Liberator Medical Holdings Inc., a national provider of direct-to-consumer medical supplies to senior citizens eligible for Medicare, today announced its second-quarter financial results for the period ended March 31, 2009.
The company posted revenues of $5.83 million, up an astounding 309% from the $1.43 million reported for the first quarter of 2008. Liberator Medical attributes the increase primarily to its mail advertising campaign targeting new customers.
Gross profit for the quarter was $3.7 million, up 311% from the amount reported in the same period last year.
Liberator Medicalâ€™s net income for the second quarter of 2009 was $94,947, or $0.00 per share.
Mark Libratore, Liberator Medical’s CEO, said that while the second quarter is usually a tough one as customers hold off on orders to first meet their insurance deductibles, the company was able to counter the pullback.
“We are very pleased to announce another record quarter in revenue despite its being our seasonally most difficult quarter,â€ Libratore stated in the press release. â€œCompared to our first fiscal quarter FY 2009, our revenues increased from $5,341,840 to $5,827,234, or 9%, and our second quarter FY 2009 profit of $94,947, though less than our first quarter profit of $245,722, shows that we continue to grow as anticipated. We attribute this year’s success to increased advertising, robust product offerings, diversified revenue streams and high customer retention rates.”
Bob Davis, Liberator Medical’s CFO, noted that operating expenses for the second quarter were 58.1% of net sales, as compared to 56.0% of net sales in the first quarter. He attributed the increase to a $209,158 payroll increase as the company recruited more staff to accommodate an increase in sales, as well as a vice president of sales, human resource manager, trainer and computer technician.
The company also boosted its outreach efforts, spending an additional $160,791 on advertising.
As of March 31, 2009, the company had cash of $2.95 million, an increase of $1.77 million from September 30, 2008. Working capital as of March 31, 2009, was $4.08 million as compared to working capital of $1.73 million at September 30, 2008, due to a $2.5 million convertible debt placement in October 2008.