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Authentidate Holding Corp. Reports Second Quarter Results

Stocks in this article: ADAT

BERKELEY HEIGHTS, N.J., Feb. 13, 2014 (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 and six-month periods ended December 31, 2013.

Selected highlights for the second quarter include:

  • Increased revenues approximately 39% for the second quarter compared to the prior year quarter, led by an increase of approximately 163% in telehealth revenues.  
  • Improved operating margins compared to the prior year and reduced operating and net losses compared to the prior year and sequentially from the first quarter of fiscal 2014.  
  • Added Jeffrey A. Beunier to the board of directors. Mr. Beunier is the founder and principal of Open Choke Capital Management, LLC, which provides consulting services to private and institutional investors as well as public companies focusing on energy related transactions, monetization strategies and strategic advisory assignments. He also advises independent oil and gas operators on capital structure and funding sources. Mr. Beunier serves on the advisory board, and is a limited partner, of Lazarus Investment Partners, LLLP and was elected to the board pursuant to the Board Nomination and Observer Agreement between the company and Lazarus Investment Partners.  
  • Strengthened the company's balance sheet with the completion of a private placement transaction of the company's common stock and warrants for net proceeds of approximately $2.4 million.

Ben Benjamin, Chief Executive Officer of Authentidate, stated, "Our results continued to move in the right direction as we reported strong revenue growth and improved operating results for the quarter and year-to-date periods. Shortly before the holidays, the Department of Veterans Affairs (VA) was required to implement a security system upgrade at its data center that required some changes from Authentidate. We completed the changes in a timely manner, however, the required testing for the changes as well as the timing of the major U.S. holidays in November and December impacted patient activations and sales for our state-of-the-art Electronic House Call telehealth platform for the last six weeks of the quarter. While this delayed our progress near term and caused a brief slowdown in revenue growth compared to the first quarter of fiscal 2014, the changes are now behind us. We believe there is pent up demand for this important solution and we expect to get back on track to realize our financial objectives for fiscal 2014. Despite this delay, we improved our operating results compared to the prior year periods, reflecting the strength of our business model which benefits from a relatively fixed cost base, and strengthened our balance sheet. We have also made solid progress with our efforts to lower production costs for our solutions and we remain excited about the future prospects for our business."

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