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Healthscreen Q2 revenue down 22%

Healthscreen Solutions has reported total revenue of $3,153,698 for the second quarter of 2011, a decrease of 22% or $915,389 compared to the second quarter of 2010.

Revenue generated by the Physician Services business segment for the second quarter of 2011 was $1,541,281 against the $2,667,774 in the prior year period.

The decrease in quarterly revenue for the Physician Services business segment is primarily due to lower PrevCareMD revenue.

The Software and Hardware Products business segment has generated $1,612,417 revenue, compared to $1,401,313 in the second quarter of 2010.

The increase in the Software and Hardware Products business segment reflects continued growth in sales of the EMR software platform (HSPRactice product) which qualified for funding by the doctors who purchased this platform under Ontario government EMR initiatives.

Total gross profit for the three months ended 31 March 31 is 54% compared to 68% for the three months ended 31 March 2010.

Healthscreen president and CEO Stewart Davis said the main focus in the quarter was a change in the company’s management structure and the start of an in-depth operational review which resulted in changes during the quarter and which are ongoing.

"We expect the results of these efforts to be the consolidation of our product offerings and a stronger, more efficient operational platform," Davis said.

Healthscreen Solutions’ portfolio includes billing and scheduling software, electronic medical records software, CallerMD which assists physicians in managing a range of uninsured medical services, PrevCareMD which helps physicians earn supplemental income by achieving government-set preventive care targets and HealthAlert which allows physicians to help their patients in managing complex healthcare issues.