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Diversinet Reports First Quarter 2012 Financial Results

TORONTO April 27, 2012 March 31, 2012

Financial Highlights

$282,000 $444,000 $185,000 $382,000 $317,000 $57,000

$1.4 million $(0.03) $1.1 million $(0.03) $135,000 $15,000 $7,000 $166,000 $14,000 $25,000

$6.2 million March 31, 2012 $7.4 million December 31, 2011

Operational Highlights

  • Hon Pak December 2011 September 2011
  • The company delivers a secure technology platform that supports healthcare coordination through mobility. Components of the technology include a Care Coordination Engine, providing a "configure once-deploy many" capability for clients who need a HIPAA-compliant mobile engagement tool for consumers/patients and providers/staff.
  • www.diversinet.com
  • University of Nebraska Medical Center September 2012
  • AirStrip Technologies, a leading developer of first-in-class mobile technology that enables access to live and actionable patient data, selected Diversinet’s government-certified MobiSecure SDK solution for the crucial security validation needed to offer mobile healthcare applications to military and other U.S. government agencies. Integrating MobiSecure will enable AirStrip applications to provide levels of authentication and encryption necessary for use in government organizations such as military hospitals.
  • Diversinet expanded its intellectual property portfolio with the award of U.S. patent # 8,130,961, titled "Method and system for client-server mutual authentication using event-based OTP." This patent defines a method of protecting client-server communications and is the foundation of the MobiSecure messaging protocol. It provides authentication services through the use of one-time passwords (OTPs), and encryption services through the use of a unique key per-transaction encryption scheme. Diversinet’s intellectual property portfolio now includes 18 patents and 30 patent applications.

"In the first quarter of 2012, we turned our focus to care coordination," stated Pak. "This field represents a more patient-centered and systems-based approach that improves the value of healthcare, with an emphasis on wellness and prevention. Fundamental to this shift is a focus on patient engagement and care coordination. As we advance through 2012, we expect to enable healthcare organizations to mobilize their care coordination with our leading solutions for secure mobile applications."

Financial Summary

       Q1 2012      Q1 2011
Revenues $281,911 $444,250
Cost of revenues 19,828 6,031
Gross margin 262,083 438,219
     
Expenses    
 Research and development 791,012 716,059
 Sales and marketing 331,684 412,783
 General and administrative 549,697 443,200
 Depreciation 14,798 14,409
  1,687,191 1,586,451
Loss before the undernoted (1,425,108) (1,148,232)
Foreign exchange gain (loss) (6,932) 25,185
Interest income 4,782 12,127
Loss for the period $(1,427,258) $(1,110,920)
Basic and diluted earnings (loss) per share $(0.03) $(0.03)
     
Cash and cash equivalents $6,170,194 $11,180,694
Total assets $6,536,720 $11,487,246
Total current liabilities $656,593 $393,148
Total shareholders’ equity $5,880,127 $11,094,098
     
Weighted average basic and fully diluted common shares outstanding 43,009,347 42,325,727

www.diversinet.com/AboutUs/Investors.html

About Diversinet

www.diversinet.com

The Private Securities Litigation Reform Act of 1995 and Canadian securities laws provide a "safe harbour" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to the success of current product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company’s filings with the Securities and Exchange Commission available at www.sec.gov nd Canadian securities regulatory authorities available at www.sedar.com .

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. MobiSecure is a registered trademark of Diversinet Corp.  

SOURCE Diversinet Corp.

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