Business
Great Elm Capital Group, Inc. Reports Fiscal Third Quarter 2020 Financial Results
DME has been proactive in taking measures to respond to the COVID-19 pandemic to ensure it can continue to provide critical respiratory servicesDME revenue
About this update from Great Elm Group, Inc.
[{"type":"text","content":"DME has been proactive in taking measures to respond to the COVID-19 pandemic to ensure it can continue to provide critical respiratory servicesDME revenue grew 20.2% year-over-year, including growth in all major product categoriesNew patient setups grew 19.0% in key PAP segment year-over-year, with total active PAP patients hitting a new highInvestment Management reports management fee revenue of $0.7 million, approximately flat year-over-year but down 10.3% quarter-over-quarter as volatility in the leveraged credit markets drove a reduction in the fair value of investmentsIssued $30 million in aggregate principal amount of senior unsecured convertible notes, significantly enhancing our ability to pursue attractive new business opportunities WALTHAM, Mass., May 12, 2020 (GLOBE NEWSWIRE) -- Great Elm Capital Group, Inc. (NASDAQ: GEC, “Great Elm”) announced its financial results for the quarter ended March 31, 2020. Great Elm will host a conference call and webcast on Tuesday, May 12, 2020 at 8:00 a.m. Eastern Time to discuss its fiscal third quarter 2020 financial results. Please see below for details.\n BUSINESS OVERVIEW Great Elm is a diversified, publicly-traded holding company that seeks to build long-term shareholder value across three verticals: Operating Companies, Investment Management and Real Estate. During the quarter ended March 31, 2020, we issued $30 million in aggregate principal amount of unsecured convertible notes, bringing our cash balance to approximately $39 million. This capital raise enhances our ability to pursue new investment opportunities. Select highlights from the fiscal third quarter 2020 include: Operating Companies: DME’s investments in people, process and technology have been critical in adapting to uncertain business conditions caused by the COVID-19 pandemic. DME continues to operate and serve patients in all marketsContinued to invest heavily in building a scalable infrastructure capable of supporting multiple acquisitions per year. Completed consolidation of multiple billing databases, implemented mobile delivery technology and upgraded payment processing technologyTowards the end of the quarter ended March 31, 2020, physician referrals started to decline in response to shelter-in-place orders. The decline in referrals continued post quarter endFor the three months ended March 31, 2020, gener...