NASA released new images of Mars from its Curiosity rover Wednesday, and fixed problems with an onboard antenna.
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Monthly Archives: August 2012
NASA looks to keep American eyes on space
(CBS News) Fifty years after the space age began, budget cuts have significantly hurt America's space program. But NASA officials say they're still doing groundbreaking work, like this week's Mars landing.
Latest Curiosity images show rover's mission on Mars
For many fans of the space program the final launch of the shuttle, and the piggy-back journey to a museum, was cause for deep disappointment. But for NASA administrator Charles Bolden, it was the dawn of a new NASA. Bolden has said, "It allows us to move on to exploration, to what everybody expects of NASA."
This week came a giant step in that direction as the car-sized rover named Curiosity made a dramatic landing on Mars and NASA scientists exploded in joy and relief.
Bolden says it's all part of the transition from the old NASA to NASA 2.0. Bolden said, "I would say NASA 2.0, the new NASA, is the old NASA willing to accept new ideas."
But in recent years, NASA has not just been about new ideas about exploration - but new ways to keep Americans focused on space. For the landing of Curiosity, NASA used every trick in the high-tech communications book: Millions went on-line to watch NASA's special-effects video of the landing, called "7 Minutes of Terror," starring a giant parachute and a rocket-propelled landing platform. They're using every kind of social media. The rover even has its own Twitter account with nearly a million followers. And it will be sending back a steady stream of color photos, including some already released of the craft during its descent.
NASA even seems pleased that a scientist known as "Mohawk Guy" has become an internet sensation.
Bolden told CBS News, "It's definitely NASA for the new generation."
CBS News space analyst Bill Harwood said it's no surprise that people are fascinated with the Mars rover. "They're landing on another world. It's exciting," he said. "What are they gonna see? What are they gonna find? Was there ever life ever on Mars?"
But he says due to tight budgets NASA already had to withdraw from two other Mars missions with the European Space Agency.
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Who is NASA's 'Mohawk Guy'?
Bobak Ferdowski, the mission controller for NASA's Curiosity rover, became an overnight superstar thanks to his punk-rock hairdo and anti-corporate vibe
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Curiosity's second day on Mars 'flawless': NASA
NASA rover Curiosity's second day on Mars went "flawlessly," NASA said, confirming the antennas, communication links and generator on the $2.5 billion robot are all working well.
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Ultratech – Momentum
Shares of Ultratech, Inc. ( UTEK ) are trending upward since this technology provider for the semiconductor and nanotechnology markets reported second quarter results on July 19.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
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METC deputy heads Navy Medicine Education and Training Command
Navy Capt. Gail L. Hathaway, the deputy commandant of the Medical Education and Training Campus, based at Joint Base San Antonio-Fort Sam Houston, assumed command of the newly reorganized Navy Medicine Education and Training Command from Rear Adm. Eleanor Valentin July 11 in Jacksonville, Fla.
Rear Adm. Michael H. Mittelman, deputy surgeon general of the Navy and deputy chief of U.S. Navy Bureau of Medicine and Surgery, served as the presiding officer. Hathaway will command from the new NMETC headquarters located at Building 1001 on JBSA-FSH. Valentin will become director for implementation, Defense Health Agency, reporting to the Assistant Secretary of Defense for Health Affairs.
The Navy Medicine Support Command, commissioned Nov. 1, 2005, was renamed NMETC during the ceremony, with the former NMSC's responsibilities re-focused primarily on Navy medicine's education and training mission.
The realignment of NMSC stems from the Navy surgeon general's vision of streamlining Navy medicine into a more effective, efficient and responsive organization that improves accountability, and command and control.
A vanguard unit of 12 military and civilian personnel will man NMETC's new headquarters location with approximately 65 personnel remaining at the Jacksonville, Fla., and Bethesda, Md., locations as planning continues on specifics for NMETC's future consolidation.
NMETC is part of the Navy Medicine enterprise, a global health care network of 63,000 Navy medical personnel around the world who provide high-quality health care to more than one million eligible beneficiaries.
Navy Medicine personnel deploy with sailors and Marines worldwide, providing critical mission support aboard ship, in the air, under the sea and on the battlefield.
Larry Coffey is a writer with the Navy Medical Education and Training Campus public affairs office at Joint Base San Antonio-Fort Sam Houston.
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METC deputy heads Navy Medicine Education and Training Command
BG Medicine Announces Fiscal 2012 Second Quarter Results
WALTHAM, Mass., Aug. 9, 2012 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (BGMD) today announced its consolidated results of operations for the three and six months ended June 30, 2012 and provided a business update. The Company will host a conference call and webcast today, August 9, 2012, beginning at 8:30 a.m. Eastern Time (details follow below).
For the quarter ended June 30, 2012, the Company reported a consolidated net loss of $6.4 million compared to a consolidated net loss of $4.8 million for the quarter ended June 30, 2011. For the six months ended June 30, 2012, the Company reported a consolidated net loss of $14.1 million compared to a consolidated net loss of $8.0 million for the six months ended June 30, 2011.
At June 30, 2012, the Company had consolidated cash, cash equivalents and marketable securities totaling approximately $23.3 million.
Business Update
"We are very pleased with the significant progress we have made during the past several months," said Eric Bouvier, president and CEO of BG Medicine. "We continue to invest in the franchise for the BGM Galectin-3(R) test, and we have had a number of recent positive developments related to our galectin-3 program. In July 2012, we announced the filing of a 510(k) for regulatory clearance for the ARCHITECT(R) galectin-3 assay, which is used with Abbott's fully automated ARCHITECT(R) immunochemistry instrument platform. This important milestone represents the first filing of an automated platform version of the BGM Galectin-3 test from our strong group of four automated platform partners, Abbott, Alere, bioMerieux, and Siemens. In May 2012, we filed a 510(k) to extend the cleared labeling indication for the BGM Galectin-3 test to include individuals in the general adult population who are at risk for developing heart failure based on elevated levels of galectin-3. We obtained CE Mark in the European Union for this expanded indication for the BGM Galectin-3 test and we are working with our partners to begin commercialization. Finally, in June 2012, we announced that Atherotech Diagnostic Lab is now making galectin-3 testing available to its laboratory customers and physicians.
"We have been continuing our dialogue with the FDA regarding the 510(k) submission for our CardioSCORE TM test," continued Mr. Bouvier. "The FDA has requested that we conduct an adjudication process to confirm certain data from our BioImage validation study. The data were originally obtained through medical insurance claims, a method previously validated in numerous peer-reviewed studies. Due to the time involved in the adjudication process, we determined that we would not be able to submit a complete response by the August 15, 2012 deadline. Therefore, we withdrew the 510(k) on August 8, 2012. We intend to submit a new 510(k) as soon as we are satisfied that the information requested by the FDA is addressed in the new submission. We remain very confident about the performance of the CardioSCORE test, and the submission of a thorough and responsive 510(k) is one of our highest priorities.
"We are looking forward to several important milestones for the Company over the next several months," concluded Mr. Bouvier. "We will continue to focus on the achievement of these milestones to make our innovative products a success in the marketplace."
Upcoming milestones include:
Financial Results
Three months ended June 30, 2012
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Brater to retire as dean of IU medical school
Dr. Craig Brater will retire in June next year as dean of the Indiana University School of Medicine, he announced Wednesday, and the school has formed a committee to find his replacement.
Brater, 66, has worked at the Indianapolis-based school for 26 years, including the past 12 as dean. The school is the second largest medical school in the nation and the only one in Indiana.
Brater oversees a massive operation that includes a main campus in Indianapolis and eight satellite campuses throughout the state.
The medical school brought in nearly $426 million in the last school year, up by 30 percent over the past five years. It employs 1,900 professors who oversee a total student body of 1,880 and also serve as doctors at two hospitals n downtown Indianapolis: Wishard Memorial Hospital and IU Healths University Hospital.
Craig Brater has done a superb job leading the IU School of Medicine for the past 12 years and working in close partnership with IU Health and our other clinical partners," said IU President Michael McRobbie in a prepared statement announcing the launch of a national search for Braters replacement. "He has effectively and skillfully positioned the school as a research and clinical leader.
IU has formed a 20-member search committee, which will be led by John Williams, dean of the IU School of Dentistry. Other members of the committee include Dan Evans, CEO of the IU Health hospital system; Dr. Lisa Harris, CEO of Wishard Health Services; and Marion Broome, dean of the IU School of Nursing.
That committee will identify and screen prospective candidates, then recommend a group of finalists to McRobbie and to Charles Bantz, the chancellor of the IUPUI campus, where the medical school is based.
The search committee will be helped by an outside advisory committee, which will be chaired by Chuck Schalliol, a life sciences attorney at Faegre Baker & Daniels LLP, who is a former manager at Eli Lilly and Co. and the former CEO of BioCrossroads, an Indianapolis-based life sciences development group.
Brater is a native of Oak Ridge, Tenn. He attended undergraduate and medical school at Duke University. Before IU, he was part of the faculty at the University of California at San Francisco and worked for the University of Texas Southwestern Medical Center.
Brater and his wife Stephanie have one grown daughter who lives in Florida.
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Liberty Silver Expands Trinity Land Package with Acquisition of Hi Ho Silver Property
TORONTO, ONTARIO--(Marketwire - Aug. 8, 2012) - Liberty Silver Corp. (LSL.TO)(LBSV) ("Liberty Silver" or the "Company") is pleased to announce that it has entered into a binding agreement (the "Agreement") with Primus Resources, L.C. ("Primus") to acquire approximately 100 acres located adjacent to the former Trinity Silver mine on the Company's Trinity property in Nevada (the "Hi Ho Properties"). The Hi Ho Properties are the only acreage not controlled by Liberty Silver or its joint venture partner Renaissance Gold Inc. ("Renaissance") on the Trinity land package.
Under the terms of the Agreement, Liberty Silver will provide cash consideration of US$150,000 and issue 3,000,000 common shares of Liberty Silver stock to Primus. In addition, Primus will be granted a 2% net smelter royalty ("NSR") on future production from the Hi Ho Properties. The total consideration for the acquisition of the Hi Ho Properties will be applied to Liberty Silver's expenditure commitment under its earn-in agreement with Renaissance, upon acceptance by Renaissance, pursuant to the applicable area of interest provisions. With the addition of the Hi Ho Properties payment, Liberty will have contributed in excess of 85% of its required US$5 million expenditure commitment to earn its 70% interest in the project. Pursuant to the terms of its earn-in agreement with Renaissance, the Company has until March 29, 2016 to incur the balance of its expenditure commitment and, in addition, produce a bankable feasibility study in the following year.
"We are extremely pleased to reach an agreement that will result in our mineral claims being included with Liberty Silver's land package at the Trinity Silver property. We have closely monitored their progress to date on the property and we agree with their approach for its development, which we feel has enormous upside potential. Their on the ground mining team is very strong and has a great understanding of the existing resource and the multiple drilling targets independent of the resource zone," said Jim Marin, President of Primus Resources, L.C.
"The Hi Ho Properties are an important addition to our future development plans at Trinity," stated Geoff Browne, Chairman and CEO of Liberty. "Historic data, combined with current modeling indicates that the Trinity deposit extends into the Hi Ho Properties, significantly increasing our current resource potential and the projected economics for bringing Trinity back into production."
The Agreement is subject to regulatory approval and customary closing conditions.
About Liberty Silver Corp.
Liberty Silver Corp. is focused on exploring and developing mineral properties located in North America. The Company is led by a skilled, experienced, management team and board of directors with significant experience managing exploration, development and mining projects. The Company is committed to creating value for its shareholders by advancing its current projects utilizing its mitigated risk approach to production, developing new resources on its current properties, and by acquiring new properties that have the potential to increase their resource base. The Trinity Silver project, located in Pershing County, Nevada is the Company's flagship project. Liberty Silver has the right to earn a joint venture interest in the 10,476 acre Trinity property from Renaissance Gold Inc. pursuant to the terms of an earn-in agreement.
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release and in filings made with Securities Regulators. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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Liberty Silver Expands Trinity Land Package with Acquisition of Hi Ho Silver Property
Liberty Interactive profit falls 9 percent
Liberty Interactive Corp., the owner of the QVC shopping channel, on Thursday said that net income fell 9 percent in the latest quarter, compared to a year ago, when it was still joined to Liberty Media.
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Liberty Silver Corp: An Open Letter to Shareholders of Sennen Resources
TORONTO, ONTARIO--(Marketwire -08/09/12)- Geoff Browne, chairman and chief executive of Liberty Silver Corp. (LSL.TO)(LBSV), issued the following open letter today to shareholders of Sennen Resources Ltd. (SN.V):
Dear Sennen Shareholder:
You will by now have seen the directors' circular issued by Sennen on July 30, 2012, in response to our offer to acquire all Sennen's shares.
While Sennen has repeatedly portrayed our offer as hostile, our first preference remains to conclude a friendly transaction that will benefit the shareholders of both Sennen and Liberty Silver. As we have said from the start, we believe there are compelling reasons for a combination of our two companies.
Your decision whether to accept our offer should be guided by two over-riding considerations:
We are confident that Liberty Silver meets the test on both counts.
Which board and management team deserves your trust?
- Sennen alleged in a press release dated July 27, 2012 that Liberty Silver initiated its offer "without any prior discussion with Sennen management, and consequently, without providing Sennen any prior opportunity to conduct meaningful due diligence on Liberty".
This is a self-serving version of the facts. Our advisors tried for weeks to set up a meeting with Sennen to discuss our proposal, and I tried on numerous occasions to make contact with Ian Rozier, Sennen's chief executive officer, prior to announcing the offer. Liberty Silver's directors and advisors have also tried, so far without success, to contact the Sennen special committee to discuss our offer.
The truth is that we have given Mr. Rozier and his fellow-directors ample opportunity to discuss our offer and conduct due diligence, but they have chosen not to do so. Liberty Silver remains open to negotiations and any due diligence that Sennen may wish to conduct.
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Liberty Silver Corp: An Open Letter to Shareholders of Sennen Resources
MARC travel awards announced for the 2012 American Society of Human Genetics Annual Meeting
Public release date: 8-Aug-2012 [ | E-mail | Share ]
Contact: Fran Yates fyates@faseb.org 301-634-7109 Federation of American Societies for Experimental Biology
Bethesda, MD FASEB MARC (Maximizing Access to Research Careers) Program has announced the travel award recipients for the 2012 American Society of Human Genetics (ASHG) Annual Meeting in San Francisco, CA from November 6-10, 2012. These awards are meant to promote the entry of underrepresented minority students, postdoctorates and scientists into the mainstream of the basic science community and to encourage the participation of young scientists at the 2012 ASHG Annual Meeting.
Awards are given to poster/platform presenters and faculty mentors paired with the students/trainees they mentor. This year MARC conferred 21 awards totaling $38,850.
The FASEB MARC Program is funded by a grant from the National Institute of General Medical Sciences, National Institutes of Health. A primary goal of the MARC Program is to increase the number and competitiveness of underrepresented minorities engaged in biomedical and behavioral research.
FASEB is composed of 26 societies with more than 100,000 members, making it the largest coalition of biomedical research associations in the United States. Celebrating 100 Years of Advancing the Life Sciences in 2012, FASEB is rededicating its efforts to advance health and well-being by promoting progress and education in biological and biomedical sciences through service to our member societies and collaborative advocacy.
The following ASHG members have been selected to receive FASB MARC Travel Awards for their poster/platform presentations:
The following faculty/mentors and students/trainees have been selected to receive FASEB MARC Travel Awards:
Dr. Nadeem Fazal, Chicago State University [ASHG member]
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MARC travel awards announced for the 2012 American Society of Human Genetics Annual Meeting
Mental health care can strain the system – Video
08-08-2012 16:38 Along the Grand Strand, mental health clinics provide short-term and outpatient care, but for evaluations and psychoses, the closest mental health center that provides bed space to psychiatric patients is in Columbia.
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Health care law may cut down on excessive procedures
The 2010 health care law gives Medicare and Medicaid more authority to track and reject payments for medical procedures believed to be overused, such as those involving hospital giant HCA and its alleged overuse of stents in cardiac patients, records and interviews with health care experts show.
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Cost of Health Care Bumping Pizza Price
The CEO and founder of Papa John's pizza wants investors to know that when the president's health care law takes effect, the price of pizza is going up with it.
According to "Papa" John Schnatter, the cost of providing health insurance for all of his pizza chain's uninsured, full-time employees comes out to about 14 cents on a large pizza. That's less than adding an extra topping and a third the price of an extra pepperoncini. If you want that piping hot pie delivered, the $2 delivery fee will cost you 14 times as much as that health insurance price hike.
"We're not supportive of Obamacare, like most businesses in our industry," Schnatter said on a conference call with shareholders last week, as reported by Politico. "If Obamacare is in fact not repealed, we will find tactics to shallow out any Obamacare costs and core strategies to pass that cost onto consumers in order to protect our shareholders' best interests."
The pizza place's Facebook page was soon littered with outraged pizza lovers proclaiming they would be "happy" to pay an extra 11 to 14 cents so Papa John's employees could have health insurance.
Jason Merritt/Getty Images
"I lose more than that in a week under my sofa cushion," one Facebook commenter wrote. "I'd gladly pay 20 cents for a child to go to a doctor when they've got a cold, rather than have them show up at the ER."
Another said she's taking her money to another pizza restaurant, "one that doesn't begrudge their employees the ability to seek a doctor when they're ill."
The company sought to clarify Schattner's comments on Wednesday, telling ABC News in a statement that Schnatter's remarks were in direct response to a question about the costs of complying with President Obama's health care law.
"We certainly understand the importance of healthcare to our customers, our employees, small business owners and their employees," the company said.
But despite the pizza price increase, many of Papa John's employees may still go without employer-provided health insurance after the law takes effect in 2014. The company would not say how many of its employees are uninsured, but in 2010 the service industry had one of the lowest rates of insured employees, with 33 percent of the workforce uninsured, according to the Kaiser Family Foundation.
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Research and Markets: Health Care Equipment & Supplies in Spain
DUBLIN--(BUSINESS WIRE)--
Research and Markets (http://www.researchandmarkets.com/research/ftj88k/health_care_equipm) has announced the addition of the "Health Care Equipment & Supplies in Spain" report to their offering.
Health Care Equipment & Supplies in Spain industry profile provides top-line qualitative and quantitative summary information including: market size (value 2007-11, and forecast to 2016). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Essential resource for top-line data and analysis covering the Spain health care equipment & supplies market. Includes market size data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.
Highlights:
- The health care equipment & supplies market analyzes manufacturers of health care equipment and supplies. Market value refers to the revenues generated through the sale of health care equipment and supplies. The market profile covers disposable equipment and supplies such as syringes, catheters, electrodes, sutures, bandages, implantable prostheses, orthotics and prosthetics; otologic & technical aids such as hearing aids and wheelchairs; ophthalmic equipment such as eye glasses, contact lenses and ophthalmoscopes; in vitro diagnostics such as devices for clinical chemistry, microbiology, immunology and genetic tests; and other equipment such as imaging equipment and films and equipment for radiotherapy, dialysis, endoscopy, anesthetics, etc. The market is valued at manufacturers' selling price with any currency conversions calculated using constant 2011 annual average exchange rates
- The Spanish health care equipment & supplies market had total revenues of $7.9 billion in 2011, representing a compound annual growth rate (CAGR) of 5.8% between 2007 and 2011.
- The disposable equipment & supplies segment was the market's most lucrative in 2011, with total revenues of $2.6 billion, equivalent to 33.5% of the market's overall value.
- The performance of the market is forecast to decelerate, with an anticipated CAGR of 5.2% for the five-year period 2011 - 2016, which is expected to drive the market to a value of $10.2 billion by the end of 2016.
Features:
Save time carrying out entry-level research by identifying the size, growth, and leading players in the health care equipment & supplies market in Spain
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Research and Markets: Health Care Equipment & Supplies in Spain
Downward Bend in Health Care Cost Curve Pre-Dates 2007 Recession
ANN ARBOR, Mich.--(BUSINESS WIRE)--
An article just published in the New England Journal of Medicine indicates that a downward bend in the health care cost curve is not simply the result of the recession which began in December 2007, and the subsequent weak recovery.
The analysis, conducted by Altarum Institutes Center for Sustainable Health Spending, shows that excess growth in health spending, defined relative to growth in potential gross domestic product (GDP), moderated in 2005, more than two years prior to the start of the Great Recession.
The full article is available at http://www.nejm.org/doi/full/10.1056/NEJMp1205958
Charles Roehrig, director of the Center and the studys lead author, suggested that this finding should be of considerable interest to policymakers looking for viable approaches to controlling the nations spending and resultant debt. Excess growth in personal health care spending averaged only 0.5 percent during the two and a half years leading up to the recession, compared to 1.9 percent excess spending growth in the prior period. Understanding the causal factors behind this downward trend in 2005 which we know cannot be attributed to the recession is critical to crafting sustainable fiscal policies for the future, Roehrig said.
Altarums Center for Sustainable Health Spending tracks and analyzes health spending growth in the United States and issues three monthly Health Sector Economic Indicators briefs that assess data on health sector employment, spending and prices/utilization.
The Center is currently working on a more thorough analysis of the factors that lie behind the 2005 bend. Roehrig noted that examining what happened leading up to 2005 will enable improved projections of future growth trends, and suggest better cost containment strategies.
Altarum Institute (www.altarum.org) integrates objective research and client-centered consulting skills to deliver comprehensive, systems-based solutions that improve health and health care. Altarum employs more than 400 individuals and is headquartered in Ann Arbor, Mich., with additional offices in the Washington, D.C., area; Sacramento, Calif.; Atlanta, Ga.; Portland, Maine; and San Antonio, Texas.
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Downward Bend in Health Care Cost Curve Pre-Dates 2007 Recession
Metropolitan Health Networks Reports Second Quarter 2012 Results
BOCA RATON, Fla.--(BUSINESS WIRE)--
Metropolitan Health Networks, Inc. (NYSE: MDF) (the Company), a leading provider of health care services in Florida, today announced its financial results for the quarter and six months ended June 30, 2012. In addition, the Company announced expansion of its core business outside of Florida. Highlights include:
Second Quarter Financial Highlights:
Revenue for the second quarter of 2012 was $193.4 million compared to $97.3 million for the second quarter of 2011, an increase of $96.1 million or 98.8%. The growth was driven primarily by the acquisition of Continucare in October 2011, the net addition of customers under risk arrangements, and the increased risk scores of the Companys customers.
The increase in the Companys customer base also resulted in an increase in total medical expense from $80.7 million in the second quarter of 2011 to $165.0 million in the second quarter of 2012, providing for a medical expense ratio (MER) of 85.3% compared to 83.0% for the second quarter of 2011. The increase in MER was driven primarily by lower than average risk scores resulting in lower than average revenue and higher claims expense associated with a new Medicare Advantage payor contract (the New Payor Contract) added during the first quarter of 2012. This New Payor Contract represents approximately 6,600 customers and resulted in a pre-tax loss of $3.6 million in the second quarter of 2012 for this customer group. Excluding the revenue and medical costs associated with the New Payor Contract, MER for the second quarter would have been 82.1%, a lower MER than for the same period in 2011. While no amendment to the New Payor Contract is in place, the Medicare Advantage payor has indicated a willingness to amend the agreement. The Company is currently negotiating certain modifications to this New Payor Contract and remains optimistic that the contract modifications will offset these unanticipated financial results. The Company does have the option to terminate the New Payor Contract upon 120 days notice.
Gross profit was $28.4 million for the second quarter of 2012 compared to $16.6 million for the same quarter in 2011, an increase of $11.8 million or 71.1%. Excluding losses from the New Payor Contract, gross profit would have been $32.0 million for the second quarter of 2012, an increase of $15.4 million or 92.8% over the same period of 2011.
Operating expenses increased to $16.0 million for the second quarter of 2012 as compared to $6.2 million for the same period in 2011, an increase of $9.8 million or 158.1%. The increase in operating expenses is primarily due to the additional expenses of Continucare, an increase in amortization expense of $3.1 million related to the amortizable intangible assets recorded with the Continucare acquisition, and $0.9 million of non-recurring legal and accounting fees related to the filing of a shelf registration and other projects.
Other expense increased by $7.4 million due primarily to an increase in interest expense of $8.1 million for the second quarter of 2012 related to the debt used to finance the Continucare acquisition.
Net income was $2.9 million compared to $5.9 million in the second quarter of 2011 resulting in basic and diluted earnings per share of $0.07 for the second quarter of 2012 as compared to $0.15, basic, and $0.14, diluted, for the same period in 2011. The after tax loss on the New Payor Contract and the non-recurring legal, accounting, and other project fees mentioned above, reduced both basic and diluted earnings per share by $0.06. Weighted average common shares outstanding used to compute diluted earnings per share for the second quarters of 2012 and 2011 were 45.6 million and 42.0 million, respectively.
Adjusted EBITDA from continuing operations amounted to $17.6 million for the 2012 second quarter compared to $10.3 million in the 2011 period. Excluding the negative effects of the New Payor Contract, Adjusted EBITDA would have been $21.2 million for the second quarter of 2012. Adjusted EBITDA from continuing operations is not defined under U.S. GAAP and it may not be comparable to similarly titled measures reported by other companies.
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Metropolitan Health Networks Reports Second Quarter 2012 Results
New tools and techniques enhance laparoscopic gallbladder removal
Public release date: 8-Aug-2012 [ | E-mail | Share ]
Contact: Vicki Cohn vcohn@liebertpub.com 914-740-2100 Mary Ann Liebert, Inc./Genetic Engineering News
New Rochelle, NY, August 8, 2012Laparoscopic management of gallbladder disease offers a less invasive alternative to open surgery. Surgical outcomes continue to improve as new techniques and tools become available for performing laparoscopic gallbladder surgery, and these advances are highlighted in "Advances in Cholecystectomy Surgery (http://online.liebertpub.com/toc/lap/22/6)," a comprehensive special issue of Journal of Laparoendoscopic & Advanced Surgical Techniques (JLAST), a peer-reviewed journal published by Mary Ann Liebert, Inc. publishers (http://www.liebertpub.com). The issue is available free online at the Journal of Laparoendoscopic & Advanced Surgical Techniques (http://www.liebertpub.com/lap) website.
Samer Bessa, MD and coauthors, University of Alexandria, Egypt, compared the feasibility, safety, and side effects of laparoscopic cholecystectomy performed with general anesthesia, the standard of care, or with spinal anesthesia. In the accompanying Commentary on "Spinal Versus General Anesthesia for Day-Case Laparoscopic Cholecystectomy: A Prospective Randomized Study," (http://online.liebertpub.com/doi/full/10.1089/lap.2012.9992) Fred Luchette, MD, MSc, considers whether the risks of spinal anesthesia outweigh its potential benefits for this procedure.
Rajeev Sinha, MS, and Sharad Chandra, MD, DM, M.L.B. Medical College, Jhansi, Uttar Pradesh, India, described a group of patients who developed biliary peritonitis, a potentially serious adverse event, following laparoscopic gallbladder removal using a "scarless" single-site surgical technique known as LESS. L. Michael Brunt, MD, Washington University School of Medicine, St. Louis, MO, provides his insights on this study and its implications in Commentary on "Cystic Duct Leaks After Laparoendoscopic Single Site Cholecystectomy (LESS)": A Word of Caution (http://online.liebertpub.com/doi/full/10.1089/lap.2012.9993).
The issue also features articles on long-term experience with post-cholecystectomy bile duct injuries and outcomes of laparoendoscopic surgery, as well as experience with robotic surgery to remove bile duct cysts in pediatric patients.
Videos illustrating cutting-edge techniques in cholecystectomy (http://www.liebertpub.com/lpages/highlighted-cholecystectomy-videos/25/) are available in Videoscopy (http://www.liebertpub.com/vor), the videojournal component of Journal of Laraoendoscopic & Advanced Surgical Techniques.
"The modern era of laparoscopic surgery all started over 20 years ago with laparoscopic cholecystectomy," says Editor-in-Chief C. Daniel Smith, MD, Department of Surgery, Mayo Clinic, Jacksonville, FL. "Despite this long experience with MIS, the advancements in gallbladder surgery continue today. This special issue includes several manuscripts highlighting continued advancements in the care of patients with gallbladder disease and will provide even surgeons with extensive experience new insights into gallbladder procedures."
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New tools and techniques enhance laparoscopic gallbladder removal
First Gene Therapy Treatment Approved in Europe
The first gene therapy drug approval given by European regulators is potentially good news for those suffering from a rare syndrome which prevents their body from breaking down fat. The decision by the European Medicines Agency to allow Dutch bio...
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