NEW YORK-(GLOBE NEWSWIRE - Aug 20, 2015) - iNeedMD Holdings, Inc. (OTCQB: NEMD) (“iNeedMD” or the “Company”) a medical diagnostic device development company, announces the filing of its quarterly report on Form 10-Q for the quarter ended June 30, 2015.
iNeedMD became a reporting company in early 2015, and began commercializing product in the middle of the first quarter of the current calendar year. The Company’s flagship product, The EKG Glove™, is an FDA-cleared and CE-marked, single-use product that simplifies and standardizes the acquisition of a 12-lead, diagnostic electrocardiogram (“EKG”). An EKG is a mainstay of universal cardiac care as it assesses the electrical activity of an individual’s heart. The EKG Glove™ can be deployed in less than 60 seconds given its pre-positioned circuitry and peel-and-stick format.
Comparing the 6 months ending June 30, 2014 to 2015, the Company has:
- Increased saleable inventory from $148k to $794k;
- Reduced Operating Expenses from $2.03m* to $1.69m;
- Reduced Net Loss from $3.52m* to $1.66m; and
- Reduced Net Loss per Common Share from $0.26* to $0.03.
* Excludes one-time expense associated with the accounting treatment of certain stock-based compensation in 2014.
iNeedMD’s President and CEO, Thomas A. Nicolette, commented, “Within the past 6 months, the Company’s first two quarters as an operating entity, we have focused much of our efforts on controlling expenses, streamlining operations, and solidifying our commercial infrastructure. As disclosed in previous announcements, the Company has also formalized distribution agreements with a variety of international partners covering twelve countries. These activities have generated initial revenues from the sale of products used for demonstration purposes, in order to increase product awareness and generate future sales among our partners’ customer bases. We appreciate the support of our valued investors and anticipate further news to be released in the near future.”
About iNeedMD Holdings, Inc.
iNeedMD Holdings, Inc., headquartered in New York City, develops and markets medical device solutions that enable individuals and their healthcare partners to easily acquire, store and export health- and wellness-related data in convenient, portable platforms. Please visitwww.ineedmd.com for additional information.
Forward Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and other filings made by the Company with the U.S. Securities and Exchange Commission.
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