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AMICAS Reports Financial Results for the Second Quarter Ended June 30, 2009
Date:8/5/2009

BOSTON, Aug. 5 /PRNewswire-FirstCall/ -- AMICAS, Inc. (Nasdaq: AMCS), a leader in image and information management solutions, today reported unaudited financial results for the second quarter ended June 30, 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060202/AMICASLOGO )

Q2 Financial Highlights

Revenue: Total revenue for the second quarter of 2009 was $23.5 million, compared to $13.6 million for the second quarter of 2008. The Company reported non-GAAP revenue of approximately $27.5 million, which included $4.0 million in revenue that was not recognized under GAAP due to purchase accounting treatment related to the Company's acquisition of Emageon Inc.

Operating Income/Loss: Operating loss for the second quarter of 2009 was $6.6 million, compared to an operating loss of $0.6 million for the second quarter of 2008. Non-GAAP operating income for the second quarter of 2009 was $1.3 million.

Adjusted EBITDA: The Company's adjusted EBITDA for the second quarter of 2009 was $3.6 million, compared to an adjusted EBITDA of $0.4 million for the second quarter of 2008.

Net Income/Loss: The Company's net loss for the second quarter of 2009 was $6.6 million, or $(0.19) per share, compared to a net loss of $97,000, or $(0.00) per share, for the second quarter of 2008. The Company's non-GAAP net income for the second quarter of 2009 was $1.4 million, or $0.04 per share.

Cash and Cash Flow: AMICAS ended the second quarter of 2009 with a cash, cash equivalents, and marketable securities balance of $34.6 million and working capital of $21.9 million. AMICAS used $1.2 million of cash from operations in the second quarter of 2009, and generated $0.5 million of cash from operations in the first half of 2009.

Stock Repurchase: In the fourth quarter of 2008, the Board of Directors directed the Company to initiate a $5.0 million stock repurchase plan. The Company did not repurchase any shares during the second quarter of 2009. Under this plan, the Company has repurchased approximately 281,000 shares of our common stock for approximately $426,000.

Business Perspective

"We are very pleased with our performance in the second quarter of 2009. We demonstrated excellent progress on a number of important fronts - including record bookings and revenue, accelerated progress on our business integration, continued focus on customer success, while at the same time pursuing strategic growth opportunities," said Stephen Kahane MD, president, chief executive officer, and chairman of AMICAS. "Our recent acquisition enables AMICAS to scale and to execute both as a top-flight IT solution provider and as a standalone, independent public company. We believe that this combination clearly establishes AMICAS as the number one independent vendor in this space and, according to Millennium Research Group, the number three player overall."

Dr. Kahane also said, "We continue to maintain focus on our core markets - including serving the end-to-end needs of radiology groups and outpatient imaging businesses, addressing departmental workflow needs for image-intensive specialties in hospitals and IDNs, as well as delivering vendor-neutral, large scale imaging infrastructure solutions that support healthcare system EMR installations."

Dr. Kahane went on to say, "In parallel, we are committed to capitalizing on a number of industry sub-segments that we believe provide excellent prospects for growth. We believe that AMICAS' growth will be improved by trends in the market for teleradiology, solutions for image-enabling the EMR, and a growing trend in replacement opportunities where customers value interoperability, modern technology, and opportunities for high returns on investment."

Looking Forward

Second Half of 2009: The Company is establishing guidance for the second half of fiscal year 2009 as follows:

  • Non-GAAP revenue for the second half of 2009 is expected to be approximately $56.0 million. For 2009, revenue is expected to be approximately $94.8 million.

  • Adjusted EBITDA for the second half of 2009 is expected to be approximately $8.5 million. For 2009, adjusted EBITDA is expected to be approximately $12.3 million.

Fiscal Year 2010: In addition to the guidance on the second half of fiscal year 2009, the Company now expects 2010 to come in at the upper-end of the previously provided guidance. That is, the Company is increasing the low-end of previous fiscal 2010 guidance and reaffirming the top-end of the fiscal 2010 guidance.

  • Fiscal year 2010 revenue (GAAP) is expected to be $115 to $120 million.

  • Fiscal year 2010 adjusted EBITDA is expected to be $17.9 to $20.7 million.

A reconciliation of the Company's financial results determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP) to certain non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Explanation of Non-GAAP Financial Measures."

Conference Call

AMICAS will host a conference call on Thursday, August 6, at 8:30 a.m. Eastern Time to discuss the Company's 2009 second fiscal quarter results. Investors and other interested parties may dial in to the call using the toll free number 800.895.0198 (Conference ID: 7AMICAS). The conference call will also be available via Webcast at www.amicas.com. Following the conclusion of the call, a replay will be available at 800.688.7339 or 402.220.1347 until September 6, 2009.

AMICAS(R) is a registered trademark and service mark of AMICAS, Inc.

About AMICAS, Inc.

AMICAS, Inc. (www.amicas.com) is a leading independent provider of imaging IT solutions. AMICAS offers the industry's most comprehensive suite of image and information management solutions - from radiology PACS to cardiology PACS, from radiology information systems to cardiovascular information systems, from revenue cycle management solutions to enterprise content management tools designed to power the imaging component of the electronic medical record (EMR). AMICAS provides a complete, end-to-end solution for radiology practices, imaging centers, and ambulatory care facilities. Hospitals and integrated delivery networks are provided with a comprehensive image management solution for cardiology and radiology that supports EMR strategies to enhance clinical, operational, and administrative functions.

Safe Harbor Statement

Except for the historical information herein, the matters discussed in this release include forward-looking statements. In particular, the forward-looking statements contained in this release include statements about our anticipated financial and operating results for the remainder of fiscal year 2009 and for fiscal year 2010. When used in this press release, the words: "believes," "expects," "estimates," "guidance," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions, and uncertainties that could cause actual results to differ materially, which include, but are not limited to, the following: a significant portion of the Company's quarterly sales are concluded in the last month of the fiscal quarter; the length of sales and delivery cycles; the deferral and/or realization of deferred software license and system revenues according to contract terms; the timing, cost, and success or failure of current and new product and service introductions and product upgrade releases; potential patent infringement claims against AMICAS and the related defense costs; the ability of AMICAS to comply with all government laws, rules, and regulations; and other risks affecting AMICAS' businesses generally and as set forth in AMICAS' most recent filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" of our most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q. All forward-looking statements in this release are qualified by these cautionary statements and are made only as of the date of this release. AMICAS is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise. The financial statements and information as of, and for the period ended, June 30, 2009, contained in this press release are subject to review by the Company's independent registered public accounting firm.

Explanation of Non-GAAP financial measures

Management believes that in order to properly understand the Company's short-term and long-term financial trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures prepared in accordance with GAAP. These items result from facts and circumstances that vary in frequency and/or impact on continuing operations. In addition, management uses results of operations before such items to evaluate the operational performance of the Company and as a basis for strategic planning and operational management. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition to the description provided below, reconciliations of GAAP to non-GAAP results are provided in the financial statement tables included in this press release.

In this press release, the Company defines "non-GAAP revenue" as total revenue before the purchase accounting impact to revenue, arising as a result of the Company's acquisition of Emageon Inc.

The Company defines "non-GAAP operating income/loss" as net income (loss) before income taxes and interest, restructuring, acquisition-related transition and integration costs, and includes revenue and cost of revenue related to acquisitions that would otherwise be recognized but for the accounting treatment related to the Company's acquisition of Emageon Inc.

The Company defines "non-GAAP net income/loss" as net income (loss) before restructuring, acquisition-related transition and integration costs, and includes revenue and cost of revenue related to acquisitions that would otherwise be recognized but for the accounting treatment related to the Company's acquisition of Emageon Inc.

The Company defines "adjusted EBITDA" as non-GAAP operating income/loss before depreciation, amortization, and stock-based compensation expense.

These non-GAAP financial measures, as the Company defines them, may not be similar to non-GAAP measures used by other companies.

Management believes that non-GAAP revenue, non-GAAP operating income/loss, non-GAAP net income/loss and adjusted EBITDA provide useful information to investors in evaluating the overall performance of the Company's business operations and believes that these performance measures provide investors with additional tools for evaluating the Company's performance that are the same as management uses in its own evaluation of the Company's performance, as well as a baseline for assessing the future earnings potential of the Company. While GAAP results are more complete, the Company offers investors these supplemental metrics since, with reconciliations to GAAP, they may provide greater insight into the Company's financial results. Management does not intend the presentation of these non-GAAP financial measures to be considered in isolation or as a substitute for results prepared in accordance with GAAP. These non-GAAP financial measures should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.

                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                  (Unaudited)
                       (in thousands, except share data)

                                                    June 30,    December 31,
                                                       2009           2008
    Assets
    Current assets:
       Cash and cash equivalents                     $4,881         $7,366
       Marketable securities                         29,765         47,627
       Accounts receivable, net of allowances
        of $519 and $158, respectively               20,443         10,224
       Inventories, net                               1,935          2,261
       Prepaid expenses and other current
        assets                                        6,719          2,261
                                                      -----          -----
     Total current assets                            63,743         67,478
                                                     ------         ------

    Property and equipment, less accumulated
     depreciation and amortization of $8,512
     and $7,495, respectively                         9,576            965
    Goodwill                                          1,192              -
    Acquired/developed software, less accumulated
     amortization of $11,516 and $10,195,
     respectively                                     9,484          5,805
    Other intangible assets, less accumulated
     amortization of $848 and $2,144, respectively    6,052          1,256
    Other assets                                      3,529          1,594
                                                      -----          -----
    Total assets                                    $93,576        $77,098
                                                    =======        =======

    Liabilities and stockholders' equity
     Current liabilities:
       Accounts payable and accrued expenses         $7,856         $4,156
       Accrued employee compensation and benefits     4,205          1,611
       Leases payable, current portion                   27              -
       Deferred revenue                              29,798         14,657
                                                     ------         ------
     Total current liabilities                     41,886         20,424
                                                     ------         ------

    Deferred revenue, long term portion               1,523              -
    Other long term liabilities                         295              -
    Unrecognized tax benefits                         1,433          1,379
                                                      -----          -----

    Commitments and contingencies

    Stockholders' equity:
       Preferred stock $.001 par value;
        2,000,000 shares authorized; none
        issued                                            -              -
       Common stock $.001 par value,
        200,000,000 shares authorized, 51,645,692
        and 51,473,965 issued, respectively              52             51
       Additional paid-in capital                   232,021        230,905
       Accumulated other comprehensive income            21            100
       Accumulated deficit                         (136,302)      (128,549)
       Treasury stock, at cost, 16,357,854 and
        16,270,088 shares, respectively             (47,353)       (47,212)
       Total stockholders' equity                    48,439         55,295
                                                     ------         ------
     Total liabilities and stockholders' equity     $93,576        $77,098
                                                    =======        =======



      See accompanying Notes to Condensed Consolidated Financial Statements.



               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                    (Unaudited)
                     (in thousands, except per share data)

                                       Three Months Ended   Six Months Ended
                                           June 30,             June 30,
                                           --------             --------
                                        2009        2008     2009       2008
                                        ----        ----     ----       ----
    Revenues
      Maintenance and services       $19,317     $10,552  $29,280    $20,305
      Software licenses and system
       sales                           4,176       3,023    5,485      6,058
                                       -----       -----    -----      -----
    Total revenues                   $23,493     $13,575  $34,765    $26,363
                                     -------     -------  -------    -------

    Costs and expenses
    Cost of revenues:
      Maintenance and services        $9,190      $4,748  $13,615     $9,073
      Software licenses and system
       sales                           3,016       1,159    3,505      2,881
      Amortization of software           750         571    1,321      1,061
                                      ------      ------   ------     ------
    Total cost of revenues            12,956       6,478   18,441     13,015
                                      ------      ------   ------     ------

    Gross profit                      10,537       7,097   16,324     13,348

    Selling, general and
     administrative                    7,742       5,369   12,280     10,455
    Research and development           4,669       2,223    6,898      4,446
    Acquisition-related and
     integration costs                 1,096           -    1,645          -
    Restructuring costs                3,473           -    3,473
    Amortization of intangibles          172         107      204        213
                                      ------      ------   ------     ------
    Total operating expenses          17,152       7,699   24,500     15,114
                                      ------      ------   ------     ------
    Operating loss                    (6,615)       (602)  (8,176)    (1,766)
    Interest income                      104         572      550      1,361
    Other income                           6           -        6          -
    Loss on sale of investments            -           -        -        (31)
                                      ------      ------   ------     ------
    Loss before provision for
     income taxes                     (6,505)        (30)  (7,620)      (436)
    Provision for income taxes            80          67      133        128
                                      ------      ------   ------     ------
    Net loss                         $(6,585)       $(97) $(7,753)     $(564)
                                      ======      ======   ======     ======

    Loss per share
        Basic:                        $(0.19)     $(0.00)  $(0.22)    $(0.01)
                                      ======      ======   ======     ======

        Diluted:                      $(0.19)     $(0.00)  $(0.22)    $(0.01)
                                      ======      ======   ======     ======

    Weighted average number of shares
     outstanding
        Basic                         35,222      40,740   35,208     42,188
        Diluted                       35,222      40,740   35,208     42,188



      See accompanying Notes to Condensed Consolidated Financial Statements.



               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (Unaudited)
                                  (in thousands)

                                                           Six Months Ended
                                                               June 30,
                                                               --------
                                                          2009          2008
                                                          ----          ----
    Operating activities
    Net loss                                           $(7,753)        $(564)

    Adjustments to reconcile net loss to cash
     provided by operating activities:
       Depreciation and amortization                     1,221           552
       Provisions for (recoveries from) bad debts            9           110
       Loss on disposal of fixed assets                    634             6
       Amortization of software                          1,321         1,060
       Non-cash stock compensation expense                 938           618
       Changes in operating assets and liabilities, net
        of affect of acquisition:
         Accounts receivable                             1,652        (1,607)
         Inventories, prepaid expenses, and other         (210)          904
         Accounts payable, accrued expenses, and accrued
          employee compensation and benefits            (4,122)         (630)
         Deferred revenue including unearned discount    6,493           778
         Other long term liabilities                       295             -
         Unrecognized tax benefits                          55            50
                                                         -----         -----
          Cash provided by operating activities            533         1,277
                                                         -----         -----

    Investing activities
       Business acquisition, net of cash acquired      (20,698)            -
       Purchases of property and equipment                (138)         (492)
       Purchases of held-to-maturity securities        (49,742)     (189,410)
       Maturities of held-to-maturity securities        62,236       175,642
       Purchases of available-for-sale securities      (40,829)       (5,597)
       Sales of available-for-sale securities           46,116        37,919
                                                        ------        ------
          Cash (used in) provided by investing
           activities                                   (3,055)       18,062
                                                        ------        ------

    Financing activities
       Repurchases of common stock                        (141)      (21,703)
       Exercise of stock options                           178           181
                                                        ------        ------
           Cash provided by (used in) financing
            activities                                      37       (21,522)
                                                        ------        ------

    Increase (decrease) in cash and cash equivalents    (2,485)       (2,183)
    Cash and cash equivalents at beginning of period     7,366         8,536
                                                        ------        ------
    Cash and cash equivalents at end of period          $4,881        $6,353
                                                        ======        ======

    Supplemental disclosure of cash paid during the
     period for:
       Income taxes, net of refunds                         $-          $115
    Non-cash investing activities:
       Unrealized gain (loss) on available-for-sale
        securities                                         $79           $11



      See accompanying Notes to Condensed Consolidated Financial Statements.



                        SUPPLEMENTAL FINANCIAL INFORMATION
                         GAAP TO NON-GAAP RECONCILIATIONS
                                    (Unaudited)
                                   (in thousands)



                                   Three Months Ended   Six Months Ended
                                           June 30,         June 30,
                                           --------         --------
                                      2009        2008    2009       2008
                                      ----        ----    ----       ----
    Total revenue                  $23,493     $13,575 $34,765    $26,363
     Acquisition-related revenue
      adjustments:
     Maintenance and services        1,934           -   1,934          -
     Software licenses and system
      sales                          2,073           -   2,073          -
                                    ------      ------  ------     ------
    Total non-GAAP revenue          27,500      13,575  38,772     26,363
                                    ------      ------  ------     ------



                                   Three Months Ended   Six Months Ended
                                           June 30,         June 30,
                                           --------         --------
                                      2009        2008     2009       2008
                                      ----        ----     ----       ----
    Net loss                       $(6,585)       $(97) $(7,753)     $(564)
    Provision for income taxes          80          67      133        128
    Interest income                   (104)       (572)    (550)    (1,361)
    Other income                        (6)          -       (6)         -
    Loss on sale of investments          -           -        -         31
    Acquisition-related and
     integration costs               1,096           -    1,645          -
    Restructuring costs              3,473           -    3,473
    Acquisition-related revenue
     adjustments:
     Maintenance and services        1,934           -    1,934          -
     Software licenses and system
      sales                          2,073           -    2,073          -
    Acquisition-related cost of
     revenue adjustments              (611)          -     (611)         -
                                       ----           -     ----          -
    Non-GAAP operating income/(loss) 1,350        (602)     338     (1,766)
                                     -----        ----      ---     ------

     Non-cash stock compensation
      expense                          481         185      938        618
     Depreciation                      862         170    1,016        338
     Amortization                      922         678    1,525      1,274
                                       ---         ---    -----      -----
    Adjusted EBITDA                  3,615         431    3,817        464
                                     -----         ---    -----        ---



                                   Three Months Ended     Six Months Ended
                                           June 30,          June 30,
                                           --------         --------
                                      2009        2008     2009       2008
                                      ----        ----     ----       ----
    Net loss                       $(6,585)       $(97) $(7,753)     $(564)
    Acquisition-related and
     integration costs               1,096           -    1,645          -
    Restructuring costs              3,473           -    3,473
    Acquisition-related revenue
     adjustments:
     Maintenance and services        1,934           -    1,934          -
     Software licenses and system
      sales                          2,073           -    2,073          -
     Acquisition-related cost of
      revenue adjustments             (611)          -     (611)         -
                                      ----           -     ----          -
    Non-GAAP net income (loss)      $1,380        ($97)    $761      ($564)
                                    ------        ----     ----      -----

    Non-GAAP net income (loss)
     per share
        Basic:                       $0.04      $(0.00)   $0.02     $(0.01)
                                     =====      ======    =====     ======

        Diluted:                     $0.04      $(0.00)   $0.02     $(0.01)
                                     =====      ======    =====     ======

    Weighted average number of
     shares outstanding
        Basic                       35,222      40,740   35,208     42,188
        Diluted                     35,222      40,740   35,208     42,188




                       SUPPLEMENTAL FINANCIAL INFORMATION
                        GAAP TO NON-GAAP RECONCILIATIONS

                     Guidance: Second Half 2009 ("H2 2009")
                                    (Unaudited)
                                  (in thousands)


                                              6 months
                                               ended
                                              June 30,     H2 2009  FY 2009
                                                2009      Guidance  Guidance
                                               --------   --------  --------
    Total revenue                              $34,765    $52,700   $87,465
     Acquisition-related revenue adjustments     4,007      3,300     7,307
                                                 -----      -----     -----
    Total Non-GAAP revenue                      38,772     56,000    94,772
                                                ------     ------    ------



                                              6 months
                                                ended
                                              June 30,     H2 2009  FY 2009
                                                2009      Guidance  Guidance
                                               --------   --------  --------
    Net income (loss)                          $(7,753)      $200    (7,553)
    Provision for income taxes                     133        150       283
    Interest and other income                     (556)      (250)     (806)
    Restructuring, acquisition-related, and
     integration costs                           4,007      1,000     7,307
    Acquisition-related revenue adjustments       (611)     3,300    (1,111)
    Acquisition-related cost of revenue
     adjustments                                 5,118       (500)    6,118
                                                 -----       ----     -----
    Non-GAAP operating income                      338      3,900     4,238
                                                 -----       ----     -----

      Non-cash stock compensation expense          938      1,000     1,938
      Depreciation and amortization              2,541      3,600     6,141
                                                 -----      -----     -----
    Adjusted EBITDA                              3,817      8,500    12,317
                                                 -----      -----    ------



                     Guidance: Fiscal year 2010 ("2010")
                                    (Unaudited)
                                  (in thousands)


                                                        FY 2010
                                                        -------
                                                      Low        High
                                                      ---        ----
    Total revenue                                $115,000    $120,000








                                                        FY 2010
                                                        -------
                                                    Low         High
                                                    ---         ----
    Net income                                     $8,500     $11,200
    Provision for income taxes                        450         550
    Interest income                                  (750)       (750)
                                                     ----        ----
    Non-GAAP operating income                       8,200      11,000
                                                    -----      ------

      Non-cash stock compensation expense           2,400       2,400
      Depreciation and amortization                 7,300       7,300
                                                    -----       -----
    Adjusted EBITDA                                17,900      20,700
                                                   ------      ------




    CONTACT:
    Colleen McCormick, Investor Relations
    617.779.7892
    colleen.mccormick@amicas.com


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SOURCE AMICAS, Inc.
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