Here is the press release for their 97 results:
Monday March 9, 5:48 pm Eastern Time
Company Press Release
HEARx Reports 1997 Results
WEST PALM BEACH, Fla.--(BW HealthWire)--March 9, 1998--HEARx Ltd. (AMEX:
EAR - news), the largest audiology-based professional hearing care
network in the United States, today reported that revenues for 1997 were
$24,213,879, an increase of 31% from 1996 results of $18,490,561.
The net loss for the year was $11,196,124 including a deemed dividend of
$1.5 million, compared to $17,895,486 including a deemed dividend of
$9.0 million in 1996. Fourth quarter 1997 revenues were $6,866,104, an
increase of approximately 40% compared to the similar period in 1996.
Paul A. Brown, M.D., Chairman of the Board, said, ''We're pleased with
the growth that HEARx has achieved, particularly in the second half of
the year.'' Dr. Brown added, ''Our plan for 1998 is to continue to grow
both lines of our business simultaneously: our quality-controlled,
volume-based contracting with major health insurers and our 'self-pay'
customer base.''
At mid-year, HEARx implemented a successful consumer marketing campaign
that led to a 28% increase in the Company's non-insured ''self-pay''
business in the third and fourth quarters. Growth in HEARx's managed
care/insurer business resulted primarily from new contracts initiated in
1997, rather than growth of the membership in plans already under
contract with HEARx.
HEARx, with the largest network of audio-vestibular rehabilitative
centers in the $2 billion field of hearing services, operates 74
company-owned centers in Connecticut, Florida, New Jersey, New York, and
Pennsylvania. The company provides hearing care primarily to patients
whose health insurance and managed care organizations have contracted
with HEARx.
1997 1996
------------ ------------
Net Sales $ 24,213,879 $ 18,490,561
Net loss applicable to common
stockholders $ 11,196,124a $ 17,895,486b
Net loss per common share $ (0.12) $ (0.25)
Weighted average number of shares of
common stock outstanding 89,605,031 71,197,115
a. includes a deemed dividend of $1.5 million
b. includes a deemed dividend of $9.0 million
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Contact:
Paul A. Brown, M.D. Weber/RBB
Chairman of the Board Sandy Baksys
561/478-8770, Ext. 123 305/448-7450 |
