Artificial Intelligence Authors: Elizabeth White, Zakia Bouachraoui, Liz McMillan, Pat Romanski, Carmen Gonzalez

News Feed Item

The Quantum Group Announces Third Quarter Financial Results for Fiscal Year 2009

The Quantum Group, Inc. (NYSE Amex:QGP) announced financial results for the third quarter of fiscal year 2009 ended July 31, 2009.

For the period, the Company reported an increase in revenues of approximately 134% to $10,454,969, compared to $4,459,362 for the same quarter in fiscal year 2008. Further, the Company has exceeded the preliminary revenue guidance released on August 12, 2009. On a sequential basis, revenues increased 26% from $8,308,967 in the second quarter of fiscal 2009 to $10,454,969 in the third quarter of fiscal 2009.

“We are very pleased by the consistent growth of our Company,” stated Noel J. Guillama, President and CEO of The Quantum Group. “There has never been a more exciting time to be in healthcare as an innovation-driven company. We are confident that our business model, one that focuses on a comprehensive industry wide solution and creating efficiencies, is more relevant and marketable than ever. Propelled by our 21st Century Electronic Medical Record platform PWeR™ (Personal Wellness electronic Record™) that operates through a cloud computing model and empowers the one patient, one record™ concept, we continue to find providers to be very receptive to the services and solutions offered by The Quantum Group of Companies (including subsidiaries Renaissance Health Systems and Quantum Innovations).”

Guillama further commented, “Efficiency by innovation is the key to our Company. We have reached a maturation point through the growth of Renaissance Health Systems that places our focus on putting operational systems and processes in place to control costs, eliminate waste and potentially harmful care. While our revenues increased 26% this quarter over the second quarter, we reduced our operating costs by 27% and we expect to continue to drive similar efficiencies going forward.”

Susan Darby Gallagher, Executive Vice President & Chief Administrative Officer noted, “The efficiencies of our business have been achieved through the combination of the unique skill base of our employees, the critical mass to provide the scale and growth, and the automation of processes through best practices and technology. These results have been evident through our increased growth with less cost.”

The Company reported that over the last three years it generated $53,443 in revenues per employee in the third quarter of 2007, $96,943 per employee in the same quarter of 2008, and $177,203 per employee in the same quarter of 2009. This represents a revenue increase per employee of 232% over 3 years.

The Company reported a loss from operations of $2,208,680 in the third quarter of fiscal year 2009 as compared to a loss from operations of $2,125,556 for the same quarter in fiscal year of 2008. This loss resulted in a loss per share of $.34 versus $.26 per share for the same period in 2008. The Company further reported a total net loss of $3,861,395 for the quarter compared to a total net loss of $2,275,236 for the third quarter of fiscal year 2008 and reported costs attributed to financing of $1,672,523 for this quarter compared to $149,680 from the same quarter of fiscal year 2008.

The Company’s Quarterly Report on Form 10Q for the quarter ended July 31, 2009, can be obtained through the SEC website or via the following link: http://www.sec.gov/Archives/edgar/data/1118847/000111650209001446/0001116502-09-001446-index.htm

About The Quantum Group, Inc.

The Quantum Group is an innovation-driven Healthcare Services Organization (HSO) that provides Technology Solutions through PWeR, a 21st Century Electronic Medical Records (EMR) platform; Provider Systems and services through Renaissance Health Systems, a Medical Services Organization (MSO) with more than 2,000 affiliated providers; and Business Services for healthcare providers and facilities through Quantum Global Professional Services. For more information, please visit www.QuantumMD.com.

About PWeR™

PWeR stands for Personal Wellness electronic Record™. This 21st Century EMR solution is a new breed, intelligent healthcare information platform that hosts medical records and permits interactive use. Medical records will follow the patient, giving every healthcare provider that sees a particular patient access to all the information needed to assist in their diagnosis and treatment plan. Providers can access a patient's entire medical record at one glance. Patients can look back over physician instructions or track their wellness progress. In critical situations or in providing treatment to PWeR patients, hospitals are enabled to access full medical histories and make educated treatment decisions based on accurate data. One patient… one record™. That's PWeR. For more information, please visit www.myPWeR.com.

Certain statements contained in this news release that are not based on historical facts are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995, and are subject to substantial risks and uncertainties. These risks and uncertainties are in part detailed in the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2008, and its Quarterly Reports on Form 10-Q (“Quarterly Reports”) for the periods ended January 31, April 30 and July 31, 2009, which were filed with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of words such as "expects," "plans," "will," "may," "anticipates," "believes," "should," "intends," "estimates" and “could,” other words of similar meaning and the negative form of such words. These statements are subject to risks and uncertainties that cannot be predicted or quantified and, consequently, actual results may differ materially from those expressed or implied by these forward-looking statements. Such risks and uncertainties include, without limitation, the ability of the Company to properly execute its business model, to raise substantial and immediate additional capital in the current credit markets, to implement its business model, to continue its upward revenue growth trend through the end of the current fiscal year and into fiscal 2010, to control patient medical costs relative to income received, to attract and retain qualified executive, management and operational personnel, to continue growing its patient base, to negotiate or renegotiate favorable terms for its current debt and future financings, to negotiate favorable agreements with a diversified provider base and HMO payers and to continue to supply the services required by these HMO payers and provider clients. In addition, as further described in the Quarterly Reports, the Company received notice from the NYSE Amex LLC (formerly American Stock Exchange (the “Exchange”)) that it is not in compliance certain Exchange listing standards. Specifically, the Exchange staff noted that the Company sustained losses that are so substantial in relation to its overall operations or its existing financial sources that it appeared questionable as to whether the Company would be able to continue operations and/or meet its obligations as they mature. As of the date of this news release, the Company has received no further communication from the Exchange relating to the status of its compliance efforts; however, there is no assurance that the Company will remain listed on the Exchange. There can also be no assurance that the Company’s deployment of its PWeR™ technology platform will be commercially successful or that the continuing infrastructure development, hosting, security, sales and servicing will be accomplished in a timely manner or at all or be accepted by clients. The PWeR platform may also experience further potential complications during utilization by clients, technical and software setbacks and any unexpected costs of development, as well as pricing and completive pressures, and the capital necessary to deploy it may not be available on time or at all. The Company is also subject changes in federal and state government regulations dealing with its provider system and technology solutions that could have a material adverse effect on its financial condition and result in interruptions of services, and to contractual risk, expenses and compliance with its alliance partner(s) agreements. The Company does not undertake any obligation to release any revisions to these forward-looking statements publicly to reflect events occurring after the date of this report or to reflect the occurrence of unanticipated events. As a result, investors should not place undue reliance on these forward-looking statements.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

IoT & Smart Cities Stories
The platform combines the strengths of Singtel's extensive, intelligent network capabilities with Microsoft's cloud expertise to create a unique solution that sets new standards for IoT applications," said Mr Diomedes Kastanis, Head of IoT at Singtel. "Our solution provides speed, transparency and flexibility, paving the way for a more pervasive use of IoT to accelerate enterprises' digitalisation efforts. AI-powered intelligent connectivity over Microsoft Azure will be the fastest connected pat...
There are many examples of disruption in consumer space – Uber disrupting the cab industry, Airbnb disrupting the hospitality industry and so on; but have you wondered who is disrupting support and operations? AISERA helps make businesses and customers successful by offering consumer-like user experience for support and operations. We have built the world’s first AI-driven IT / HR / Cloud / Customer Support and Operations solution.
Codete accelerates their clients growth through technological expertise and experience. Codite team works with organizations to meet the challenges that digitalization presents. Their clients include digital start-ups as well as established enterprises in the IT industry. To stay competitive in a highly innovative IT industry, strong R&D departments and bold spin-off initiatives is a must. Codete Data Science and Software Architects teams help corporate clients to stay up to date with the mod...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
Druva is the global leader in Cloud Data Protection and Management, delivering the industry's first data management-as-a-service solution that aggregates data from endpoints, servers and cloud applications and leverages the public cloud to offer a single pane of glass to enable data protection, governance and intelligence-dramatically increasing the availability and visibility of business critical information, while reducing the risk, cost and complexity of managing and protecting it. Druva's...
BMC has unmatched experience in IT management, supporting 92 of the Forbes Global 100, and earning recognition as an ITSM Gartner Magic Quadrant Leader for five years running. Our solutions offer speed, agility, and efficiency to tackle business challenges in the areas of service management, automation, operations, and the mainframe.
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
DSR is a supplier of project management, consultancy services and IT solutions that increase effectiveness of a company's operations in the production sector. The company combines in-depth knowledge of international companies with expert knowledge utilising IT tools that support manufacturing and distribution processes. DSR ensures optimization and integration of internal processes which is necessary for companies to grow rapidly. The rapid growth is possible thanks, to specialized services an...
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...