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Authentidate Holding Corp. Reports Fiscal 2013 Third Quarter Results

Stocks in this article: ADAT

BERKELEY HEIGHTS, N.J., May 15, 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 nine month periods ended March 31, 2013.

Selected highlights for the quarter include:

  • Increased revenues for the quarter by approximately 85% compared to the same period in the prior year due to growth from both our telehealth products and services and our hosted software services.
  • Completed the integration between the Department of Veterans Affairs (VA) VistA Electronic Health Records system and our Electronic House Call (EHC) and Interactive Voice Response (IVR) telehealth solutions and the VA approved the use of the interface in its national telehealth program.
  • Entered into an agreement with Fastrackā„¢ Healthcare Systems to provide ongoing development updates and support for an interface between our Inscrybe® Referral and Order Management solution and the Fastrack Enterprise System to streamline care order processing and enable physician eSignatures for Fastrack customers and referring physicians.
  • Introduced a mobile telehealth tablet and a telehealth software application to address the growing need for mobility in the telehealth market, complement our current products and services and provide for a broader range of price points and patient segments that can benefit from telehealth.

Following the end of the quarter, the company announced that our shareholders had approved the automatic conversion of the company's outstanding shares of Series C 15% convertible redeemable preferred stock into an aggregate of 3,551,541 shares of common stock. These shares are subject to a six month restriction on transferability from the conversion date.

Ben Benjamin, Chief Executive Officer of Authentidate, stated, "Our revenues are moving in the right direction and we believe the pace of our revenue growth will continue to improve as we execute on our growth plans. During the quarter we continued to focus on increasing sales of our telehealth products and services to the VA and believe we are making solid progress with this important project as evidenced by the increase in our telehealth revenues for the period. We also made progress with our other solutions as we remained focused primarily on increasing the utilization of our services by existing customers and adding partner relationships to expand our reach in these markets. We believe the increasing interest we are seeing in our products and services stems from the ongoing healthcare reform in the United States as well as industry trends to reduce costs, shift patient care towards wellness and preventative care programs and provide post-acute continuum of care solutions for patients. As the healthcare market develops, we believe our business will benefit from these reforms and market trends as we serve these emerging needs with our innovative products and services."

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