Prism Medical Reports First Quarter Results

TORONTO, ONTARIO--(Marketwired - April 22, 2014) - Prism Medical Ltd., ("Prism Medical" or "the Company") (TSX VENTURE:PM), a leading provider of durable medical equipment and related services to the mobility challenged, today reported financial results for the first quarter (Q1) ended February 28, 2014.

Financial Summary

		Three months ended February 28
		2014 $	2013 $
Revenues		19,927	16,897
Gross margin		8,115	6,791
	As a % of revenues	40.7%	40.2%
Net income		668	59
	As a % of revenues	3.4%	0.3%
Adjusted EBITDA		2,064	1,314
	As a % of revenues	10.4%	7.8%
Earnings per share
Basic		0.08	0.01
Diluted		0.08	0.01

Expressed in thousands of Canadian dollars except for earnings per share and where otherwise noted.

First Quarter Highlights

• The acquisition of the remaining 51% interest in MedCare in Minneapolis, USA in February 2014
• Growth in North American revenues as the company expands its install base in new geographic markets

Financial Review

United Kingdom (UK)

UK revenues for the three months ended February 28, 2014 increased $1,311 or 15% compared to the same period last year. The improvement in the British pound by over 13% over the prior year's quarter positively impacted revenues in the current quarter. Revenues remained stable on a year over year basis despite the continued impact of fiscal restraints in the UK, the healthcare market remains solid.