TORONTO, April 26, 2013 /PRNewswire/ - Diversinet Corp.
(TSX Venture: DIV, OTCQB: DVNTF), a leader in secure mobile health
that "Powers Care Coordination through Mobility," reported its
first quarter 2013 results for the period ended March 31, 2013. All dollar amounts are in U.S.
dollars.
Financial Highlights
Revenues for the first quarter were $304,000, compared to $282,000 in the same period a year ago. Deferred
revenues for the first quarter were $110,000, compared to $134,000 in the same period a year ago.
Net loss in the first quarter was $989,000 or $(0.02)
per share, compared to $1.4 million
or $(0.03) per share in the same
period a year ago. First quarter 2013 net loss included non-cash
items of $65,000 in stock-based
compensation, $10,000 in
depreciation, and a foreign exchange loss of $20,000. This compares to non-cash items in the
same year-ago quarter of $135,000 in
stock-based compensation, $15,000 in
depreciation, and a foreign exchange loss of $7,000.
Cash and cash equivalents were $2.3 million at March 31,
2013 and $3.2 million at
December 31, 2012.
Operational Highlights
- In February 2013, Diversinet
enhanced its mobiPublisher™ application platform with its Version
4.7 release. The platform provides a unified framework for
developing and managing secure, enterprise-wide mobile healthcare
applications. mobiPublisher Version 4.7 includes new features
that healthcare organizations, health information exchanges, payers
and large employers have requested. These features facilitate
secure collection, integration, sharing and analysis of patient
profiles, preferences, care plans, and biometric and other data.
The enhancements make it easier for healthcare enterprises to
improve mobile patient engagement and care coordination.
- During Q2 2013, two key mobile security patents by the United States Patent and Trademark Office
and the Canadian Intellectual Property Office were granted.
The patents expand Diversinet's intellectual property portfolio to
22 granted and 26 pending patents. U.S. patent # 8,341,712,
"Method and System for Authenticating a User of a Mobile Device,"
provides convenient new options for enabling multi-factor
authentication. This technology enables patients to use their
phones as part of multi-factor authentication for remote access to
personal health information. This is in line with U.S.
government standards proposed to take effect in 2015 with Stage 3
of the HITECH Act's meaningful use incentive program. Canadian
patent # 2,665,961, "Method and System for Delivering a Command to
a Mobile Device," enables solutions that help enterprises ensure
security and productivity amid the bring-your-own-device (BYOD)
trend, including the emerging mobile wallet, or container,
architecture.
- During Q4 2012, Diversinet undertook an initial cost reduction
plan that saw costs reduced by $750,000 on an annual basis. During April 2013, Diversinet undertook another cost
reduction plan that saw costs reduced by $500,000 on an annual basis, bringing the recent
cost reductions to $1.25 million on
an annual basis. Diversinet is considering further cost reduction
measures as well as strategic alternatives.
Financial Summary
|
Q1 2013 |
|
Q1 2012 |
Revenues |
$303,612 |
|
$281,911 |
Cost of revenues |
24,237 |
|
19,828 |
Gross margin |
279,375 |
|
262,083 |
|
|
|
|
Expenses |
|
|
|
|
Research and development |
456,827 |
|
791,012 |
|
Sales and marketing |
269,092 |
|
331,684 |
|
General and administrative |
513,526 |
|
549,697 |
|
Depreciation |
10,358 |
|
14,798 |
|
1,249,803 |
|
1,687,191 |
Loss before the undernoted |
(970,428) |
|
(1,425,108) |
Foreign exchange gain (loss) |
(19,544) |
|
(6,932) |
Interest income |
944 |
|
4,782 |
Loss for the period |
$(989,028) |
|
$(1,427,258) |
Basic and diluted earnings (loss) per
share |
$(0.02) |
|
$(0.03) |
|
|
|
|
Cash and cash equivalents |
$2,279,970 |
|
$6,170,194 |
Total assets |
$2,750,804 |
|
$6,536,720 |
Total current liabilities |
$580,655 |
|
$656,593 |
Total shareholders' equity |
$2,169,449 |
|
$5,880,127 |
|
|
|
|
Weighted average basic and fully
diluted common shares outstanding |
43,496,847 |
|
43,009,347 |
For complete financial statements, including the
notes and management's discussion and analysis, please visit our
website at www.diversinet.com/financial-reports.html. The unaudited
financial statements have not been reviewed by Diversinet's
auditor.
About Diversinet
Diversinet Corp. (TSX Venture: DIV, OTCQB: DVNTF) provides
healthcare organizations and partners with ultra-secure, patented
mobile technologies and connected health solutions. The company's
core publishing platform supports rapid deployment of secure and
HIPAA-compliant Web-to-mobile applications. Diversinet solutions
lead with an innovative, virtual health wallet designed for
patient-centric engagement to improve care coordination, health
outcomes and resilience. 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, including the uncertainty of the company to continue
as a going concern, 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.