Medical Alarm Concepts Holding, Inc. Announces Latest 10-K Filing, Marking A 533% Increase in Gross Profit YOY
November 04 2014 - 7:30AM
eTeligis
KING OF PRUSSIA, PA(Eteligis Inc.)
KING OF PRUSSIA, PA, United States, via ETELIGIS INC.,
11/04/2014 - - Medical Alarm Concepts Holding, Inc. (OTC Pink:
MDHI) (PINKSHEETS: MDHI) (MDHI) (the "Company"), creator of the
patented MediPendant(R) personal medical alarm device that provides
users with a reliable and innovative way to communicate with
emergency personnel and loved ones whenever medical assistance is
needed, today announced the release of its June 30, 2014 10-K
filing with the SEC. This filing establishes the company as both
fully compliant with the SEC, and as fully reporting, and also
marks the continued and significant turnaround of the company.
Net sales generated during the year ended June 30, 2014 and 2013
were $1,153,693 and $572,712, respectively; representing a 101% or
$580,981 increase. The sales were generated through distributors,
resellers, and direct sales to consumers. The company changed its
strategic business direction toward a more widespread product
distribution, resulting in the dramatic increase in net sales for
the year ended June 30, 2014.
Gross profit generated during fiscal 2014 was $829,190. This
represents a 533% or $698,266 increase from the year prior. The
gross profit margin for 2014 and 2013 was 72% and 23%,
respectively. The increase in gross profit margin was due to a
substantial increase in recurring revenue generated from monthly
monitoring services.
"A little over two years ago we made a commitment to our
investors that we would provide them with financial transparency.
We have completed financial audits for the years ending June 30,
2012, 2013, and 2014. I am proud to say that we are now both a
fully compliant and a fully reporting company," said Ronnie Adams,
CEO of Medical Alarm Concepts.
In an effort to strengthen the balance sheet, the company is now
virtually debt-free except for trade payables and a patent payment.
The improvement in the company's financial health through the
substantial reduction of the majority of outstanding debts, and the
inevitability of achieving fully reporting status, has created
greater opportunity to grow the company and focus on exploring
strategic initiatives, such as acquisitions and an expansion of the
existing product line.
"Our short and long-term goal is to maintain fully reporting
status. The strong performance in fiscal year 2014 is a major
stepping stone for the company. We are working to expand upon this
success in an effort to provide our shareholders with significant
growth opportunity," added company CEO, Ronnie Adams.
About Medical Alarm Concepts Holding, Inc.
Medical Alarm Concepts Holdings, Inc., a publicly traded company
under the symbol MDHI, is the creator of the MediPendant(R), a
patented two-way and three-way voice technology, for the personal
medical alarm marketplace. The MediPendant(R) has been featured in
nationally renowned retailer Costco Wholesale Corporation since
2011 and has received 28 product reviews on the retailer's website,
21 of which are "5 out of 5 Star" ratings. The average rating is
"4.5 Stars" out of 5 Stars.
For more information, please visit our website at
www.medipendant.com.
Safe Harbor Statement
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements."
Such forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause the
Company's actual operating results to be materially different from
any historical results or from any future results expressed or
implied by such forward-looking statements. In addition to
statements that explicitly describe these risks and uncertainties,
readers are urged to consider statements that contain terms such as
"believes," "belief," "expects," "expect," "intends," "intend,"
"anticipate," "anticipates," "plans," "plan," to be uncertain and
forward-looking. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in the Company's filings with
Securities and Exchange Commission.
CONTACT:
Medical Alarm Concepts Holding, Inc.
info@medalarmco.com
877-639-2929 Ext 113
SOURCE: Medical Alarm Concepts Holding,
Inc.
Associated Documentation:
http://www.eteligis.com/ViewSubmission.aspx?submissionRequest=28361
- Link to submission on http://www.eteligis.com
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