Millennium Healthcare Inc (OTCMKTS:MHCC) has been moving up in recent trading on accelerating volume. This one popped to $0.70 earlier this year after the Company announced revenues growth to the tune of ”$6.0 million for the three months ended September 30, 2014.
Millennium Healthcare Inc (OTCMKTS:MHCC) hit a low of $0.201 at the beginning of January before a short term pop to $1.20. Since then the stock has been drifting and was just about to test prior $0.201 support before the spectacular revenue announcement.
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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On October 29 MHCC announced that revenues for the three months ended September 30, 2014 are expected to be in excess of $6.0 million. This represents significant growth compared with revenue of $490,000 for the comparable 2013 period, and was largely the result of the initial roll out of the Company’s medical device distribution model.
During the quarter MHCC began the commercial introduction of its first two distributed medical device products, namely VasoScan(TM), a cardiovascular diagnostic assessment test, and OralCDx(TM), a non-invasive brush biopsy kit for oral cancer. Millennium intends to continue its model and mission of evaluating early detection and diagnostic devices and continually looks to add and provide additional products to its medical device lines available for distribution.
Dominick Sartorio, CEO said “We are excited to continue the commercialization of our device business and to report to our investors on the progress we have made. We believe our third quarter revenue represents the beginning of a significant growth trend for our business, and given our current commitments, we anticipate being able to report significant quarterly revenue for the fourth quarter as well. We believe the industry trend toward early detection diagnostics, combined with our distribution model, highly experienced leadership team, and our exclusive agreements with suppliers are the driving contributors to our current and future success.”
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MHCC announced a few days ago that the Company has executed a sales, marketing and distribution agreement with MDbizWorx, a Florida based provider of ancillary medical services that serves private physicians, Accountable Care Organizations and hospitals. MDbizWorx currently serves over 10,400 active Physician Purchasing Accounts that include a network database of over 300,000 physicians.
Conclusion: MHCC exploded skywards earlier this month after the Company announced record revenues expected to be in access of $6 million for the quarter ended September 30. These are incredible numbers considering the Company did $490,000 in the comparable period in 2013. The announcement and subsequent explosion of the stock happened to come just when MHCC was about to retest its $0.20 support level established in January. The recent massive news looks as if it may be the harbinger of continued good things to come for MHCC which needs to find some support here.
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Disclosure: we hold no position in MHCC either long or short and we have not been compensated for this article