Medical Alarm Concepts Holding, Inc. Announces Latest 10-K Filing, Marking A 533% Increase in Gross Profit YOYKING OF PRUSSIA, PA / ACCESSWIRE / November 4, 2014 / Medical Alarm Concepts Holding, Inc. (OTC Pink: MDHI) (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.
Medical Alarm Concepts Holding, Inc.
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SOURCE: Medical Alarm Concepts Holding, Inc.