EATONTOWN, N.J., Oct. 8 /PRNewswire-FirstCall/ -- QMed, Inc. (Nasdaq: QMED) today announced financial results for the third quarter ending August 31, 2007. Revenue for the three-month period increased to $10,781,247 compared to $2,202,270 in the prior year's quarter. This revenue includes amounts for the disease management segment of $846,860 and $1,763,429 for the three months ended August 31, 2007 and 2006, respectively. On a sequential basis revenue increased 14.1% from 2007's second quarter. Net loss for the quarter increased to $(9,201,399) or $(0.54) per share on a diluted basis, compared to net loss of $(3,317,401) or $(0.20) per share on a diluted basis, for the same period a year ago. The Company's cash position as of August 31, 2007 was approximately $6.4 million, net of statutory reserves.
Revenue for the nine-month period ended August 31, 2007 increased to $26,574,368 from $7,306,588 in the same period a year ago. Net loss for the nine months was $(13,068,372) or $(0.77) per share on a diluted basis, compared to net loss of $(8,924,946) or $(0.53) per share on a diluted basis, for the same period a year ago.
South Dakota SNPs member months totaled 18,450 producing $20.5 million
in revenue or $1,113 Per Member Per Month (PMPM). Member months in the New
Jersey SNP totaled 1,269 producing $2.2 million in revenue or $1,758 PMPM.
As reported in our September 27, 2007 press release, the medical expense
ratio (MER) results from a spike in the payment of medical claims related
to services from prior months paid in July and August, so that we have
reported an increase in our incurred but not reported or paid (IBNP) claims
liability. This IBNP estimate will represent approximately 30% of total
medical expenses for the nine months ended August 31, 2007 resulting in a
MER of approximately 114%. Given our limited claims history, the
implications of these payments on our MER cannot be determined with
certainty until we achieve a higher claims comple
|SOURCE QMed, Inc.|
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