MMRGlobal Reports 158% Revenue Growth for Six Months Ended June 30, 2011

Strategic Insights -

MMRGlobal, Inc. has filed its quarterly report on Form 10-Q for the period ended June 30, 2011, reporting revenues of $737,618, an increase of 158% from the same period in 2010. Despite a delay in the signing of the Private Label agreement with Kodak, the company's revenues remained $451,357 or 158% higher than the first six months of 2010. The Company also reported decreases in operating losses, with G&A expenses decreasing by 13.2% and related party payables decreasing by more than $750,000.

The Company's net loss decreased by 71% from $14,327,996 to $4,107,358, with $2,376,152 of the loss attributed to non-cash expenses. Cash operating losses also decreased by 28.5% from $2,423,079 in 2010 to $1,731,386 in 2011.

Key Takeaways:

  • MMRGlobal reported revenues of $737,618 for the six-month period ended June 30, 2011, an increase of 158% from $291,561 in 2010.
  • The Company's G&A expenses decreased by 13.2% from $2,374,313 to $2,061,847.
  • Related party payables decreased by more than $750,000 through the issuance of equity at no less than $0.06 per share to as much as $0.105 per share.
  • Operating losses decreased from $4,036,691 to $2,973,058, a reduction of 26%.
  • Net Loss decreased from $14,327,996 to $4,107,358, a reduction of 71%, with $2,376,152 of the loss attributed to non-cash expenses.
  • Cash operating losses decreased by 28.5% from $2,423,079 in 2010 to $1,731,386 in 2011.
  • The Company's outstanding shares increased to 36 million, issued in exchange for more than $2,462,000 in value.
  • MMRGlobal signed agreements with resellers in Central America and is shipping the first MMRPro unit to Guatemala in the third quarter.
  • The Company is working on integrating its MMRPro solution with several certified Electronic Medical Records (EMR) systems.
  • MMRGlobal is marketing its Personal Health Record and MyESafeDepositBox direct-to-consumers at MyMedicalRecords.com and MyEsafeDepositBox.com.

Statistics:

  • $737,618: MMRGlobal's revenues for the six-month period ended June 30, 2011.
  • 158%: The increase in revenues compared to the same period in 2010.
  • $2,061,847: The Company's G&A expenses for the six-month period ended June 30, 2011.
  • $2,976,058: The Company's operating losses for the six-month period ended June 30, 2011.
  • 71%: The decrease in Net Loss from $14,327,996 to $4,107,358.
  • $1,731,386: The Company's cash operating losses for the six-month period ended June 30, 2011.
  • 28.5%: The decrease in cash operating losses from $2,423,079 in 2010 to $1,731,386 in 2011.
  • $2,462,000: The value of the shares issued by the Company.
  • 36 million: The number of outstanding shares issued by the Company.

Sources:

  • MMRGlobal, Inc. (OTCBB: MMRF) (www.mymedicalrecords.com)
  • Marketwire, Inc.
  • Securities and Exchange Commission filings (Form 10-Q)