GARDEN CITY, N.Y., May 5, 2014 /PRNewswire/ -- Millennium HealthCare Inc. (MHCC) today announced that its subsidiary, Millennium Medical Devices, LLC has exceeded one of its primary goals for growth for 2014 by achieving 1,000 locations for product distribution. This now brings the total number of locations in the Company's distribution network to approximately 1,000, far exceeding the initial internal goal set at the beginning of 2014. This new agreement is with a US based healthcare organization for the use of the medical devices that Millennium is distributing in approximately 300 of the organization's locations. As with the previously announced contracts, this agreement includes an average monthly minimum use of 350 units per device, per location.
The agreement includes the use of the VasoScan cardiovascular assessment test. The Company has exclusive distribution rights for the VasoScan device. VasoScan is an FDA cleared, non-invasive device that provides a reproducible assessment of arterial elasticity and stiffness, which determines plaque levels in the arterial walls. Plaque buildup in the arteries can cause cardiovascular disease and inhibit blood flow to major organs causing heart attack and stroke. Millennium Medical Devices maintains the exclusive rights to market and distribute the VasoScan device in the United States.
The agreement also includes the use of the OralCDx Brush Biopsy Test Kit. The Company's has exclusive distribution rights for the device. OralCDx is a non-invasive test that is used to test the small white and red tissue spots commonly found in the mouth to rule out precancerous change. According to the oral cancer foundation, close to 42,000 Americans will be diagnosed with oral and oropharyngeal cancers this year. This disease will cause over 8,000 deaths. The test has previously been available to dentists nationwide, and has already resulted in the prevention of thousands of oral cancers. Through the exclusive distribution agreement with Millennium Medical Devices, primary care physicians will now be able to easily administer this test to their patients.
"There are now over 400,000 primary care physicians in the United States who could utilize these tests in their everyday practices. We continue to anticipate that a majority of the now approximately 1,000 locations under contract will be operational within the next 18 months, as we continue to introduce VasoScan and OralCDx as quickly as we can into the network, utilizing the contracted model," stated Chris Amandola, President of Millennium.
Mr. Amandola continued, "The Company continues to feel that this sales model used within our agreements can assist shareholders and investors with understanding the vast market opportunities Millennium Healthcare has with these exclusive distribution relationships and based on minimum contracted amounts within these agreements, once fully operational, Millennium can now be in a position to potentially exceed $300,000,000 in revenues annually."
This achievement further supports Millennium's model of distribution and the Company anticipates overall device usage to increase as the delivery of product within contracted networks becomes more standardized.
"We are thrilled to achieve such an important internal goal well ahead of schedule! The support from the medical community for these products has provided our company with a truly unique opportunity and we are excited to continue focusing on the execution of our business model," concluded Mr. Amandola.
About Millennium HealthCare Inc.
Millennium HealthCare Inc. through its wholly owned operating subsidiaries provides primary care physician practices, physician groups and healthcare facilities of all sizes with cutting edge medical devices focused primarily on preventive care through early detection. The Company also provides advanced billing and coding services and practice development and management services.
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This press release contains certain statements that may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Forward-looking statements are identified by such words and phrases as "we expect," "expected to," "estimates," "estimated," "current outlook," "we look forward to," "would equate to," "projects," "projections," "projected to be," "anticipates," "anticipated," "we believe," "could be," and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. Because they are forward-looking, they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release.
SOURCE Millennium HealthCare Inc.
