Arcadia Resources Inc. narrowed its losses in its most recent quarter as it started to accelerate sales in its highly-touted
DailyMed program, the company said today.
The Indianapolis-based provider of in-home health services and medical staffing lost $3.6 million, or 2 cents per share, on continuing operations in its fiscal first quarter, an improvement from a loss of $4 million, or 3 cents per share, in the same quarter a year ago.
Revenue for the three months ended June 30 fell slightly, to $26.4 million, compared with $26.8 million a year ago. Arcadia also reduced its debt by $7 million in the quarter.
Arcadia spent heavily on staffing and other costs as it took on a contract from Indianapolis-based WellPoint Inc. to offer its DailyMed service to 12,000 of the health insurer's Medicaid customers in Virginia.
DailyMed serves patients who take numerous medications by combining them into packets and marking them with time of day they must be taken. DailyMed also uses nurses and other staff to check up on patients.
DailyMed had sales last year of $6 million. But Arcadia officials believe sales will grow to a range of $25 million to $35 million by the end of the fiscal year ending in March 2010.
"We are excited to introduce DailyMed to WellPoint's Medicaid members and believe the result will help improve member care and lower health care costs by more effectively managing chronic medication utilization and reducing unnecessary hospitalizations for their Medicaid members," Arcadia CEO Marvin Richardson said in a prepared statement.
Revenue in Arcadia's other business unit - home health care and medical staff - fell 9 percent to $22.7 million.