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MISSION VIEJO, Calif.--(BUSINESS WIRE)--AUXILIO, Inc. (OTCBB: AUXO), the nation’s pioneer and leading Managed Print Services (MPS) company for health care, announced its financial results for the year ended December 31, 2012.

“2012 was a record-setting year for our company as we added the largest number of new hospitals to our national hospital portfolio and successfully completed the largest number of implementations of our MPS program in a single year”

“2012 was a record-setting year for our company as we added the largest number of new hospitals to our national hospital portfolio and successfully completed the largest number of implementations of our MPS program in a single year,” stated Joseph J. Flynn, president and CEO of AUXILIO, Inc. “In addition, we exceeded our expectations with revenue growth of 64% over 2011. These significant achievements were anchored by the signing of the largest customer account in our company’s history with Catholic Health East’s 19 hospitals in multiple states along the East Coast in December 2011. Our momentum has continued into 2013 with a new $4.5M contract with Citrus Valley Health Partners in southern California and a renewal contract through 2015 with Palisades Medical Center in New Jersey. We remain on target to achieve positive income from operations during 2013.”

Financial Results

For the twelve months ended December 31, 2012, the company reported net revenue of $35.7 million, an increase of 64% when compared to $21.8 million in the same period of 2011. 2012 gross profit was $4.6 million, or 13% of sales, compared to $2.7 million, or 12% of sales in 2011. 2012 operating expenses were $6.3 million, or 18% of sales, compared to $5.2 million, or 24% of sales in 2011. 2012 net loss was $2.4 million, or $0.12 per share, compared to a net loss of $2.6 million, or $0.13 per share, in 2011.

Paul Anthony, CFO of AUXILIO, stated: “Our year-over-year revenue increase from the eight new or expanded contracts we signed in 2011 and early 2012 impacted 2012 earnings due to the fact that we recognize higher costs at the onset of those agreements, some of which before we derived revenue from the agreements. We are pleased with our improvements in financial results in the later part of 2012 as these new accounts mature.”

Conference Call Information

The company will host its year-end 2012 financial results conference call today at 1:30 p.m. PDT / 4:30 p.m. ET. To access the call in the U.S. please dial 1-877-941-1427 and for international calls dial 1-480-629-9664 approximately 10 minutes prior to the start of the conference. The conference ID is 4607558. The conference call will also be broadcast live over the Internet and available for replay for 15 days at www.auxilioinc.com. In addition, a replay of the call will be available via telephone for two business days, beginning two hours after the call. To listen to the replay in the U.S., please dial 1-877-870-5176, and internationally, 1-858-384-5517. Enter access code 4607558.

About AUXILIO, Inc.

AUXILIO, Inc. is the pioneer of Managed Print Services for the health care industry, working exclusively with hospitals and hospital systems throughout the United States. We are vendor independent and provide intelligent solutions, a risk free program and guaranteed savings. AUXILIO assumes all costs related to print business environments through customized, streamlined and seamless integration of services at predictable fixed rates that are unmatched in the industry. We work collaboratively to assist our health care-partners in the delivery of quality patient care. The service and solutions provided by our on-site Centers of Excellence professional print strategy consultants deliver unparalleled customer service across the industry. For more information about AUXILIO, visit www.auxilioinc.com.

Forward Looking Statements

This release contains certain forward-looking statements relating to the business of AUXILIO, Inc. that can be identified by the use of forward-looking terminology such as ``believes,'' ``expects,'' “anticipates,” “may” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including uncertainties relating to product/services development, long and uncertain sales cycles, the ability to obtain or maintain patent or other proprietary intellectual property protection, market acceptance, future capital requirements, competition from other providers, the ability of our vendors to continue supplying the company with equipment, parts, supplies and services at comparable terms and prices and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our Form 10-K and Form 10-Q filings with the Securities and Exchange Commission, which are available at http://www.sec.gov. AUXILIO, Inc. is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

AUXILIO, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

     
    As of December 31,
    2012   2011
ASSETS        
Current assets:        
Cash and cash equivalents   $ 2,190,972     $ 1,832,115  
Accounts receivable, net     4,693,660       2,032,738  
Prepaid and other current assets     52,113       74,977  
Supplies     1,059,730       651,874  
Total current assets     7,996,475       4,591,704  
         
Property and equipment, net     227,004       191,810  
Deposits     36,288       28,013  
Loan acquisition costs     159,036       226,576  
Goodwill     1,517,017       1,517,017  
Total assets   $ 9,935,820     $ 6,555,120  
         
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)        
         
Current liabilities:        
Accounts payable and accrued expenses   $ 5,579,720     $ 2,757,670  
Accrued compensation and benefits     1,558,539       1,031,748  
Line of credit     528,486       -  
Deferred revenue     902,542       381,767  
Current portion of capital lease obligations     88,645       49,881  
Total current liabilities     8,657,932       4,221,066  
         
         
Long-term liabilities:        
Convertible notes payable, net of discount of $223,250 and $364,250 at December 31, 2012 and December 31, 2011, respectively     1,576,750       1,485,750  
Derivative warrant liability     -       126,000  
Derivative additional investment rights liability     -       235,000  
Capital lease obligations less current portion     79,358       80,735  
Total long-term liabilities     1,656,108       1,927,485  
         
Commitments and contingencies     -       -  
         
Stockholders’ equity (deficit):        
Common stock, par value at $0.001, 33,333,333 shares authorized, 19,818,642 shares issued and outstanding at December 31, 2012 and 19,449,783 shares issued and outstanding at December 31, 2011     19,820       19,451  
Additional paid-in capital     22,491,361       20,894,653  
Accumulated deficit     (22,889,401 )     (20,507,535 )
Total stockholders’ equity     (378,220 )     406,569  
Total liabilities and stockholders’ equity   $ 9,935,820     $ 6,555,120  
         

AUXILIO, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

     
    Year Ended December 31,
    2012   2011
Net revenues   $ 35,647,021     $ 21,845,619  
Cost of revenues     31,018,117       19,131,257  
Gross profit     4,628,904       2,714,362  
Operating expenses:        
Sales and marketing     2,604,783       1,830,538  
General and administrative expenses     3,654,716       3,360,513  
Total operating expenses     6,259,499       5,191,051  
Loss from operations     (1,630,595 )     (2,476,689 )
Other income (expense):        
Interest expense     (465,131 )     (171,945 )
Interest income     300       2,487  
Change in fair value of derivative liabilities     (279,000 )     62,000  
Total other income (expense)     (743,831 )     (107,458 )
         
Loss before provision for income taxes     (2,374,426 )     (2,584,147 )
Income tax expense     7,440       7,495  
Net loss   $ (2,381,866 )   $ (2,591,642 )
         
Net loss per share:        
Basic   $ (0.12 )   $ (0.13 )
Diluted   $ (0.12 )   $ (0.13 )
         
Number of weighted average shares outstanding:        
Basic     19,589,978       19,376,214  
Diluted     19,589,978       19,376,214  

 

Contacts

AUXILIO, Inc.
Clare Eckert, 401-855-2601
ceckert@auxilioinc.com

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