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Health Robotics Reports Triple-Digit-Growth Across All Financial Metrics in Fiscal Year 2008

BOLZANO, Italy, April 14 /PRNewswire/ -- Health Robotics today announced audited results for FY2008 ending December 31, 2008, delivering record levels of firm purchase orders, revenue, earnings and cash flow.

Revenues in FY2008 were EUR8.2 million, a 161% increase year-over-year as the company began to record and enjoy the benefits of its indirect sales-channel franchise fee model, recurring revenue recognition, zero debt financing, worldwide adoption of its technology, and its conservative accounting practices of up-front expenditures with no amortization of R&D expenses.

Gross Margins in FY2008 were EUR5.8 million, a 442% increase year-over-year as the company recorded a higher mix of software licenses and other higher margin components as a % of gross revenues, corresponding to its first year accounting of deferred revenues from its franchise-fee recurring-revenue model, delivering FY2008 Gross Margins of 71% versus 34% in FY2007.

EBIDTA Earnings in FY2008 were EUR2.4 million, a 321% increase year-over-year as the company recorded EBITDA Margins of 29% versus 18% in FY2007. Net Profit Earnings in FY2008 were EUR1.7 million, also a 321% increase year-over-year as the company delivered Net Profit Margins of 20% versus 13% in FY2007.

Revenue Backlog [revenue from firm purchase orders that has been deferred to future Fiscal Years] grew to EUR25 million at the end of FY2008, a EUR14 million or 127% increase year-over-year, significantly reducing the pressure to achieve additional sales in the current global economic environment, and ensuring the company's high-double-digits growth and profitability for years to come.

Future Guidance for FY2009 includes a minimum of EUR12 million in Gross Revenues, EUR8 million in Gross Margin, EUR5 million in EBIDTA Earnings, and EUR3 million in Net Earnings, continuing to generate positive cash-flow and recording unprecedented growth across all financial metrics as the company continues to benefit from the recurring-revenue-base emanating from its company-deferred firm purchase orders and franchise fees, and having expensed the majority of R&D expenses for its first [CytoCare(TM)] and second [i.v.STATION(TM)] robots.

"We are very pleased with our FY2008 results, which reflect excellent execution across Europe, North America, Middle East, and Asia-Pacific in a challenging economic environment. The large size and geographic diversity of our customer base and the long-term strategic relationships we have built with our global partners Devon International Group, B|Braun, Can-Med, Tosho, and AHCSC-Olayan, contributed to our ability to deliver excellent results in a difficult global economic environment. Health Robotics also benefits from offering a product that has no competition whatsoever in the high-growth Oncology Sector and at the same time bringing to market in FY2009 a second product that changes the dynamics of competition in the IV Antibiotics and Pain Therapy markets by delivering a fault-tolerant solution at 1/4 of the price and comparable throughput than our competitors currently offer in the IV Robotics field. These excellent financial results achieved on only our second full year of operations also allowed us to test direct sales operations in certain European and Asia-Pacific areas, and to comfortably plan to develop a third robot [TPNstation] as part of a new strategic partnership expanding from IV Therapy into the Parenteral Nutrition market in FY2010. We expect the demonstrate TPNstation at ASHP 2009 Mid Year Meeting in Las Vegas." stated Werner Rainer, CEO of Health Robotics.

                  HEALTH ROBOTICS GmbH (Fiscal Code 02493250217)
                        STATEMENT OF EARNINGS (Euros)

                              2008           2007      EUR Change   % Change

                   --------------- -------------- --------------- ----------

    Gross Revenues    EUR8.166.277   EUR3.133.299    EUR5.032.978       161%
    Cost of Goods
    Sold              EUR2.402.186   EUR2.069.695      EUR332.491        16%
    Gross Margin      EUR5.764.091   EUR1.063.604    EUR4.700.487       442%

                   --------------- --------------- -------------- ----------

    GM%                        71%            34%

    Operating Expenses
    General &
    Administrative    EUR2.654.399     EUR408.600    EUR2.245.799       550%
    Other               EUR732.978      EUR90.006      EUR642.972       714%

                   --------------- --------------- --------------- ---------

    Total Op.
    Expenses          EUR3.387.377     EUR498.606    EUR2.888.771       579%
    EBIDTA            EUR2.376.714     EUR564.998    EUR1.811.716       321%

                   --------------- --------------- --------------- ---------

    EBIDTA%                    29%            18%

    Revenue              EUR70.511      EUR67.066        EUR3.445         5%

                   --------------- --------------- --------------- ---------

    Income Taxes        EUR791.400     EUR238.878      EUR552.522       231%

    Tax Rate                   33%            38%

                   --------------- --------------- --------------- ---------

    Net Earnings      EUR1.655.825      EUR393.186   EUR1.262.639       321%

                      ============      ==========   ============     ======

    NET PROFIT%                20%             13%

                        HEALTH ROBOTICS GmbH (Fiscal Code 02493250217)
                                   BALANCE SHEET (Euros)

                             2008           2007      EUR Change    % Change

                   -------------- -------------- --------------- -----------

    Cash               EUR109.767     EUR626.851     -EUR517.084        -82%
    Fixed Assets       EUR281.298     EUR117.239      EUR164.059        140%
    Inventory          EUR155.409     EUR320.252     -EUR164.843        -51%
    Receivable       EUR3.767.018   EUR2.661.095    EUR1.105.923         42%

                   -------------- -------------- ---------------- -----------

    Total Assets     EUR4.313.492   EUR3.725.437      EUR588.055         16%

    Accounts Payable EUR1.257.904   EUR2.844.032   -EUR1.586.128        -56%
    Provision Income
    Taxes              EUR486.260     EUR219.407      EUR266.853        122%
    Accrued Payroll
    & Tax               EUR59.775           EUR0       EUR59.775       DIV/0
    Other Short-Term
    Debt               EUR622.740     EUR216.152      EUR406.588        188%

                  --------------- -------------- ---------------- -----------

    Liabilities      EUR2.542.105   EUR3.291.877     -EUR749.772        -23%

                    ------------- -------------- ---------------- -----------

    Equity           EUR1.771.387     EUR433.560    EUR1.337.827        309%

    Liabilities &
    Equity           EUR4.313.492   EUR3.725.437      EUR588.055         16%

                     ============   ============      ==========      ======

About Health Robotics:

Health Robotics is the global leading supplier of life-critical intra-venous medication preparation, compounding, and dispensing Robots, with forty-five-times more units sold that all of its competitors combined, and providing healthcare facilities in four continents with robotics technology and software automation solutions. The world-leading solutions CytoCare [hazardous IVs] and i.v.STATION [non-hazardous IVs] have and will greatly contribute to ease global hospitals' and clinics' growing pressures to improve patient safety through the effective and efficient production of sterile, accurate, and ready-to-administer IVs, to eliminate life-threatening drug-exchange errors, to decrease other medication errors and contamination risks, and to work more efficiently, increase throughput, reduce waste, and contain costs.

    For additional information, please contact:
    Health Robotics
    Gaspar G. DeViedma
    Altmanstrasse 9A, Bozen, Sud-Tyrol, I-39100
    USA: +1-609-980-7976
    EUROPE: +39-346-963-4934

SOURCE Health Robotics
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