Navigation Links
QMed, Inc. Reports First Quarter Results
Date:4/18/2008

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 uncertainties. They include but are not limited to those relating to the timely implementation of programs, the impact of competitive product introductions, acceptance and pricing, and those risks detailed in the Company's filings with the Securities and Exchange Commission (SEC). Actual results may differ materially from any forward-looking statements due to these risks and uncertainties.

Contact: William Schmitt, QMed, Inc. - 732-544-5544 x1112

QMED, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

February 29, November 30,

2008 2007

ASSETS (unaudited)

Current assets

Cash and cash equivalents $ 403,546 $ 1,196,030

Accounts receivable, net of allowances

for doubtful accounts of $75,100 and

$58,980, respectively 399,639 535,810

Prepaid professional fees 203,000 228,000

Prepaid expenses and other current

assets 393,595 189,654

Assets related to discontinued operations 4,644,835 6,126,492

6,044,615 8,275,986

Property and equipment, net 632,239 717,229

Product software development costs, net 1,615,865 1,769,931

Acquired intangibles, net 379,773 421,224

Other assets 135,123 137,190

$ 8,807,615 $ 11,321,560

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable and accrued

liabilities $ 2,063,790 $ 1,607,840

Leases payable, current portion 26,700 41,116

Accrued salaries and commissions 191,025 245,888

Fees reimbursable to health plans 20,050 12,900

Contract billings in excess of revenues 197,380 197,380

Income taxes payable 11,353 12,786

Liabilities related to discontinued 1,964,443 3,952,421

operations

4,474,741 6,070,331

Leases payable -- long term 50,206 49,134

Accrued severance payable, long term 12,410 309,258

4,537,357 6,428,723

Commitments and Contingencies

Stockholders' equity

Common stock $.001 par value; 40,000,000

shares authorized; 17,042,959 shares

issued and 17,020,959 outstanding,

respectively 17,043 17,043

Paid-in capital 54,935,081 54,558,476

Accumulated deficit (50,606,241) (49,607,057)

4,345,883 4,968,462

Less treasury stock at cost, 22,000

common shares (75,625) (75,625)

Total stockholders' equity 4,270,258 4,892,837

$ 8,807,615 $ 11,321,560

QMED, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Restated

For the For the

Three Months Three Months

Ended Ended

February 29, February 28,

2008 2007

Revenue $ 751,788 $ 1,728,676

Cost of revenue 330,741 731,099

Gross profit 421,047 997,577

Selling, general and administrative

expenses 1,844,056 2,224,207

Research and development expenses 60,203 427,795

Loss from continuing operations (1,483,212) (1,654,425)

Interest expense (7,660) (7,979)

Interest income 6,264 100,902

Loss from operations of joint venture - (18,146)

Other (expense) income (44) 1,975,400

(Loss) income before income tax

provision and discontinued operations (1,484,652) 395,752

Provision for income taxes (1,717) (5,733)

(Loss) income before discontinued

operations (1,486,369) 390,019

Discontinued Operations:

Income (Loss) from operations 487,185 (1,447,795)

Net loss $ (999,184) $ (1,057,776)

Basic (loss) income per share

Weighted average shares outstanding 17,020,959 16,892,163

Basic (loss) income per share --

continuing operations $ (.09) $ .02

Basic income (loss) per share --

discontinued operations .03 (.08)

Basic (loss) income per share $ (.06) $ (.06)

Diluted (loss) income per share

Weighted average shares outstanding 17,020,959 17,997,358

Diluted (loss) income per share --

continuing operations $ (.09) $ .02

Diluted income (loss) per share --

discontinued operations .03 (.08)

Diluted (loss) income per share $ (.06) $ (.06)


'/>"/>
SOURCE QMed, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. QMed, Inc. Comments on Estimated 3rd Quarter Results & Medical Expense Ratio; Sets 2008 Revenue Guidance for Medicare SNPs at $88-95 Million
2. QMed, Inc. Extends Agreement & Receives $550,000 Performance Bonus
3. QMed, Inc. Reports Third Quarter Results
4. QMed, Inc. Retains Lazard Middle Market
5. QMed, Inc. Receives NASDAQ Letter
6. QMed, Inc. Announces the Termination of Its New Jersey Special Needs Plan
7. QMed, Inc. Announces $750,000 in Financing and Settlement with DAKOTACARE
8. QMed, Inc. Reports Year-End and Fourth Quarter Results
9. QMed, Inc. Receives NASDAQ Delisting Letter
10. New Study Reports High Injury Rates for Hotel Workers, Even Higher Rates for Women and Nonwhites
11. Haemacure Reports Third Quarter 2007 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/28/2016)... Hartford, CT (PRWEB) , ... May 28, 2016 , ... After a year and a ... report it was an extraordinary event. The Multiple Pathways of Recovery Conference was held ... from across the country and the United Kingdom came together to explore the many pathways ...
(Date:5/27/2016)... ... May 27, 2016 , ... More than a third of American ... surprising that bariatric surgery has received increased attention in recent years, as an ... it comes to weight loss, most people are familiar with the basic requirements of ...
(Date:5/27/2016)... Newark, NJ (PRWEB) , ... May 27, 2016 , ... ... been named as YWCA Tribute to Women and Industry (TWIN) 2016 honorees. The ... to their workplace. For this year, Geri Boone, Director of the MLTSS (Managed Long-Term ...
(Date:5/27/2016)... ... , ... An influential resource amongst nurses and professionals in the health care ... variety of topics detailing why we appreciate nurses in so many different ways. From ... from being in a major recession to one of the hottest growing professions in ...
(Date:5/27/2016)... ... May 27, 2016 , ... This campaign aims to provide a ... as a society can control and change. , As nearly 795,000 Americans suffering from ... within the United States. Plus, with an estimated 129,000 of these people dying from ...
Breaking Medicine News(10 mins):
(Date:5/30/2016)... 30, 2016 On 28 May, 194 ... by 2030. At the 69 th World Health Assembly, ... Hepatitis Strategy, signalling the greatest global commitment in viral hepatitis ... eliminating hepatitis B and C by 2030 and includes a ... reduce annual deaths by 65% and increase treatment to 80%, ...
(Date:5/27/2016)... new study highlights the necessity of health literacy within the technology advancement of diagnostic ... Radiology , a majority of oncology patients undergo imaging screenings without understanding the nuanced ... ... ... Medical Diagnostic Imaging Ampronix ...
(Date:5/27/2016)... 27, 2016 Kitov ... focused on late-stage drug development, today announced the ... of pivotal batches required for registration of KIT-302 ... This follows Kitov,s announcement in December ... met its primary efficacy endpoint. "We ...
Breaking Medicine Technology: