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On March 31, 2009,
announced that its Q4 FY08 net loss widened on lower revenue. Net loss for the quarter expanded to $19.34 million or $0.35 per share from $8.62 million or $0.17 per share in Q4 FY07. The most recent consensus estimate was a loss of $0.15 per share.
Revenue fell 26.8% to $8.62 million from $11.78 million in the previous year's quarter. Quarterly revenue included $2.00 million from Hythiam and $9.80 million from CompCare. Revenue from the behavioral-health-managed care services segment dropped 19.8% to $7.84 million from $9.78 million. Revenue from the healthcare services segment plunged 61.1% to $779,000 from $2.00 million. The decline in revenue in the healthcare services business was a result of company's decision to streamline operations by reducing operating costs to focus on managed care opportunities. Furthermore, a total of 109 patients were treated with the PROMETA Treatment Program compared to 251 in Q4 FY07. For Q4 FY08, 26 licensee sites contributed to revenues, compared to 50 in the same period last year.
During the quarter under review, Hythiam's behavioral health managed care expenses decreased 22.7% to $7.58 million from $9.81 million. The cost of healthcare services dropped 43.8% to $383,000 from $682,000. General and administrative expenses fell 24.4% to $8.29 million from $10.96 million. In addition, research and development expenses plummeted 58.7% to $384,000 from $929,000 in the prior year's quarter.
Recently, Hyhtiam announced two double-blind, placebo-controlled studies that help complete the company's data set on the impact of the PROMETA(R) Treatment Program on alcohol dependent subjects.
For FY08, annual revenue increased 6.3% to $41.23 million from $44.00 million a year ago. Net loss expanded to $50.42 million or $0.92 per share from $45.46 million or $0.99 per share in FY07.