WELLINGTON, Fla., Feb. 17 /PRNewswire-FirstCall/ -- The Quantum Group, Inc., (NYSE Amex: QGP) (www.QuantumMD.com) a Healthcare Services Organization (HSO), announced that it has filed its annual report to the Securities and Exchange Commission in the form 10-K with year end financial results for the fiscal year ended October 31, 2008.
The Quantum Group reported a 288% increase in total revenues as the Company grew to $16,539,134 in fiscal year 2008 from $4,262,595 in fiscal year 2007. Further, the Company reported a 218% increase in fourth quarter revenues from $5,565,014 reported in fiscal year 2008 as compared to $1,746,458 reported in the same quarter of fiscal year 2007.
The number of healthcare providers affiliated with Quantum subsidiary Renaissance Health System of Florida, Inc. (www.RHSFL.com) increased 27 percent from fiscal year 2007. In October of 2008, the Company had established relationships with 2,000 providers. In October 2007, the Company had established relationships with 1,600 providers.
Additionally, the Company reported an increase greater than 250% in the enrolled patient base served by Renaissance to approximately 3,500 as of January 2009 from approximately 980 at the end of fiscal year 2007.
The Company reported net losses of $19,720,260 in fiscal year 2008 as compared to $10,563,212 for fiscal year 2007, representing an increase of 87%. The per share loss was $2.42 for fiscal year 2008 as compared to $6.14 for fiscal year 2007. Much of the increase was directly attributed to $3,867,560 in additional costs associated with debt financing, $3,152,918 in equity compensation and $1,892,029 in personnel costs aligned with Company expansion.
Noel J. Guil
|SOURCE The Quantum Group, Inc.|
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