MIT Holding, a Los Angeles-based company operating through its network of agents, facilitators and contractual obligations to offer professional outpatient medical care with ambulatory infusion therapies, home infusion services, and medical equipment delivery, this morning reported its financial results for the 2015 second quarter, marking the company’s first quarter of profitability.
Key points include:
• MITD’s sales for the first six months were $851,724, an increase over sales of $473,153 for the same period of 2014. Adjusted net income for the period was $265,967, or $0.0027 per diluted share.
• On a GAAP basis, MITD’s first six months of 2015 earned a gross profit of $631,725 compared to $312,240 for the comparable period of 2014.
• Receivables increased to $286,853 as compared to $208,269 for the same period of 2014.
• The six-month period ended June 30, 2015, produced a per share profit on 202% increase in revenues, as compared to the same period of 2014, reflecting a 37% increase in receivables.
• MITD is currently in the process of completing corporate audits to become fully compliant with the SEC by year-end 2015.
“After implementing our corporate goals on January 1, 2014, we experienced normal growing pains and produced a profitable and solid company in 18 months. The business plan is now firmly entrenched in the expansion phase. In addition to organic growth goals of 20-25% per year on existing business, we expect acquisitions and the opening of new facilities in untapped geographic locations throughout the United States. When we cannot locate a sound acquisition for purchase within a target market, MIT Holding has the ability to ‘open from scratch’ facilities that will host our products and services,” Tommy Duncan, president of MIT Holding, stated in the news release.
MIT Holding Chief Executive Officer Walter Drakeford commented on industry challenges and the company’s unique position in the medical market.
“We are pleased with the strong financial and operational performance of our reorganization strategy. The first six months of profit and growth validate our strategy and approach to our business model. The unabated growth in the medical industry is creating headwinds, contributing to our continued growth and profitability. The MITD concept of bringing together all necessary services and products under one umbrella for a patient’s post-medical event recovery is, to our knowledge, the first in the industry,” he stated.
The company also announced it will hold an upcoming investors conference call prior to the end of third quarter September 30, 2015. Date, time and dial-in instructions will be released two weeks prior to the call.
For more information visit http://mitholdinginc.com/
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