WELLINGTON, Fla., June 18 /PRNewswire-FirstCall/ -- The Quantum Group, Inc. (Amex: QGP) ( http://www.QuantumMD.com ) announced today its financial results for the second quarter of fiscal 2008 ended April 30, 2008.
For the period ended April 30, 2008, the Company reported an increase in revenues of approximately 424% to $4,252,798, compared to $812,332 for the same quarter of fiscal year 2007. On a sequential basis compared to first quarter 2008, revenues attributed to subsidiary Renaissance Health Systems increased 59% from $2,660,022 in the first quarter of fiscal 2008 to $4,232,698 in the second quarter of fiscal 2008. As the Company expected, this increase is driven by the growth of patient lives under management by the Company. Quantum reported a 99% increase in the enrolled patient base served by subsidiary company Renaissance Health Systems, from approximately 1,100 at the start of the Centers for Medicare & Medicaid Services (CMS) Medicare Advantage open enrollment period on November 15, 2007 to over 2,200 at the close of the period on March 31, 2008.
"The 424% increase in revenue for the second quarter is on track with the goals we set at the start of fiscal 2008," stated Noel J. Guillama, President and CEO of The Quantum Group. "As an innovations driven company we made great strides this quarter with PWeR(TM), our technology platform. We expect that PWeR will continue to be fine tuned throughout the summer and fall as we complete the beta testing phase. The platform will then be rolled out to our affiliated providers later this year and in early 2009. We believe that the implementation of the PWeR system with our providers will improve communications and result in improved outcomes for our growing patient base."
Guillama further commented, "Though we are past the traditional Medicare Advantage open enrollment period, we are negotiating with various payers to transfer patients associated with independent healthcare providers to affiliate with Renaissance and increase our patient base. We still anticipate our calendar year-end membership to be near 5,000 lives under management."
The Company reported a loss from operations of $4,837,832 in the second quarter of fiscal year 2008 versus $1,161,365 from the same quarter in fiscal year of 2007. This quarter loss figure includes $1,939,429 related to equity and option based compensation and resulted in a loss per share of $.55 versus $1.87 per share for the same period in 2007. The Company further reported a total net loss of $4,903,974 for the quarter versus $3,029,772 for the second quarter of fiscal year 2007.
About The Quantum Group, Inc.
The Quantum Group provides business process solutions, service chain management, strategic consulting and leading edge technology innovations to the healthcare industry.
Through our dynamic patient-centric architecture, we empower the communication that is critical for the coordination of care and take aim at the $600 billion inefficiency gap in the United States healthcare industry. We are guided by a mission to develop efficiencies, improve the quality of patient care and achieve cost reductions for the nation's largest and fastest growing industry.
We have developed leading-edge technology with the creation and deployment of a series of innovative patent-pending initiatives. Through approximately 2,000 healthcare providers and multiple insurance company relationships under management, we are positioned to be a catalyst for change to the Florida healthcare industry.
Certain statements contained in this news release, which are not based
on historical facts, are forward-looking statements as the term is defined
in the Private Securities Litigation Reform Act of 1995, and are subject to
substantial uncertainties and risks in part detailed in the respective
company's Securities and Exchange Commission 10-KSB, 10-QSB, S-8 and 8-K
filings (and amendments thereto) that may cause actual results to
materially differ from projections. Forward-looking statements can be
identified by the use of words such as "expects," "plans," "will," "may,"
"anticipates," "believes," "should," "intends," "estimates" and other words
of similar meaning. These statements are subject to risks and uncertainties
that cannot be predicted or quantified and, consequently, actual results
may differ materially from those expressed or implied by these
forward-looking statements. Such risk factors include, without limitation,
the ability of the Company to properly execute its business model, to raise
substantial and immediate additional capital to implement its business
model, to attract and retain executive, management and operational
personnel, to negotiate favorable current debt and future capital raises,
to negotiate favorable agreements with a diversified provider base and to
continue to supply the services needed by its HMO clients as well physician
clients. The Company does not undertake any obligation to publicly update
any forward-looking statements. There can be no assurance that the
provisional patents discussed in this press release will be granted by the
US Patent and Trademark Office, or, if they are granted, they will not be
challenged by third parties, or if not that we will be able to effectively
use or commercialize such patents and/or we may not have the resources to
deploy such technology. As a result, investors should not place undue
reliance on these forward-looking statements.
FOR MORE INFORMATION, PLEASE CONTACT:
PR Financial Marketing
Jim Blackman: 713-256-0369
Vice President Corporate Communications
The Quantum Group, Inc.
|SOURCE The Quantum Group, Inc.|
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