MMRGlobal to Report Record Revenues From Personal Health Record
Business
LOS ANGELES, CA--(Marketwired - May 15, 2014) - MMRGlobal, Inc.
(OTCQB: MMRF) ("MMR" or the "Company"), a leading provider of
Personal Health Records, MyEsafeDepositBox storage solutions and
electronic document management systems for consumers and healthcare
professionals, today announced that it will report a nearly 300%
increase in revenues for the first quarter of 2014 as compared to
the first quarter of 2013 driven by earnings directly attributable
to sales of MMR's Health IT products and services and the Company's
licensing activities. Details about the Company's quarterly
financial performance is included in the Company's quarterly report
on Form 10-Q for the period ended March 31, 2014, which will be
filed with the United States Securities and Exchange Commission
today.
Excluding biotech revenues, this quarter is the largest quarter
for revenue ever reported by the Company for its core Health IT
line of business. The Company generated revenues of $485,494 for
the first quarter of 2014 as compared to $122,028 for the same
period in 2013, representing an increase of $363,466, or
approximately 300%. Much of the revenue growth is as a result of
the Company's patent licensing activities, but do not reflect
significant additional revenues that the Company believes will
continue to arise from such agreements in the future. In
addition, the Company expects to receive an additional $500,000 in
licensing fees this calendar year and more than an additional $10
million prior to the end of CY 2016 based on existing signed
agreements relating to the licensing of its biotech assets.
According to MMRGlobal Chairman and CEO Robert H. Lorsch, "We
expect this quarter to be the start of a trend for increasing
revenue. Consumer awareness of the importance of having a PHR
is being driven by hundreds of millions of dollars in advertising
for HealthCare.gov. In addition, patients are being sent to
eligible healthcare professionals who are required to offer
Personal Health Records to at least 50% of their
patients. These providers are mandated to give patients timely
online access to their personal health information such as in the
form of a Personal Health Record in order to receive full incentive
payments under the HITECH Act's Meaningful Use
requirements. We also foresee generating recurring revenue
from sales through major national pharmacy retailers and other big
box retailers. Additionally, we are seeing increased results from
our direct-to-consumer advertising. At the same time, we are
beginning to see significant interest in our MMRPro Plus document
imaging and management systems for healthcare professionals."
Cash Flow and Non-Cash Expenses During the first quarter of
2014, gross profit increased by $291,208, or approximately 304%
over the same period in 2013. The Company's G&A expenses
increased by $540,418, or approximately 61% in the same period
primarily due to expenses attributable to legal fees necessary to
enforce the Company's patents and obtain its licensing
agreements.
Non-cash adjustments in operating activities increased by
$256,304 or approximately 75%, which is mainly attributable to
expenditures from the application of accounting principles to
expense equity, imputed interest in the sale of convertible notes,
and options, warrants and common stock issued for services, among
other similar types of expenses. However, the Company's net
cash used in operating activities decreased by $324,943 or
42%. The Company reported current assets as of March 31, 2014
of approximately $409,000, including approximately $104,000 in
cash, which represents the Company's best cash-on-hand position
since the quarter ended June 30, 2012.
Research and Development Efforts; IP Portfolio Expansion
The Company also continues to strengthen, expand, and reinforce
its patent portfolio. Through its wholly owned subsidiary,
MyMedicalRecords, Inc., the Company announced receipt of a Notice
of Allowance in March for its 11th U.S. Health IT patent from the
United States Patent and Trademark Office. This most recent NOA
from the USPTO as Patent Application Serial Number 12/204,498 has
the potential to expand MMR's health information technology IP into
accessing, collecting and managing legal records in addition to
health records. The Company already owns 10 U.S. healthcare IT
patents: U.S. Patent Nos. 8,121,855; 8,117,045; 8,117,646;
8,301,466; 8,321,240; 8,352,287; 8,352,288; 8,498,883; 8,626,532
and 8,645,161. These patents collectively include over 250
issued claims, along with additional applications and continuation
applications pending. The Company has also received
issued patents and has pending applications in 11 other countries
or regional authorities of commercial interest including Australia,
Canada, Singapore, New Zealand, Mexico, Hong Kong, China, Japan,
South Korea, Israel, and Europe.
Although the Company's main focus is as a provider and licensor
of health IT products and services, it also has a growing list of
patents related to cancer-fighting anti-CD20 monoclonal antibodies
under the title, "Antibodies and Methods For Making and Using
Them," issued in the U.S., Mexico, Australia and South Korea with
patents pending in the U.S., Australia, Brazil, Canada, China, Hong
Kong, India, Europe, Japan and Korea. The Company also holds
additional patents pertaining to its B-cell idiotype vaccine
worldwide.
About MMRGlobal, Inc.
MMRGlobal, Inc., through its wholly-owned operating subsidiary,
MyMedicalRecords, Inc., provides secure and easy-to-use online
Personal Health Records ("PHRs") and electronic safe deposit box
storage solutions, serving consumers, healthcare professionals,
employers, insurance companies, financial institutions, and
professional organizations and affinity groups. The
MyMedicalRecords PHR enables individuals and families to access
their medical records and other important documents, such as birth
certificates, passports, insurance policies and wills, anytime from
anywhere using the Internet. MyMedicalRecords is built on
proprietary, patented technologies to allow documents, images and
voicemail messages to be transmitted and stored in the system using
a variety of methods, including fax, phone, or file upload without
relying on any specific electronic medical record platform to
populate a user's account. The Company's professional offering,
MMRPro, is designed to give physicians' offices an easy and
cost-effective solution to digitizing paper-based medical records
and sharing them with patients in real time through an integrated
patient portal. Through its merger with Favrille, Inc. in
January 2009, the Company acquired intellectual property biotech
assets that include anti-CD20 antibodies and data and samples from
its FavId™/Specifid™ vaccine clinical trials for the treatment of
B-Cell Non-Hodgkin's lymphoma. To learn more about MMRGlobal, Inc.
visit www.mmrglobal.com. View demos and video tutorials of the
Company's products and services at www.mmrtheater.com.
Forward-Looking Statements
All statements in this press release that are not strictly
historical in nature, including but not limited to future
performance, management's expectations, beliefs, intentions,
estimates or projections, constitute "forward-looking statements."
Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the MMR's actual
results to be materially different from historical results or from
any results expressed or implied by such forward-looking
statements. Some can be identified by the use of words (and their
derivations) such as "need," "possibility," "potential," "intend,"
"offer," "development," "if," "negotiate," "when," "begun,"
"believe," "achieve," "will," "estimate," "expect," "maintain,"
"plan," and "continue," or the negative of these words. Actual
outcomes and results of operations and the timing of selected
events may differ materially from the results predicted, and any
reported results should not be considered as an indication of
future performance. Such statements are necessarily based on
assumptions and estimates and are subject to various risks and
uncertainties, including those relating to the possible invalidity
of the underlying assumptions and estimates and possible changes or
developments in economic, business, industry, market, legal and
regulatory circumstances and conditions and actions taken or
omitted to be taken by third parties, including customers,
suppliers, business partners, potential licensees, competitors and
legislative, judicial and other governmental authorities and
officials. Factors that could cause or contribute to such
differences include, but are not limited to: unexpected outcomes
with respect to intellectual property enforcement actions, claims
of intellectual property infringement and general intellectual
property litigation; our ability to maintain, develop, monetize and
protect our patent portfolio for both MMR's health IT and
biotechnology intellectual property assets in the U.S. and
internationally; the timing of milestone payments in
connection with licensing our intellectual property; our ability to
establish and maintain strategic relationships; changes in our
relationships with our licensees; the risk the MMR's products are
not adopted or viewed favorably by the healthcare community and
consumer retail market; business prospects, results of operations
or financial condition, including variations in our quarterly
operating results; risks related to the current uncertainty and
instability in financial and lending markets, including global
economic uncertainties; the timing and volume of sales and
installations; the length of sales cycles and the installation
process; the market's acceptance of new product and service
introductions; competitive product offerings and promotions;
changes in government laws and regulations including the 2009
HITECH Act and changes in Meaningful Use and the 2010 Affordable
Care Act; future changes in tax legislation and initiatives in the
healthcare industry; undetected errors in our products; the
possibility of interruption at our data centers; risks related to
third party vendors; risks related to obtaining and integrating
third-party licensed technology; risks related to a security breach
by third parties; risks associated with recruitment and retention
of key personnel; other litigation matters; uncertainties
associated with doing business internationally across borders and
territories; and additional risks discussed in the Company's
filings with the Securities and Exchange Commission. The Form
10-Q is available on the MMRGlobal Web site in the Investor
Relations section. The Company is providing this information as of
the date of this release and, except as required by applicable law,
does not undertake any obligation to update any forward-looking
statements contained in this release as a result of new
information, future events or otherwise.
CONTACT: Michael Selsman Public Communications Co. (310) 922-7033
ms@publiccommunications.biz