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Shareholder Update Regarding MMRGlobal's Annual Report on Form 10-K for Fiscal 2011(April 11, 2012)
LOS ANGELES, CA -- (Marketwire) -- 04/11/12 -- MMRGlobal, Inc. (OTCBB: MMRF) and temporarily (OTCBB: MMRFE) (the "Company") today announced that on April 5, 2012, it learned of an inadvertent omission, due to a formatting error, of the Item 9A information required in its Annual Report on Form 10-K for the fiscal year ended December 31, 2011, timely filed with the Securities and Exchange Commission ("SEC") on March 30, 2012 (the "10-K"). A link to the complete filing received by the SEC on March 30th can be found on the SEC website at:
Due to the omission, an "E" symbol was placed on the Company's ticker symbol by the OTC Bulletin Board, informing the Company that it had 30 days to correct the omission. On April 6, 2012, the following day, the Company amended the Form 10-K to include the omitted information and place the Company back in compliance with all periodic reporting requirements of the SEC. The filing on Form 10K/A can be viewed on the SEC website at: http://www.sec.gov/Archives/edgar/data/1285701/000113626112000193/0001136261-12-000193-index.htm.
The Company is actively working with the OTCBB to have the "E" symbol removed as quickly as possible.
Prior to MMRGlobal's original March 30th filing of its Annual Report on Form 10K, the Company was pleased to report in its earnings press release dated March 29, 2012 that revenues for the year ended December 31, 2011 increased by 45.9% when compared to the year ended December 31, 2010 due to an increase in MMRPro sales, which were up 105%, and biotech licensing revenues, which were up 100%. The Company also saw revenue from investment by customers in private label website development for integration of the Company's proprietary patented Personal Health Record products and services, including Chartis Insurance and E-mail Frequency. E-mail Frequency has advised the Company that it plans on rolling out PHRs to as many as one million member clients in 2012.
Cost of revenue decreased by 8.2% for the year ended December 31, 2011 when compared to the year ended December 31, 2010. Gross profit increased to 161% for year ended December 31, 2011. The Company attributes a significant portion of the decrease in costs to the elimination of certain outside service providers, the development of an internal cost-savings platform and the creation of MMRGlobal Infocom, which now provides operating technology services and website integration and support internally. The cost of revenue decreased primarily due to changes in service providers hosting the Company's products and the formation of Infocom providing services in-house, and the development of the Company's own cost-savings platform(s). As a result, the Company's operating losses were down 51%.
As disclosed in the March 30th filing, revenues increased by $446,660, or 45.9%, to $1,419,648 for the year ended December 31, 2011 from $972,988 for the year ended December 31, 2010. The Company believes that the other revenues, which include website development and PHR integration, signal a continued long-term commitment to offer the Company' products and services. Our cost of revenue decreased to $609,212 for the year ended December 31, 2011 from $663,372 for the year ended December 31, 2010. Gross Margin increased by 57.1% for the year ended December 31, 2011, as compared to 31.8% for the similar period in 2010. Cost of revenue as a percentage of sales decreased by 8.2% and operating expenses decreased 1.0% during the same period.
General and Administrative increased by $181,193 or 4.2% in 2011, as compared to the similar period in 2010, primarily due to higher consulting fees and a non-cash increase in MMRPro amortization expenses. Sales and marketing expenses decreased by $257,502 or 9.6% in 2011, as compared to the prior period in 2010, due to a decrease in the cost of radio and TV ads. Technology development expenses were essentially equivalent to those seen in 2010.
Losses were down 51% from the prior year. The Company lost $8,884,427 of which $2,845,222 was cash and $6,039,205 non-cash compared to total losses of $17.9 million in the previous year of which $4,212,300 was cash. Cash losses were down 32.5%.
Non-cash losses were caused by the application of accounting principles to value derivative liabilities and equity imputed interest in the sale of convertible notes, and stock options warrants and common stock issued for services, among other similar types of expenses.
A copy of the complete earnings release issued by MMRGlobal on March 29, 2012 is available at the Company's Investor Relations section at www.mmrglobal.com, or directly at http://phx.corporate-ir.net/phoenix.zhtml?c=178404&p=irol-newsArticle&ID=1678048&highlight=.
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. 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 and year-end 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; 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; 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 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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