2015 Revenue of $34.85 Million
Net Income of $13.75 Million
EBITDA of $16.36 Million
Authentidate Holding Corp. (NASDAQ:ADAT), one of the fastest
growing clinical labs in North America through its wholly owned
subsidiary, Aeon Clinical Laboratories (“AEON”), and a provider of
secure web-based revenue cycle management applications and
telehealth products and services for healthcare organizations,
today announced AEON’s audited results for the year ended
December 31, 2015.
On January 27, 2016, Authentidate closed a merger transaction
whereby privately-held AEON merged with a wholly-owned subsidiary
of Authentidate, creating a combined company focused on delivering
innovative solutions that achieve best practices in medicine
while raising the standard of healthcare. The financials
below reflect the results of AEON as a private company, prior to
the completion of the merger.
2015 AEON Financial Highlights
- Net revenue of $34.85 million - compared to $24.1 million
in 2014
- Net income of $13.75 million - compared to $10.8 million in
2014
- As adjusted EBITDA of $16.36 million - compared to $11.6
million in 2014
- As adjusted EBITDA margin of 47%
Richard Hersperger, Chief Executive Officer of Authentidate,
stated, “We are pleased that our strong sales capability
combined with our state-of-the-art testing services delivered solid
revenue growth in 2015 as well as a significant expansion of
EBITDA and Net Income. With the Aeon and Authentidate combination
almost complete, we are excited about what we can accomplish over
the course of 2016 and beyond.”
Mr. Hersperger continued, “The U.S. diagnostics market is
expected to grow to $80 billion by 2020 according to industry
analysts. AEON’s strong sales execution and leading
toxicology and genetic testing technology positions us to continue
our growth. We remain excited about the opportunity to expand
genetic testing which represents the future of medicine, as doctors
seek to personalize treatments based on the genetics of each
patient. We are committed to bringing new, innovative genetic
tests to market that set us apart from our competitors and create
unique value for our customers, while growing test volumes on the
services we offer today.”
PROXY UPDATE
Authentidate will file a proxy statement with the Securities and
Exchange Commission (the “SEC”) in connection with a special
meeting of stockholders in order to, among other things, obtain
stockholder approval for the potential issuance of shares of common
stock of Authentidate to the former members of AEON in excess of
19.9% of the issued and outstanding shares of common stock as of
the date of the closing of the merger. We expect to hold the
special meeting in late May or early June.
About Authentidate Holding Corp.
Authentidate Holding Corp., through its wholly owned subsidiary,
AEON Clinical Laboratories, operates a comprehensive clinical
laboratory using state of the art testing equipment. Housed in a
28,000 square foot campus, in Gainesville, Georgia, AEON has
developed proprietary methodologies that provide market
leading urine and oral fluid (saliva) test results.
AEON provides four primary tests: Medical Toxicology,
Pharmacogenomics, Cancer Genetic Testing, and Molecular Biology.
Authentidate is also a provider of secure web-based revenue cycle
management applications and telehealth products and services that
enable organizations to coordinate patient care and enhance related
administrative and clinical workflows.
Authentidate’s telehealth solutions combine patient vital signs
monitoring with a web application that streamlines patient care
management. Delivered as Software as a Service (SaaS), customers
can easily access our web-based applications thereby
utilizing previous investments in systems and technology.
Authentidate, Inscrybe and InscrybeMD are registered
trademarks of Authentidate Holding Corp. All other trade names are
the property of their respective owners. For more information,
visit the company’s websites at www.aeonclinical.com and
www.authentidate.com
Additional Information and Where to Find it
The issuance of the initial tranche of common stock to the
former members of AEON at the closing of the merger in an amount
equal to 19.9% of the issued and outstanding shares of common stock
of Authentidate on the date of the merger did not require any
action on the part of Authentidate’s stockholders. Thereafter,
under the terms of the merger agreement, Authentidate will file a
proxy statement and related material to obtain stockholder approval
of the issuance of all of the common stock in excess of 19.9% of
the issued and outstanding shares of common stock of Authentidate
potentially issuable to the former AEON members. WE URGE INVESTORS
AND SECURITY HOLDERS TO READ THE PROXY STATEMENT AND ANY OTHER
RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION about Authentidate, AEON, and the
proposed issuance of the common stock. Investors and security
holders will be able to obtain these materials (when they are
available) and other documents filed with the SEC free of charge at
the SEC’s website, www.sec.gov. In addition, copies of the proxy
statement (when they become available) may be obtained free of
charge from Authentidate. Security holders may also read and copy
any reports, statements and other information filed by Authentidate
with the SEC, at the SEC public reference room at 100 F Street,
N.E., Washington D.C. 20549. Please call the SEC at 1-800-SEC-0330
or visit the SEC’s website for further information on its public
reference room.
Participants in the Merger Solicitation
Authentidate, AEON and certain of their respective directors,
executive officers and other persons may be deemed to be
participants in the solicitation of proxies in respect of the
proposed issuance of common stock of Authentidate. Information
regarding Authentidate’s and AEON’s directors and executive
officers is available in the Authentidate’s Current Report on Form
8-K filed with the SEC on February 1, 2016, Authentidate’s proxy
statement relating to the 2015 annual meeting of stockholders filed
with the SEC on April 17, 2015 and Authentidate’s proxy
statement related to the January 20, 2016 special meeting of
stockholders filed with the SEC on December 10, 2015.
Other information regarding persons who may be deemed
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
will be contained in the proxy statement and other relevant
materials to be filed with the SEC when they become available.
Non-Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities.
This press release contains forward-looking statements within
the meaning of section 27A of the Securities Act of 1933 and
section 21E of the Securities Act of 1934. When used in this
release, the words “believe,” “anticipate,” “think,” “intend,”
“plan,” “will be,” “expect,” and similar expressions identify such
forward-looking statements. These forward-looking statements
reflect our current views about our plans, intentions,
expectations, strategies and prospects, which are based on the
information currently available to us and on assumptions we have
made. Although we believe that our plans, intentions, expectations,
strategies and prospects as reflected in or suggested by those
forward-looking statements are reasonable, we can give no assurance
that the plans, intentions, expectations or strategies will be
attained or achieved. Furthermore, actual results may differ
materially from those described in the forward-looking statements
and will be affected by a variety of risks and factors that are
beyond our control. Risks and uncertainties for Authentidate, AEON
and of the combined company include, but are not limited to:
liquidity and trading market for shares following the consummation
of the merger; costs associated with the merger; failure or delay
in obtaining required approvals by the SEC or any other
governmental or quasi-governmental entity necessary to our ability
to file an effective proxy statement in connection with the merger
and other contemplated transactions; failure to obtain the
necessary stockholder approval of the merger and the other
contemplated transactions; uncertainties of cash flows and
inability to meet working capital needs; and risks associated with
the possible failure to realize certain benefits of the merger,
including future financial, tax, accounting treatment, and
operating results. Many of these factors that will determine actual
results are beyond Authentidate’s or AEON’s ability to control or
predict. Other risks and uncertainties are more fully described in
our Annual Report on Form 10-K for the year ended June 30, 2015
filed with the SEC, and in other filings that Authentidate makes
and will make with the SEC. Existing and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof. The statements
made in this press release speak only as of the date stated herein,
and subsequent events and developments may cause our expectations
and beliefs to change. Unless otherwise required by applicable
securities laws, we do not intend, nor do we undertake any
obligation, to update or revise any forward-looking statements
contained in this news release to reflect subsequent information,
events, results or circumstances or otherwise. These
forward-looking statements should not be relied upon as
representing our views as of any date after the date stated
herein.
Non-GAAP Information Certain non-GAAP financial measures are
included in this press release. In the calculation of these
measures, the Company generally excludes certain items such as
amortization and impairment of acquired intangibles, non-cash
stock-based compensation charges, unusual, non-recurring gains and
charges and non-cash interest expense. The Company believes that
excluding such items provides investors and management with a
representation of the Company's core operating performance and with
information useful in assessing its prospects for the future and
underlying trends in the Company's operating expenditures and
continuing operations. Management uses such non-GAAP measures to
evaluate financial results and manage operations. The release and
the attachments to this release provide a reconciliation of each of
the non-GAAP measures referred to in this release to the most
directly comparable GAAP measure. The non-GAAP financial measures
are not meant to be considered a substitute for the corresponding
GAAP financial statements and investors should evaluate them
carefully. These non-GAAP financial measures may differ materially
from the non-GAAP financial measures used by other companies.
EBITDA, as adjusted; A reconciliation of EBITDA, as
adjusted to the mostly comparable GAAP measures as follows;
|
|
12/31/14 |
12/31/15 |
Net
income |
|
10,824,448 |
|
13,753,518 |
|
|
|
|
|
|
|
|
|
Depreciation |
|
730,464 |
|
840,105 |
|
Interest |
|
3,355 |
|
(4,890 |
) |
Taxes |
|
23,250 |
|
29,339 |
|
Merger
related expenses |
|
|
|
320,798 |
|
Membership interest compensation |
|
|
|
1,418,000 |
|
EBITDA, as adjusted |
|
11,581,517 |
|
16,356,870 |
|
|
|
|
|
|
|
Contact:
Media Contacts:
James Carbonara, Hayden IR
James@haydenir.com or (646) 755-7412
Brett Maas, Hayden IR
Brett@haydenir.com or (646) 536-7331