Health Robotics Reports FY2011 Best-Ever Financial Results, Driven by 24-month Undefeated Winning Record

Jun 11, 2012, 09:00 ET from Health Robotics

BOZEN, Sud-Tirol, Italy, June 11, 2012 /PRNewswire/ --

Health Robotics today announced FY2011 audited financial results, once again delivering record levels of revenues, gross margins, EBITDA, and profits, while concurrently weathering the economic world crisis, unfavorable Euro/Dollar exchange rates, and successfully defeating hostile takeover attempts and groundless lawsuits.

Gaspar DeViedma, Health Robotics' Executive Vice President, stated: "FY2011 revenues reached almost $18M (a 25% increase over prior year) by winning 100% of all IV Robots' globally announced purchase decisions over the past 24 months. Costs of Good Sold decreased in FY2011 despite large sales increases in volume of units, as Health Robotics' greatly benefited from the performance gains introduced by its new CTO, Mr. Fabio Fioravanti. As a direct consequence, Gross Margins grew to record levels of $13M, a 46% increase over the prior fiscal year, while the company increased its Gross Margin % to a record 75% of sales."

Despite the economic world crisis, Health Robotics has continued to heavily invest in R&D and other personnel expenses, by increasing Operating Costs to almost $10M, or by 67% over prior fiscal year's expenditures. Consequently, it is now widely recognized as the only company in the world that provides hospitals pharmacies with a portfolio of both Robotics and Non-Robotics' based Intravenous Admixture Compounding Automation solutions for Chemotherapy, TPNs, and other IVs.

Mr. DeViedma continued: "Being somewhat insulated of regional economic crises due to its worldwide presence at almost 300 global installations has permitted Health Robotics' management to make a big effort in sacrificing short-term EBITDA and Net Profits gains in favor of its worldwide quest to provide safe and cost-effective Intravenous Admixture Compounding Automation to hospitals all over the world. FY2011 EBITDA and Net Profits reached $3.5M and $750,000 respectively, clearly showing that Health Robotics continues to re-invest the majority of its gross revenues in the development of new Sterile Compounding Automation solutions, and to continue to unquestionably dominate the global industry and its five competitors[1]."


                                    2011           2010    EUR increment  % increment
                             ------------   ------------   ------------   ------------   
    Gross Revenues           $17,731,069    $14,231,088     $3.499,981           25 %
    Cost of Goods Sold        $4,512,694     $5,149,739      ($637,044)         -12 %
    Gross Margin             $13,218,374     $9.081,349     $4,137,025           46 %
                             ------------   ------------   ------------   ------------   

    GM%                               75%            64%            

    Operating Expenses:
    Personnel                 $2,048,204     $1,696,569       $351,637           21 %
    Services                  $5,592,013     $4,157,669     $1,634,345           39 %
    Third-Party Expenses        $426,631       $244,240       $182,391           75 %
    Other Expenses            $1,383,962      ($322,810)    $1,706,460          529 %
                             ------------   ------------   ------------   ------------   
    Total Op. Expenses        $9,650,810     $5,775,979     $3,874,831           67 %
    EBITDA                    $3,567,565     $3,305,370       $262,194            8 %
                             ------------   ------------   ------------   ------------   

    EBITDA %                          20%            23%            

    Depreciation                 $80,027       $180,924      ($100,897)         -56 %
    Amortization              $1,161,579       $786,311       $375,267           48 %
    Interest                     $60,375       $218,512      ($157,139)         -72 %
    Income Taxes                $505,542       $377,675       $127,776           34 %
                             ------------   ------------   ------------   ------------   
                               $1807,432     $1,563,422       $244,010           16 %
    Net Profit before
    Extraordinary Items       $1,760,133     $1,741,948        $18,185            1 %
    Extraordinary Items       $1,005,171[2]  $1,085,140[2]    ($79,969)          -7 %
                             ------------   ------------   ------------   ------------   
    Net Earnings Including
    Extraordinary Items         $754,962       $656,808        $98,153           15 %
                             ============   ============   ============   ============

    NET PROFIT %                     4.3%           4.6%            

About Health Robotics:

Founded in 2006, Health Robotics is the undisputed global leading supplier of life-critical intravenous medication robots, winning 100% of all worldwide I.V. Robot's publicly announced purchases in 2010 and 2011, and providing over 250 hospital installations in 5 continents with robotics-based technology and clinical software automation solutions. Health Robotics' world-leading solutions CytoCare® and i.v.STATION® ONCO [hazardous IVs], i.v.STATION® [non-hazardous IVs], i.v.SOFT® [workflow engine for sterile compounding], OMM® [Oncology Medication Management], MEDarchiver® [life-critical clinical information system], and TPNstation™ [totally-automated parenteral nutrition] have and will greatly contribute to ease hospitals' growing pressures to improve patient safety, increase throughput and contain costs. Through the effective and efficient production of sterile, accurate, tamper-evident and ready-to-administer IVs, Health Robotics' products help hospitals eliminate life-threatening drug and diluent exchange errors, decrease other medical mistakes and sterility risks, work more efficiently, reduce waste and controlled substances' diversion, and diminish the gap between rising patient volume/acuity and scarce medical, nursing, and pharmacy staff. For more information, please visit:

1. Worldwide Competitors: MDS (now Fresenius Kabi) [2002], RIVA/Intelligent Hospital 
   Systems [2005], For Health Technologies (now Baxa/Baxter) [2008], Panasonic [2009], 
   Loccioni's APOTECAchemo [2010] (under license from Health Robotics).

2. FY2010 and FY2011 Extraordinary Items represent one-time expenses in connection with 
   a) two baseless legal cases brought by ex-Distributor Devon in the USA that were 
   already dismissed in favor of Health Robotics and/or its officers; b) and two other
   legal cases, equally without merit, brought by McKesson, and which have been already 
   settled out-of-court between McKesson & Health Robotics; c) one-time expenses related 
   to termination of non-performing distributors of Health Robotics.

For additional information, please contact:

Luisa Celeghin
Phone (Canada): +1-289-470-1456
Phone (Europe): +39-0403-498-468

SOURCE Health Robotics