotel, where more than 1,000 financial professionals are invited to the three-day, invitation-only conference. MMR is featured as part of "Discovery Day," a conference session on May 21st dedicated to prospecting for emerging growth opportunities.
The Company also continues efforts to maximize the current and future value of its biotech intellectual property that was acquired through our reverse merger with Favrille, Inc. in January 2009, as well as monetize our health IT patent portfolio which creates a significant licensing opportunity for companies providing Personal Health Records and Electronic Medical Records. These assets include, but are not limited to, the exploitation and licensing of patents, data and over 1,800 patient samples from the Company's pre-merger clinical vaccine trials, the FavId/Specifid vaccine, and exploiting the anti-CD20 antibodies to treat B-cell lymphomas. The Company's health IT patents have been either issued or are pending in more than 13 countries of interest.
In the first quarter of 2012, the Company received approval for three of our U.S. patents related to the transmission of health records into a Personal Health Record online as U.S. Patent No. 8,121,855, U.S. Patent No. 8,117,045, and U.S. Patent No. 8,117,646. Together, these patents have a total of 81 claims. The full term of these patents will not expire until October 2027. The Company also has 186 patent claims still pending across nine other pending U.S. utility patent applications related to health information technology. In addition, the Company has a total of two Patent Cooperation Treaty applications pending and seven U.S. provisional patent applications pending.
Internationally, the Company holds patents pending, issued and applied for in Australia, Singapore, and New Zealand, and in March 2012, we received notice that Mexico has allowed the Company's pending patent application. Currently, other foreign patent applications are pending and we continue to file new patents that will make the Company's portfolio stronger.
About MMRGlobal, Inc.
MMRGlobal, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc., provides secure and easy-to-use online Personal Health Records ("PHRs") and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, financial institutions, and professional organizations and affinity groups. The MyMedicalRecords PHR enables individuals and families to access their medical records and other important documents, such as birth certificates, passports, insurance policies and wills, anytime from anywhere using the Internet. MyMedicalRecords is built on proprietary, patented technologies to allow documents, images and voicemail messages to be transmitted and stored in the system using a variety of methods, including fax, phone, or file upload without relying on any specific electronic medical record platform to populate a user's account. The Company's professional offering, MMRPro, is designed to give physicians' offices an easy and cost-effective solution to digitizing paper-based medical records and sharing them with patients in real time through an integrated patient portal. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. Through its merger with Favrille, Inc. in January 2009, the Company acquired intellectual property biotech assets that include anti-CD20 antibodies and data and samples from its FavId/Specifid vaccine clinical trials for the treatment of B-Cell Non-Hodgkin's lymphoma. To learn more about MMRGlobal, Inc. visit www.mmrglobal.com. View demos and video tutorials of the Company's products and services at www.mmrtheater.com.
All statements in this press release that are not strictly historical in nature, including future performance, management's expectations, beliefs, intentions, estimates or projections, constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. Some can be identified by the use of words (and their derivations) such as "need," "possibility," "intend," "offer," "development," "if," "negotiate," "when," "begun," "believe," "achieve," "will," "estimate," "expect," "maintain," "plan," and "continue," or the negative of these words. Actual results and the timing of selected events may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Such statements are subject to various risks and uncertainties, including but not limited to those discussed or incorporated by reference herein. The forward-looking statements are necessarily based on various assumptions and estimates and are inherently subject to various risks and uncertainties, including risks and uncertainties relating to the possible invalidity of the underlying assumptions and estimates and possible changes or developments in economic, business, industry, market, legal and regulatory circumstances and conditions and actions taken or omitted to be taken by third parties, including customers, suppliers, business partners and competitors and legislative, judicial and other governmental authorities and officials. Factors that could cause or contribute to such differences include, but are not limited to, the risk the Company's products are not adopted or viewed favorably by the healthcare community and consumer retail market; business prospects, results of operations or financial condition, including variations in our quarterly operating results; risks related to the current uncertainty and instability in financial and lending markets, including global economic uncertainties; litigation matters; timing and volume of sales and installations; length of sales cycles and the installation process; market acceptance of new product and service introductions including the prepaid Personal Health Record card; ability to establish and maintain strategic relationships; relationships with licensees; competitive product offerings and promotions; changes in government laws and regulations and future changes in tax legislation and initiatives in the healthcare industry including the 2009 HITECH Act and changes in Meaningful Use; undetected errors in our products; possibility of interruption at our data centers; risks related to third party vendors; risks related to obtaining and integrating third-party licensed technology; risks related to a security breach by third parties; risks associated with recruitment and retention of key personnel; maintaining, developing and defending our intellectual property rights; marketing and exploitation of our patent portfolio both in the U.S. and internationally; uncertainties associated with doing business internationally across borders and territories; and additional risks discussed in the Company's filings with the Securities and Exchange Commission. The Form 10-Q is available on the Web site maintained by the Securities and Exchange Commission at www.sec.gov and on the MMRGlobal Web site in the Investor Relations section. The Company is providing this information as of the date of this release and, except as required by applicable law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.
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