WELLINGTON, Fla., Feb. 14 /PRNewswire-FirstCall/ -- The Quantum Group, Inc. (Amex: QGP, QGP.WSA, QGP.WSB) (http://www.QuantumMD.com) today announced that it has reported fourth quarter and year end financial results for the fiscal year ended October 31, 2007.
The Company reported a 4,700% increase in total revenues recorded from $95,253 in fiscal year 2006 to $4,565,140 in fiscal year 2007. Further, the Company reported a 5,044% increase in fourth quarter revenues from $2,049,004 in fiscal year 2007 as compared to $39,831 reported in same quarter for fiscal year 2006.
The number of healthcare providers affiliated with Quantum subsidiary Renaissance Health System of Florida, Inc. (http://www.RHSFL.com) increased 33 percent from fiscal year 2006. In October 2006, the Company had established relationships with 1,200 providers. In October of 2007, that number increased to 1,600 and further expanded to 1,800 in January of 2008.
Additionally, the Company reported a 871% increase in the enrolled patient base served by Renaissance from 981 at the close of fiscal year 2007 to 101 at the same time in fiscal year 2006.
The Company reported net losses of $11,260,100 for fiscal year 2007 as compared to $4,672,760 in fiscal year 2006, representing an increase of 141%. The per share loss was $6.55 for fiscal year 2007 as compared to $4.72 for fiscal year 2006. Much of the increase was directly attributed to $3,993,027 in additional costs associated with debt financing and a $1,930,354 increase in personnel costs aligned with Company expansion.
Noel J. Guillama, President and CEO of The Quantum Group commented,
"Fiscal year 2007 was a landmark year for our Company. We achieved a
significant number of the benchmarks we set for ourselves. The development
of our services, people and technology was in line with what we set out to
|SOURCE The Quantum Group, Inc.|
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