BERKELEY HEIGHTS, N.J., Nov. 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-month period ended September 30, 2013.
Selected highlights for the fiscal first quarter include:
- Increased revenues approximately 96% to a record $1.8 million compared to $0.9 million for the prior year quarter. This was a 25% sequential increase compared to the fiscal fourth quarter of 2013. Year-over-year and sequential revenue increases from current operations were primarily due to growth from telehealth products and services.
- Improved operating margins and reduced operating loss and net loss for the quarter compared to the prior year period.
- Started enrolling patients for our Department of Veterans Affairs (VA) telehealth pilot program for Human Immunodeficiency Virus (HIV) patients and announced new customers for our telehealth and referral management solutions.
Following the end of the quarter the company announced its strong support for the VA's commitment to telehealth solutions. The VA has continued to expand its focus on using technology for in-home telehealth as demonstrated by its recently released 2014-2020 Draft Strategic Plan, as well as its requested appropriation of $460 million for telehealth for the 2014 fiscal year, an increase of $19 million over the prior year. The company also announced the completion of a private placement transaction from which it received approximately $2.4 million in net proceeds.Ben Benjamin, Chief Executive Officer of Authentidate, stated, "This was a strong start to our fiscal 2014 year, with record revenues and a continued, steady narrowing of operating and net losses. The acceleration of our growth rate reflects the results of our efforts to deploy our state-of-the-art telehealth platform with the VA, as well as other customers. We have seen a healthy uptick in patient activation, and continue to experience increased demand as healthcare organizations look to improve efficiency and access to care. The simultaneous improvement in our operating and net loss compared to the prior year period demonstrates the value of our business model, which benefits from a relatively fixed cost base. We believe that the strong quarter demonstrates that we are well on our way to realizing our financial objectives for the year, and believe the trends relative to revenue growth and improved operating efficiency are sustainable. We also believe that our recent private placement transaction will position us to more aggressively grow revenues, establish a greater presence in the marketplace and respond to new product orders and opportunities as they arise."