MELVILLE, NY--(Marketwired - May 07, 2015) - Millennium Healthcare Inc. (MHCC), a healthcare services and medical device distribution company, is pleased to announce a brief update to its shareholders regarding its results for 2014 and outlook for 2015.
To Our Shareholders:
Millennium Healthcare Inc. as an early stage emerging growth company in the medical device industry and is rapidly becoming a sales innovator in bringing exclusive medical device technology to previously underserved or overlooked distribution channels. Millennium is fast developing a network of ACO's (Accountable Care Organizations) and PHO's (Physician Hospital Organizations) that have embraced the Company's product offerings.
We would like to take a moment to update you as well as recap our performance over the last year and provide some insights into our future developments.
Millennium has been diligently focused on growing its business in the medical device industry. Our management team has been completely immersed in developing new distribution channels for our products and services. The third quarter of 2014 was the first full quarter where the Company executed its strategy of providing exclusive diagnostic devices to primary care physician groups. The third and fourth quarter 2014 sales of our OralCDx® and VasoScan™ diagnostic devices exceeded anticipated results. We will continue to focus on delivering the best possible customer service to our valued partners. We feel that this deep commitment to growing the business at this early stage will be the foundation for growth in shareholder value over the long run.
Management believes that the current share price does not reflect the overall value of the enterprise. The Company has seen a dramatic increase in the amount of shares traded in its common stock. This increase in activity represents an increase in investor interest and shareholder diversity. In 2013 our Company' shares traded on average approximately 31,665 shares per day. In 2014 our Company's shares have traded on average approximately 247,454 shares per day. During 2015 our shares have currently traded on average approximately 600,000 shares per day. We feel that the increased liquidity of the Company's stock is of great value to our shareholders and to the long-term performance of our common shares.
For the year-end 2013 our sales were $1.99 Million. For the year-end 2014 our sales increased to $8.34 Million. This represents approximately a 319% increase in sales. This already extraordinary growth did not take into account fourth quarter 2104 device POs/Sales totaling $9.65 Million. The Company was unable to recognize these sales in its overall annual 2014 revenues due to insufficient inventory as a result of undercapitalization. The Company anticipates being able to recognize and fulfill these orders during 2015. We continue to concentrate and focus on product training, implementation and certification, while increasing our receivable collections and capital raises to support our growth in 2015.
Millennium anticipates continued growth and increased financial results for fiscal 2015. The company intends to grow its established distribution channels as well as introduce new sales partnerships during 2015. In addition to increasing the sales of existing product offerings, the Company intend to introduce new products and services to it customers. We are at the very beginning of our growth cycle and like many emerging growth companies, we face challenges. These challenges range from the need for additional growth capital and managing market expectations to managing our product inventory as demand increases. We view these various challenges as opportunities for growth and improvement, which can increase shareholder value over the long term as we continue to meet and exceed these challenges.
Millennium believes the future is bright. We continue to develop new distribution channels for our products and services. Our sales have increased dramatically and we look forward to continued growth. We are beginning to turn our receivables into cash and are working on delivering the best possible customer experience. We are committed to growing this company and creating great value for all of our shareholders, partners and employees.
We look forward to keeping you updated and encourage your questions via the contact information below. Thank you for your continued support of Millennium Healthcare and our ongoing transformation.
Chairman and CEO
About Millennium Healthcare Inc. (www.millenniumhcs.net)
Millennium Healthcare Inc., through its wholly owned operating subsidiaries, provides primary care physician practices, physician groups and healthcare facilities of all sizes with cutting-edge medical devices focused primarily on preventive care through early detection. The Company also provides advanced billing and coding services, and practice development and management services. For more information, please visit www.millenniumhcs.net.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains certain statements that may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements are identified by such words and phrases as "we expect," "expected to," "estimates," "estimated," "current outlook," "we look forward to," "would equate to," "projects," "projections," "projected to be," "anticipates," "anticipated," "we believe," "could be," and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. Because they are forward-looking, they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release.