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Graymark Healthcare Reports Full Year 2010 Results
Date:3/28/2011

tant discussion of this non-GAAP financial measure).

At December 31, 2010, cash and cash equivalents totaled $1.6 million, compared to $1.9 million at December 31, 2009.

2010 Operational Highlights

  • Graymark performed 18,435 sleep studies in the company's standalone facilities, rural outreach sites and hospital agreements, an increase of 38% from 2009.
  • Increase in sleep studies drove an increase in Continuous Positive Airway Pressure (CPAP) setups to 3,031, up 57% over 2009.
  • The company signed 11 new hospital contracts for sleep medicine services in 2010, while transitioning out of five standalone facilities during the year.
  • Graymark became the second largest pure-play company in the sleep management business following the sale of substantially all the assets of the pharmacy division to Walgreens for a total enterprise value of approximately $33 million.

  • Management Commentary"2010 was a transformative year for Graymark as we successfully divested our pharmacy business to focus exclusively on the fast growing market of diagnosing and treating obstructive sleep apnea," said Stanton Nelson, Graymark's chairman and CEO. "With the restructuring costs associated with this divestiture behind us, we are now focused on reducing overall operating expenses through synergies realized by the combination of the Somni and Eastern acquisitions, as well as identifying additional operational efficiencies.

    "We are also very much focused on bottom-line growth. In the fourth quarter of 2009, we launched a new comprehensive care model to improve the conversion rate of OSA patients into successfully using a CPAP device. The momentum generated by this new model resulted in a 37% increase in our sleep therapy business over the course of the year, and more than doubled our resupply shipment orders from Q1 to Q4."

    "Our expectations for 2011 remain very positive as we further synergize our 2009 acquisitions and
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    SOURCE Graymark Healthcare Inc.
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