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Sanomedics Reports Third Quarter 2014 Results

MIAMI, Nov. 19, 2014 (GLOBE NEWSWIRE) -- Sanomedics International Holdings, Inc. (OTCQB:SIMH), a medical technology holding company that focuses on providing game changing products, services and ideas, announced today its financial results for the third quarter 2014.

Third Quarter Financial Highlights

  • Revenue increased 33% year over year
  • Gross profit increased 85% year over year
  • Backlog continues to grow

The Company's net revenues for the nine months were up 33% year-over-year, from $211,000 to $281,000 driven from the continued commercialization and acceptance of the Caregiver® TouchFree™ InfraRed Thermometers.

The Company reported a net loss attributable to common stockholders of $(1.6) million in the third quarter of 2014 compared to net income of $59,757 for the comparable period of 2013. This increase in net loss resulted from non-recurring, non-cash expenses, changes in the fair value of contingent consideration and derivative instruments as well as depreciation and amortization, including interest expense, totaling $889,000. Additionally, the Company had an increase of $.5 million in SG&A expense resulting from an increase in professional fees and loan costs.

Keith Houlihan, President of Sanomedics, commented, "We are entering into very exciting times for our Company and shareholders. We are seeing an abundance of support for the commercialization of our Caregiver TouchFree Infrared thermometer. Sales backlog is at an all-time high. We believe that our third quarter revenue represents the beginning of a significant growth period for our business that will extend into the fourth quarter and beyond. We look forward to generating significant shareholder value".

About Sanomedics International Holdings, Inc.

Sanomedics International Holdings, Inc. (OTCQB:SIMH) is a medical technology holding company that focuses on game changing products, services and ideas -- a place where physicians, entrepreneurs, and medical companies can work together to drive innovative technologies through concept, development, and ultimately commercialization. Sanomedics plans to grow existing business organically and through strategic acquisitions specifically relating to healthcare technology and services.

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Forward Looking Statements

Statements in this press release regarding Sanomedics that are not historical facts are forward- looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements, including, but not limited to, financial guidance are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "forecasts," "predicts," "potential," or the negative of those terms, and similar expressions and comparable terminology. These include, but are not limited to, statements relating to future events or our future financial and operating results, plans, objectives, expectations and intentions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be achieved. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements.

These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this release. Given these uncertainties, you should not place undue reliance on these forward-looking statements and should consider various factors, including the risks described, among other places, in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the SEC.

Condensed Consolidated Statements of Operations
For the three months ended
September 30,
2014 2013
(Restated)
Revenues, net $83,181 $90,671
Cost of goods sold 12,703 12,197
Gross profit 70,478 78,474
Operating expenses 842,540 418,828
Loss from operations (772,062) (340,354)
Other income (expense) (889,329) 400,111
Net (loss) income before income taxes (1,661,391) 59,757
Income taxes -- --
Net (loss) income $(1,661,391) $59,757
Net (loss) income per share-basic and diluted $(0.20) $0.01
Weighted average number of shares outstanding during
The period-basic and diluted 8,486,686 4,081,174
For the nine months ended
September 30,
2014 2013
(Restated)
Revenues, net $281,002 $211,750
Cost of goods sold 42,928 45,789
Gross profit 238,074 165,961
Operating expenses 2,319,904 1,185,672
Loss from operations (2,081,830) (1,019,711)
Other income (expense) (2,606,384) (1,490,511)
Net (loss) income before income taxes (4,688,214) (2,510,222)
Income taxes -- --
Net (loss) income $(4,688,214) $(2,510,222)
Net (loss) income per share-basic and diluted $(0.35) $(1.23)
Weighted average number of shares outstanding during
The period-basic and diluted 13,528,789 2,045,442
Selected Balance Sheet Data-(Unaudited)
September 30, December 31,
2014 2013
Cash $40,103 $9,560
Accounts receivable 30,786 19,225
Total current assets 762,988 68,457
Total assets $807,436 $105,834
Total current liabilities $6,416,394 $3,356,779
Convertible notes payable and advances, related parties
net of discount, net of current portion 755,378 1,873,123
Stockholders' deficit (6,364,336) (5,124,068)

CONTACT: Keith Houlihan Sanomedics International Holdings, Inc. info@Sanomedics.com

Source:Sanomedics International Holdings, Inc.