PALM BEACH GARDENS, Fla., Aug. 16, 2007 (PRIME NEWSWIRE) -- Patient Portal Technologies, Inc. (OTCBB:PPRG) announced today that it had revenues from operations of $391,856 during the Company's second quarter ended June 30, 2007, an increase of 61% from the $242,978 in revenues reported for the first quarter of 2007. The Company's loss from operations during the second quarter was reduced to ($50,805) from a loss of ($106,360) for the first quarter. Year-to-year comparisons are not available because the Company commenced its business operations in December, 2006.
The increase in revenues in the second quarter is attributable to the acquisition of additional hospital service contracts, as well as increasing revenues for the Company's health care technology products and services through new sales to existing customers. Due to the increasing sales of the higher-margin Patient Portal suite of technology products, gross profit margin on sales increased to 30% in the second quarter from 19% in the first quarter. Total operating expenses decreased from 49% of sales during the first quarter to 43% of sales in the second quarter.
"With these quarterly results, we are ahead of our targeted growth plan to significantly increase revenues through both contract acquisitions and service enhancements to both existing and newly-acquired customers, while at the same time increasing our profit margins through the marketing of our Patient Portal products to our customer base and control of operational expenses," said Kevin Kelly, CEO of the Company. "As health care institutions discover the value and capabilities of our products and services, we are finding an incredible demand for our new technologies, which most importantly can be delivered at a price their institutional budgets can afford," he added.
Patient Portal Technologies, Inc. is a leading provider of process improvements and efficiencies for healthcare institutions. The Company's products and services utilize a state-of-the-art proprietary software platform that optimizes patient flow, reduces administrative costs, and maximizes reimbursement to the institutions from third-party and governmental insurers.
Company information is available at www.patientportal.com