LOS ANGELES, CA--(Marketwire -03/29/12)- MMRGlobal, Inc. (OTC.BB: MMRF.OB - News) ("MMR"), a leading provider of Personal Health Records (PHRs), MyEsafeDepositBox storage solutions and electronic document management and imaging systems for healthcare professionals, plans on filing its 2011 Annual Report on Form 10-K for the period ended December 31, 2011 with the U.S. Securities and Exchange Commission on Friday, March 30, 2012 after the close of market. The Company will report increased sales, reduced costs, reduced operating expenses, increased gross profits, and decreased losses. The filing will be followed by a conference call hosted by Bob Lorsch, Chief Executive Officer, and Ingrid Safranek, Chief Financial Officer, at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time (details below).

Revenues for the year ended December 31, 2011 increased by 45.9% when compared to the year ended December 31, 2010 due to an increase in MMRPro sales, which were up 105%, and biotech licensing revenues, which were up 100%. The Company also saw revenue from investment by customers in private label website development for integration of the Company's proprietary patented Personal Health Record products and services, including Chartis Insurance and E-mail Frequency. E-mail Frequency has advised the Company that it plans on rolling out PHRs to as many as one million member clients in 2012.

Cost of revenue decreased by 8.2% for the year ended December 31, 2011 when compared to the year ended December 31, 2010. Gross profit increased to 161% for year ended December 31, 2011. The Company attributes a significant portion of the decrease in costs to the elimination of certain outside service providers, the development of an internal cost-savings platform and the creation of MMRGlobal Infocom, which now provides operating technology services and website integration and support internally. The cost of revenue decreased primarily due to changes in service providers hosting the Company's products and the formation of Infocom providing services in-house, and the development of the Company's own cost-savings platform(s). As a result, the Company's operating losses were down 51%.

"As a result of meaningful use requirements under the HITECH Act, the Company believes that 2012 is the year that healthcare professionals will seriously focus on how they will offer PHRs in response to criteria that would require at least 90% of all patients with medical records on an EMR to be provided timely access to a Personal Health Record by 2014," said Mr. Lorsch.

Over the past year, the Company has experienced continued success in licensing its portfolio of patents for both biotech and health information technology. It recently had three health IT patents issued, two entitled "Method and System for Providing Online Medical Records" and one entitled "Method and System for Providing Online Records." The Company began licensing its biotech patents in 2010 and has already received $850,000. It expects to receive additional milestone payments from biotech licensing this year and significantly larger milestone payments from biotech in 2014.

The MichaelBass Group, an investment banking and strategic advisory services firm (www.michaelbass.com), issued a special report January 20, 2012 discussing the value of the Company's HIT patents, citing the global market for Personal Health Records at $19 billion, and focusing on the patents issued, pending and owned by MyMedicalRecords, Inc. (http://michaelbass.com/PDF/JAN20MMRF.pdf)

As discussed above, revenues increased by $446,660, or 45.9%, to $1,419,648 for the year ended December 31, 2011 from $972,988 for the year ended December 31, 2010. The Company believes that the other revenues which include website development and PHR integration signal a continued long-term commitment to offer the Company' products and services. Our cost of revenue decreased to $609,212 for the year ended December 31, 2011 from $663,372 for the year ended December 31, 2010.

Gross Margin increased by 57.1% for the year ended December 31, 2011, as compared to 31.8% for the similar period in 2010. Cost of revenue as a percentage of sales decreased by 8.2% and operating expenses decreased 1.0% during the same period.

General and Administrative increased by $181,193 or 4.2% in 2011, as compared to the similar period in 2010, primarily due to higher consulting fees and a non-cash increase in MMRPro amortization expenses. Sales and marketing expenses decreased by $257,502 or 9.6% in 2011, as compared to the prior period in 2010, due to a decrease in the cost of radio and TV ads. Technology development expenses were essentially equivalent to those seen in 2010.

Losses were down 51% from the prior year. The Company lost $8,884,427 of which $2,845,222 was cash and $6,039,205 non-cash compared to total losses of $17.9 million in the previous year of which $4,212,300 was cash. Cash losses were down 32.5%.

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MMRGlobal Making It Happen to Report Sales Up, Gross Profit Up, Cost of Revenue Down as Heads Toward Meaningful Use in ...