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MITD Achieves $1 Million Turnaround and Positive Net Income from Operations
Today before the opening bell, MIT Holding proudly reported that it has achieved positive net income from operations in 2014.
Last week the company filed a Form 10-K with the SEC showing a net income from operations of $14,152 in 2014 compared to a net loss from operations of ($1,123,830) for the same period a year earlier. The company attributed this dramatic change to the company’s overall restructuring efforts and renewed focus on its in-home health recovery business.
“Our in-home health recovery business, which facilitates and assists patients from the time of their release from a hospital through to a full in-home recovery, is now in place,” commented Mr. Tommy Duncan, President of MIT Holding. “This was an area of significant focus in our restructuring efforts and which led to our financial turnaround in 2014. We look for continued growth in this business in 2015.”
Demand for low cost, high quality home care will only increase as payers realize up to 90% saving on infusion services performed in the home versus in the hospital. According to Harris Williams & Co, the United States home infusion market is $15.9 billion and is expected to reach $26.7 billion by 2020, resulting in a compound annual growth rate of 9.02% per year.
Mr. Duncan further commented, “Our target audience is focused on those needing infusion for recovery. Many infusion therapies cost more than $10,000 per patient, per year. Patients receiving treatment usually require special counseling and education regarding their condition and treatment. Retail pharmacies and other traditional distributors generally are designed to carry inventories of low cost, high volume products. Our platform is based on the delivery of these high cost, low volume specialty pharmaceuticals that have specialized handling and administration requirements.”
For more information, visit www.mitholdinginc.com
