TORONTO, April 27, 2012 /PRNewswire/ - Diversinet Corp.
(TSX Venture: DIV, OTCBB: DVNTF), a leader in secure mobile health
that "Powers Care Coordination through Mobility," reported its
first quarter 2012 results for the period ended March 31, 2012. All dollar amounts are in U.S.
dollars.
Financial Highlights
Revenues for the first quarter were $282,000, compared to $444,000 in the same period a year ago. Revenues
in the first quarter of 2012 included $185,000 from the company's license and reseller
agreement with Mihealth Global Systems ("Mihealth") while revenues
in the first quarter of 2011 included $382,000 from Mihealth. Deferred revenues for the
first quarter were $317,000, compared
to $57,000 in the same period a year
ago.
Net loss in the first quarter was $1.4 million or $(0.03) per share, compared to $1.1 million or $(0.03) per share in the same period a year ago.
First quarter 2012 net loss included non-cash items of $135,000 in stock-based compensation,
$15,000 in depreciation, and a
foreign exchange loss of $7,000. This
compares to non-cash items in the same year-ago quarter of
$166,000 in stock-based compensation,
$14,000 in depreciation, and a
foreign exchange gain of $25,000.
Cash and cash equivalents were $6.2 million at March 31,
2012 and $7.4 million at
December 31, 2011.
Operational Highlights
- Dr. Hon Pak was appointed Chief
Executive Officer and member of the company's board of directors
after serving as interim CEO since December
2011 and on Diversinet's executive advisory board since
September 2011.
- The company delivers a secure technology platform that supports
healthcare coordination through mobility. Components of the
technology include a Care Coordination Engine, providing a
"configure once-deploy many" capability for clients who need a
HIPAA-compliant mobile engagement tool for consumers/patients and
providers/staff.
- During April, 2012 the ehealth radio network interviewed Dr.
Pak where he addressed issues in the telehealth space and provided
his views on how Diversinet's solutions can be integrated into the
mobile heathcare ecosystem. A link to the interview is
available at www.diversinet.com under the 'feature' section.
- The University of Nebraska Medical
Center (UNMC) started using Diversinet's MobiSecure® SDK on
a non-commercial basis to determine if the SDK could interface with
the UNMC's preoperative treatment algorithms. Diversinet will
provide a "sandbox" environment until September 2012 to allow the UNMC to gain
familiarity with the MobiSecure platform and determine if it wants
to acquire a commercial software license.
- AirStrip Technologies, a leading developer of first-in-class
mobile technology that enables access to live and actionable
patient data, selected Diversinet's government-certified MobiSecure
SDK solution for the crucial security validation needed to offer
mobile healthcare applications to military and other U.S.
government agencies. Integrating MobiSecure will enable AirStrip
applications to provide levels of authentication and encryption
necessary for use in government organizations such as military
hospitals.
- Diversinet expanded its intellectual property portfolio with
the award of U.S. patent # 8,130,961, titled "Method and system for
client-server mutual authentication using event-based OTP." This
patent defines a method of protecting client-server communications
and is the foundation of the MobiSecure messaging protocol. It
provides authentication services through the use of one-time
passwords (OTPs), and encryption services through the use of a
unique key per-transaction encryption scheme. Diversinet's
intellectual property portfolio now includes 18 patents and 30
patent applications.
"In the first quarter of 2012, we turned our
focus to care coordination," stated Pak. "This field represents a
more patient-centered and systems-based approach that improves the
value of healthcare, with an emphasis on wellness and prevention.
Fundamental to this shift is a focus on patient engagement and care
coordination. As we advance through 2012, we expect to enable
healthcare organizations to mobilize their care coordination with
our leading solutions for secure mobile applications."
Financial Summary
|
Q1 2012 |
Q1 2011 |
Revenues |
$281,911 |
$444,250 |
Cost of revenues |
19,828 |
6,031 |
Gross margin |
262,083 |
438,219 |
|
|
|
Expenses |
|
|
Research and development |
791,012 |
716,059 |
Sales and marketing |
331,684 |
412,783 |
General and administrative |
549,697 |
443,200 |
Depreciation |
14,798 |
14,409 |
|
1,687,191 |
1,586,451 |
Loss before the undernoted |
(1,425,108) |
(1,148,232) |
Foreign exchange gain (loss) |
(6,932) |
25,185 |
Interest income |
4,782 |
12,127 |
Loss for the period |
$(1,427,258) |
$(1,110,920) |
Basic and diluted earnings (loss) per share |
$(0.03) |
$(0.03) |
|
|
|
Cash and cash equivalents |
$6,170,194 |
$11,180,694 |
Total assets |
$6,536,720 |
$11,487,246 |
Total current liabilities |
$656,593 |
$393,148 |
Total shareholders' equity |
$5,880,127 |
$11,094,098 |
|
|
|
Weighted average basic and fully diluted common
shares outstanding |
43,009,347 |
42,325,727 |
For complete financial statements, including the
notes and management's discussion and analysis, please visit our
website at www.diversinet.com/AboutUs/Investors.html.
About Diversinet
Diversinet Corp. (TSX Venture: DIV, OTCBB:
DVNTF) provides patented and proven secure products that enable
healthcare organizations to rapidly deploy HIPAA-compliant mobile
healthcare (mHealth) applications to power care coordination. Learn
more about Diversinet at www.diversinet.com.
The Private Securities Litigation Reform Act
of 1995 and Canadian securities laws provide a "safe harbour" for
forward-looking statements. Certain information included in this
press release (as well as information included in oral statements
or other written statements made or to be made by the company)
contains statements that are forward-looking, such as statements
relating to the success of current product offerings. Such
forward-looking information involves important risks and
uncertainties that could significantly affect anticipated results
in the future and, accordingly, such results may differ materially
from those expressed in any forward-looking statements made by or
on behalf of the company. For a description of additional risks and
uncertainties, please refer to the company's filings with the
Securities and Exchange Commission available at www.sec.gov
and Canadian securities regulatory authorities available at
www.sedar.com.
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this
release. MobiSecure is a registered trademark of Diversinet Corp.
SOURCE Diversinet Corp.