TORONTO, Oct. 26, 2012 /CNW/ - Diversinet Corp. (TSX
Venture: DIV, OTCQB: DVNTF), a leader in secure mobile health that
"Powers Care Coordination through Mobility," reported its third
quarter 2012 results for the period ended September 30, 2012. All dollar amounts are in
U.S. dollars.
Financial Highlights
Revenues for the third quarter of 2012 increased 35% to
$451,000 from $333,000 in the same year-ago period. Revenues
for the nine months ended September 30,
2012 increased 27% to $1.2
million from $0.9 million in
the same period in 2011.
Revenues in the third quarter of 2012 included
$181,000 from the Company's license
and reseller agreement with Mihealth Global Systems and
$138,000 from the University of Nebraska.
Net loss in the third quarter totalled
$0.7 million or $(0.02) per share, an improvement from a net loss
of $1.1 million or $(0.03) per share in the same period last year.
Net loss for the nine months ended September
30, 2012 was $3.2 million or
$(0.07) per share, an improvement
from a net loss of $3.9 million or
$(0.09) per share in the same period
in 2011.
Cash used in operations for the third quarter
was $0.8 million compared with
$1.1 million in the same period last
year. Cash and cash equivalents were $4.3
million at September 30, 2012
as compared to $7.4 million at
December 31, 2011.
Operational Highlights
- During the third quarter, Diversinet received a one-year
renewal from the U.S. Army's Telemedicine and Advanced Technology
Research Center (part of the U.S. Army Medical Research and
Materiel Command) mCare telehealth-outreach program for members of
the military recovering from mild traumatic brain injuries and
other wounds.
- In July 2012, Diversinet
appointed Bret Jorgensen as chairman
of the board. Jorgensen succeeded Albert
Wahbe, who retired as chairman but remains a member of the
board. Jorgensen brings more than 20 years of experience as a
healthcare entrepreneur and corporate transformation executive to
Diversinet.
- Diversinet's CEO, Dr. Hon Pak,
was interviewed by mHealth Zone at American Telemedicine
Association 2012 Fall Forum. He discussed his views about the
emerging mHealth market and recent developments of Diversinet's
MobiSecure® technology, an enterprise-level mhealth platform that
enables care coordination and patient engagement through building
and configuring applications. The broadcast is available for replay
here.
"Our secure and flexible mobile platform uses a
unique system based approach to design, build and customize
enterprise-level applications that drive patient engagement and
care coordination," said Dr. Pak. "We currently support 12,000+
users across our existing customer base and look forward to adding
new customer relationships this quarter."
Financial Summary |
|
|
|
|
Q3 2012 |
|
Q3 2011 |
Revenues |
$451,018 |
|
$332,976 |
Cost of
revenues |
92,006 |
|
53,125 |
Gross margin |
359,012 |
|
279,851 |
|
|
|
|
Expenses |
|
|
|
|
Research and development |
191,454 |
|
539,156 |
|
Sales and marketing |
326,832 |
|
385,141 |
|
General and administrative |
481,563 |
|
409,957 |
|
Depreciation |
12,999 |
|
15,914 |
|
1,012,848 |
|
1,350,168 |
Loss before the undernoted |
(653,836) |
|
(1,070,317) |
Foreign exchange loss |
(3,847) |
|
(9,409) |
Interest
income |
2,750 |
|
5,405 |
Loss for the
period |
$(654,933) |
|
$(1,074,321) |
Basic and diluted earnings (loss) per
share |
$(0.02) |
|
$(0.03) |
|
|
|
|
Cash and cash equivalents |
$4,318,583 |
|
$8,658,899 |
Total assets |
$4,816,739 |
|
$9,256,575 |
Total current liabilities |
$615,610 |
|
$573,925 |
Total shareholders' equity |
$4,201,129 |
|
$8,682,650 |
|
|
|
|
Weighted average basic and fully
diluted common shares
outstanding |
43,293,043 |
|
42,671,847 |
For complete financial statements, including the
notes and management's discussion and analysis, please visit our
website at www.diversinet.com/FinancialReports.html
About Diversinet
Diversinet Corp. (TSX Venture: DIV, OTCQB: DVNTF) is answering the
challenges of today's healthcare landscape with a secure enterprise
mobile healthcare platform and integrated solutions. This
technology can be leveraged and customized quickly to meet the
ever-changing needs of healthcare organizations and patients -
driving patient-provider and payer communications and improving
outcomes while lowering costs. 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.