Certive Solutions Inc. Announces Results for The Quarter Ended November 30, 2015
Certive Solutions Inc. (CSE:CBP) (OTCQB:CTVEF) ("Certive" or the "Company") is pleased to announce its operating results for the quarter ended November 30, 2015.
The Company reported revenue of US$1,934,487 for the quarter ending November 15, 2015, compared with US$1,413,061 for the prior quarter ending August 31, 2015, an increase of US$512,426, or 37%. For the quarter ended November 30, 2015 billing support services accounted for US$897,565, claim audit and collections accounted for US$1,127,733 and consulting services accounted for US$314,660, Chargemaster sales accounted for US$981,951, and dashboard sales accounted for US$25,239. The Company reported US$3,347,148 in revenue for the six months ended November 30, 2015, compared with US$1,741,157 for the six months ended November 30, 2014, an increase of US$1,605,991 or 92%.
Consolidated gross operating margin for the quarter ending November 30, 2015 was US$671,217, as compared to US$387,350 for the prior quarter ending August 31, 2015. Consolidated gross operating margin for the six months ended November 30, 2015 was US$1,058,567 or 31.6% of revenues, as compared to US$256,264 for the six months ended November 30, 2014, or 14.7% of revenues.
The comprehensive loss for the quarter ending November 30, 2015 was US$1,478,392 as compared to US$470,712 for the prior quarter ending August 31, 2015, impacted by non-recurring overhead expenditures incurred during the quarter. If these non-recurring costs were eliminated from the calculation of net income/loss, the adjusted loss for quarter ended November 30, 2015 would have been US$249,484. The comprehensive loss for the six months ended November 30, 2015 was US$1,949,104 as compared to US$629,674 for the six months ended November 30, 2014, impacted by non-recurring overhead expenditures incurred during the quarter ending November 30, 2015. If these non-recurring costs were eliminated from the calculation of net income/loss, the adjusted loss for the six months ended November 30, 2015 would have been US$720,196.
Van Potter, CEO of the Company, stated the Certive continues to demonstrate the significant value proposition we offer to our customers, clearly evidenced by our staff's attention to detail in every aspect of our service delivery model, which is reflected in our sales growth and increased operational efficiencies." Brian Cameron, CFO of the Company commented that "the Company has successfully increased its gross sales volumes quarter by quarter and improved operational efficiencies without compromising the quality of execution and delivery of services to its customers. Consolidated profitability is now a reasonable expectation, as corporate overhead costs are stabilizing and the Company's operations continue to contribute significantly to those overhead costs."
For more information, please visit our website at www.certive.com.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. In particular, the forward-looking information in this press release includes information regarding satisfaction of conditions precedent and the completion of the acquisitions and Certive's proposed changes after the acquisitions to its business. Actual results may vary from the forward-looking information in this press release. Material risk factors that could cause actual results to differ materially from the forward-looking information include failure to receive required approvals to the acquisitions or, if approval is obtained, the directors of Certive or the acquired businesses electing not to proceed with the acquisitions; and the Company not realizing its business objectives after the acquisitions. The material factors or assumptions that were used to develop the forward-looking information in this press release include the parties being able to satisfy the conditions precedent to the acquisitions and the acquired businesses achieving their business objectives. The Company's views regarding possible events, conditions or financial performance may change. Currently, the Company does not have a written policy for updating forward-looking information and management refers to Part 4A and Part 4B of National Instrument 51-102 for guidance on disclosing forward-looking information. As required by applicable securities legislation, as a reporting issuer, it is the Company's policy to update forward-looking information in its period management discussions and analyses, as required from time to time. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
About Certive Solutions Inc.
Certive Solutions Inc. (Scottsdale, Arizona) provides revenue cycle management solutions to the U.S. healthcare market. Certive's claim audit and recovery services, billing services, and software solutions help providers work with payers to efficiently manage the reimbursement process and improve financial performance. Certive's proprietary workflow and analytics audits, identifies, bills, and collects underpayments in accordance with contractual obligations between the public or commercial insurance carrier and the designated provider. The healthcare market is changing. Certive works with clients to provide efficient and effective solutions aligned with reform initiatives to improve healthcare and reduce costs.