SOURCE: MMRGlobal, Inc.
LOS ANGELES, CA–(Marketwire – August 16, 2010) – MMRGlobal, Inc. (
Revenues for the first six months from sales of the Company’s consumer and professional products, MyMedicalRecords, MyEsafeDepositBox and MMRPro, were up by 58.6% over 2009. Total sales for these products, including Deferred Revenue (the portion of the Company’s sales that is to be recognized monthly over the term of agreements with our customers), have increased by 94%. Total Revenues for the three months ended June 30, 2010, including the Company’s core products and licensing fees, were up by 21% as compared to 2009. Total sales for the same period, including Deferred Revenue, were up 60.7% as compared to 2009.
According to Ingrid Safranek, the Company’s Chief Financial Officer, “We reduced total liabilities by $2.4 million or 28.5%. In addition, we reduced Accounts Payable by $451 thousand or 15%. Although we disclosed an Accounts Payable balance of $2.5 million, $1.6 million of that balance is attributable to the reverse merger with Favrille, Inc. and only $272 thousand represents MMR trade payables necessary to operations. Accordingly, we maintain good relationships with our vendors.”
Safranek continued, “In the last quarter, we were able to issue equity in lieu of cash to reduce liabilities by $1 million. We plan on using our equity to further reduce liabilities and strengthen our balance sheet based on our vendors’ belief in the value of the Company. Our ability to issue equity for services has afforded us the opportunity to support sales of MMRPro and other advertising and marketing programs as well as continuing to exploit patent opportunities with our biotech assets. Only $1.2 million of our loss was cash-related. The remaining amount represents non-cash expenses driven by $5.6 million from the application of accounting principles to value derivative liabilities and equity as well as an additional $1.0 million from stock options, warrants and common stock issued for services. These warrants and stock options have enabled us to obtain services that a Company our size would not otherwise have been able to afford.”
According to Robert H. Lorsch, Chairman and CEO of MMRGlobal, “We are well on our way toward executing on our business plan to achieve a global footprint from which we will sell our proprietary line of Personal Health Record (www.mmrvideos.com) and MyEsafeDepositBox (www.myesafevideos.com) products and MMRPro professional medical record products and services (www.mmrprovideos.com). However, growing a technology company in health care costs money. Accordingly, we are incurring increasing costs necessary to our growth. For example, we are now deploying development teams both in the U.S. and China to support the UNIS-TongHe transaction.”
“We are also expanding technical and development resources at home with increased staff in support of MMRPro,” said Lorsch. “This includes adding resources necessary to provide services that will meet meaningful use criteria and enable customers who use our products to qualify for government stimulus around the world. In addition, we are relocating our most experienced development resources to the U.S. from Nihilent headquarters in India to work with our management team and our customers directly.”
“Also, I plan on being in India in October for the launch of a Nihilent and MMRGlobal joint sales effort to small-sized health care professionals, hospitals and the government in India. At the same time, we are also increasing the size of our processing, hosting and IT infrastructure, adding more feature-rich facilities designed to reduce cost and increase scalability which should ultimately improve margins,” added Lorsch.
The Company has also begun the process of spending significantly more money on advertising, marketing and sales promotion using television (www.mmrontv.com) the web and through affiliate partnerships. An example is the “$25.00 Check-Up” refund program which launched on the Company’s MyMedicalRecords.com website today.
MMR is also in the process of upgrading MMRPro (www.mmrprovideos.com), the Company’s professional document imaging and management system for health care professionals. For instance, recently added features enable forms to be customized to an existing office practice resulting in the ability to access customized forms from MMRPro on demand. As such, doctors are able to use the forms they use today and still continue to move toward meaningful use.
Additionally, the Company is working with several major hospital groups to help market MMRPro systems to doctors associated with these specific hospital groups. This is part of a program designed to help monetize MMRPro patient upgrades. Also, MMR is starting to call on physician offices in the United States through the Kodak nationwide reseller channel.
Patient upgrades enable health care professionals to take advantage of the MMRPro “Stimulus Program” (http://mmrvideos.com/stimulus). This program creates a revenue stream for physicians from patient upgrades. The Company believes that its Stimulus Program can generate more than twice the $44,000 in revenue for physicians than the government’s HITECH Act stimulus program in much less time.
The Company continues to actively explore opportunities with its pre-merger Favrille biotech assets. In association with GRSworldwide, MMRGlobal is working to bring its anti-CD20 monoclonal antibodies to market. These antibodies are potentially useful in treating B-Cell malignancies, including Non-Hodgkin’s Lymphoma (NHL) and additional B-Cell mediated conditions such as rheumatoid arthritis. MMR’s anti-CD20 antibody asset is potentially a candidate for a next generation of Rituximab, marketed under the trade name Rituxan® in the United States by Biogen Idec and Genentech (wholly owned member of the Roche Group) and under the name MabThera® by Roche in the rest of the world except Japan, where it is co-marketed by Chugai and Zenyaku Kogyo Co. Ltd. Rituxan/MabThera is one of the world’s most successful monoclonal antibodies with reported total sales in 2009 in excess of US$5.6 billion.
MMRGlobal also continues to pursue various national phase filings from the Patent Cooperation Treaty patent application directed to the anti-CD20 monoclonal antibodies, including in the United States, Australia, Brazil, Canada, China, Europe, India, Japan, South Korea and Mexico. The Company has further been addressing opportunities pertaining to intellectual property rights involving B and T cell vaccine technology relative to the FavID vaccine in various stages in the United States and foreign countries through its reverse merger with Favrille. MMRGlobal is also in the process of filing certain patents regarding numerous aspects of the FavID vaccine, a portion of which has been recently granted.
The Company continues its activities in support of the launch of the Chartis-branded MyEsafeDepositBox product, which plans to provide MMR’s secure online virtual safe and Personal Health Record products and services to Chartis policyholders worldwide, while it further works with Chartis on opportunities to offer its products domestically as well.
Additionally, MMRGlobal is in active negotiations with one of the world’s largest financial institutions regarding the development of paperless loan processing and delivery solutions whereby loan documents can be delivered electronically through the Company’s MyEsafeDepositBox product, with resultant completed documents being filed in a permanent online MyEsafeDepositBox account.
“We are pursuing several Merger and Acquisition opportunities that could accelerate growth, expand the Company’s product line and enable us to offer more services consistent with criteria for meaningful use, specifically PHR and EMR related,” Lorsch added. “We have always intended to grow MMR into a much larger organization. However, it takes money and patience to grow a company. For example, Amazon went public in 1997, and had a net loss of $31 million, followed by a net loss of $125 million, and almost $720 million in 1998 and 1999, respectively. In their last annual report for the year ended 2009, they had net income of $902 million.”
About MMRGlobal, Inc.
MMR Global, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. (“MMR”), 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. MyMedicalRecords 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. The MyMedicalRecords Personal Health Record 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. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. MMR is also an integrated service provider on Google Health. To learn more about MMR Global, Inc. and its products, visit www.mymedicalrecords.com and view the videos at www.mmrtheater.com.
Forward Looking Statement
Statements in this press release that are not strictly historical in nature constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’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,” “offer,” “development,” “if,” “negotiate,” “when,” “begun,” “believe,” “achieve,” “will,” “estimate,” “expect,” “maintain,” “plan,” and “continue,” or the negative of these words. Any comparisons made with other companies are for illustrative purposes only and do not imply any similar levels of growth, revenue, or income. Factors that could cause or contribute to such differences include, but are not limited to, the risk the Company’s products are not adopted or viewed favorably by the health care community; risks related to the current uncertainty and instability in financial and lending markets, including global economic uncertainties; variations in our quarterly operating results; timing and volume of sales and installations; length of sales cycles and the installation process; market acceptance of new product introductions; ability to establish and maintain strategic relationships; ability to identify and integrate acquisitions; relationships with licensees; competitive product offerings and promotions; changes in government laws and regulations and future changes in tax legislation and initiatives in the health care industry; undetected errors in our products; possibility of interruption at our data centers; risks related to third party vendors; risks related to obtaining and integrating third-party licensed technology; acceptance of the Company’s marketing and promotional campaigns; risks related to a security breach by third parties; maintaining, developing and defending our intellectual property rights including those pertaining to our biotechnology assets; risks associated with recruitment and retention of key personnel; 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. Additionally, we are a developing early-stage company and many variables can affect revenues and/or projections, including factors out of our control. The Company is providing this information as of the date of this release and, except as required by 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:
Bobbie Volman
MMRGlobal, Inc.
(310) 476-7002, Ext. 2005
[email protected]
Michael Selsman
Public Communications Co.
(310) 553-5732
[email protected]
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