Diversinet Reports Second Quarter 2012 Financial Results
TORONTO, July 26, 2012 /PRNewswire/ – Diversinet Corp. (TSX Venture: DIV,
OTCBB: DVNTF), a leader in secure mobile health that “Powers Care
Coordination through Mobility,” reported its second quarter 2012
results for the period ended June 30, 2012. All dollar amounts are in
Revenues for the second quarter of 2012 increased 217% to $419,000 from
$132,000 in the same year-ago period. Revenues for the six months ended
June 30, 2012 increased 22% to $701,000 from $576,000 in the same
period in 2011.
Revenues in the second quarter of 2012 included $185,000 from the
company’s license and reseller agreement with Mihealth Global Systems
and $75,000 from the University of Nebraska.
Net loss in the second quarter totalled $1.1 million or $(0.03) per
share, improving from $1.7 million or $(0.04) per share in the same
year ago period. Net loss for the six months ended June 30, 2012 was
$2.6 million, or $(0.06) per share, improving from $2.8 million or
$(0.07) per share in the first six months of 2011.
Cash and cash equivalents were $5.1 million at June 30, 2012 compared to
$7.4 million at December 31, 2011.
-- Advanced toward the roll-out of Janssen Research & Development's care4today(TM), their new patient-centered mobile app using Diversinet's MobiSecure® technology. The application reminds patients to take medications, refill prescriptions and keep medical appointments. Unlike traditional stand-alone reminder apps, the app connects to back-end servers that can allow for analytics, surveys, two-way communication and follow-up via a secure linkage with care providers. -- During the second quarter, the University of Nebraska expanded their virtual preoperative assessment initiative with Diversinet to include additional iterative rules and algorithm designs. -- Received the 2012 CATA Alliance Award for Outstanding Product Achievement in Healthcare. The award recognizes outstanding technology engineering development that has resulted in the production of world-class, field-proven products. -- Diversinet's CEO, Dr. Hon Pak, was interviewed by SearchHealthIT at the 2012 American Telemedicine Association conference. He shared his views on trends in telemedicine adoption, mHealth and EHR systems. A link to the interview is available at www.diversinet.com under the 'feature' section. -- Subsequent to Q2 2012 Diversinet appointed Bret Jorgensen as chairman of the board succeeding Albert Wahbe, who has retired as chairman but remains a member of the board. Jorgensen brings more than 20 years of experience as a healthcare entrepreneur and corporate transformation executive to Diversinet.
“Our second quarter growth was the result of our renewed focus on
creating, on behalf of our clients, more effective patient engagement
and care coordination using our MobiSecure® technology,” said Dr. Pak.
“The improvement in revenue reflects the strong leverage in our model
and the value we’ve created in our intellectual property.
“With MobiSecure, we are able to address the increasing demand by
healthcare organizations for patient-centered mobile solutions that
improve quality of care, reduce costs and provide critical security in
a mobile environment. No other mHealth platform offers the security and
feature-richness of MobiSecure, including its ability to securely
connect to back-end servers and allow two-way communications or
analysis of personal health information. Security features embedded in
our platform include data encryption at rest and in transit, as well as
patented mobile software anti-cloning protection. Altogether, there is
not a more robust solution for delivering this type of patient care on
the market today.
“Increasingly major organizations that deliver healthcare are beginning
to take notice of this, as evidenced by our growing marquee customer
list that now includes Janssen, U.S. Army, MiHealth, University of
Nebraska, and others. We anticipate our gathering momentum to continue
as we complete the second half 2012.”
Q2 2012 Q2 2011 Revenues $419,258 $132,108 Cost of revenues 64,934 30,744 Gross margin 354,324 101,364 Expenses Research and development 702,828 734,971 Sales and marketing 344,359 482,880 General and administrative 444,635 559,605 Depreciation 13,231 16,216 1,505,053 1,793,672 Loss before the undernoted (1,150,729) (1,692,308) Foreign exchange gain 453 4,673 Interest income 3,059 26 Loss for the period $(1,147,217) $(1,687,609) Basic and diluted earnings (loss) per $(0.03) $(0.04) share Cash and cash equivalents $5,098,650 $9,790,920 Total assets $5,539,210 $10,159,955 Total current liabilities $749,699 $568,038 Total shareholders' equity $4,789,511 $9,591,917 Weighted average basic and fully diluted 43,179,333 42,503,921 common shares outstanding
For complete financial statements, including the notes and management’s
discussion and analysis, please visit our website at www.diversinet.com/FinancialReports.html.
Diversinet Corp. (TSX Venture: DIV, OTCBB: DVNTF) provides patented and
proven secure products that enable healthcare organizations to rapidly
deploy HIPAA-compliant mobile healthcare (mHealth) applications to
power care coordination. Learn more about Diversinet at www.diversinet.com.
The Private Securities Litigation Reform Act of 1995 and Canadian
securities laws provide a “safe harbour” for forward-looking
statements. Certain information included in this press release (as well
as information included in oral statements or other written statements
made or to be made by the company) contains statements that are
forward-looking, such as statements relating to the success of current
product offerings. Such forward-looking information involves important
risks and uncertainties that could significantly affect anticipated
results in the future and, accordingly, such results may differ
materially from those expressed in any forward-looking statements made
by or on behalf of the company. For a description of additional risks
and uncertainties, please refer to the company’s filings with the
Securities and Exchange Commission available at www.sec.gov and Canadian securities regulatory authorities available at www.sedar.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. MobiSecure
is a registered trademark of Diversinet Corp.
SOURCE Diversinet Corp.