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Authentidate Holding Corp. Reports Fiscal 2013 Second Quarter Results

Stocks in this article: ADAT

BERKELEY HEIGHTS, N.J., Feb. 14, 2013 (GLOBE NEWSWIRE) -- 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 six month periods ended December 31, 2012.

Selected highlights for the second quarter include:

  • Increased revenues for the quarter by approximately 59% compared to the same period in the prior year, reflecting growth from both our telehealth products and services and our hosted software services.
  • Completed the required test-in phase with the Department of Veterans Affairs (VA) for our Interactive Voice Response (IVR) vital signs monitoring solution for use with the VA's weight management protocol (TeleMOVE) and the VA approved the use of the IVR solution for TeleMove by VA facilities throughout the country.
  • Announced the addition of NBN Group as a new customer for our Inscrybe® Referral Management solution.
  • Added Charles C. Lucas III to our board of directors and expanded the size of the board to six members. Mr. Lucas is currently the general counsel of Elevation LLC, an institutional broker-dealer, and is active in numerous civic and philanthropic organizations, including serving as a Trustee of The Duke Endowment and as Chairman of the Board of Trustees of the University of North Carolina School of the Arts.

Following the end of the quarter, the company announced that it had completed the integration and required testing of the interface between its telehealth solutions and the VA's VistA Electronic Health Records system and that the VA had approved the interface for use in its national telehealth program. The interface to VistA is designed to make it faster and easier for clinicians to enroll patients, manage patient care plans and update patient information in the VistA system. The company also announced that the VA had approved a number of new Disease Management Protocols (DMPs) over the past few months for both of our telehealth solutions which continues to make these solutions available to a larger patient population at the VA. As part of our focus on expanding our addressable markets, the company announced its plans to introduce a mobile telehealth tablet and a telehealth software application in February 2013 to complement our present telehealth products and services and provide for a broader range of price points and patient segments that can benefit from telehealth. The new products are designed to address the growing need for mobility in the telehealth marketplace as well as the needs of healthcare providers looking for ways to reduce patient care costs and the high hospital readmission rate of patients with chronic illnesses. In connection with our expense and cash management activities, the company changed its compensation modification program to further reduce employee compensation, converted all director compensation to non-cash equity based grants and reduced certain other operating expenses beginning in January 2013.

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