EATONTOWN, N.J., April 18 /PRNewswire-FirstCall/ -- QMed, Inc. (Nasdaq Symbol: QMED) today announced financial results for the first quarter ending February 29, 2008. Revenue for the three-month period decreased to $751,788 from $1,728,676 in the prior year's quarter. Net loss for the quarter was $(999,184) or $(0.06) per share on a diluted basis, compared to net loss of $(1,057,776) or $(0.06) per share on a diluted basis, for the same period a year ago.
Income from discontinued operations of our managed care segment for the three-month period ended was $487,185 or $0.03 per share on a diluted basis, compared to a loss of $(1,447,795) or $(0.08) on a diluted basis the previous year. The income from discontinued operations reported within the first quarter of 2008 is primarily attributable to a non-cash reversal of approximately of $1.0 million related to the reduction in the Incurred But Not Reported and Paid liability and the corresponding medical expense.
Subsequent to February 29, 2008, the Company received a $375,000 secured loan for working capital and under certain conditions can receive an additional $375,000 as described in detail in the March 20, 2008 press release and in the notes to the Company's financial statements.
Given the continuing losses and the Company's current cash position available for working capital, the financial statements contain a disclosure about the Company's ability to continue as a going concern.
About QMed, Inc.
QMed has developed evidence-based clinical information management systems for use by health plan customers. The QMed systems incorporate Disease Management services to patients and decision support to physicians. The Company's subsidiaries have specialized in serving high-risk populations of Medicare beneficiaries.
Except for historical information contained herein, matters discussed
in this news release are forward-looking statements that involve risks and
|SOURCE QMed, Inc.|
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