Company Posts Positive Cash Flow of $1.3 Million
CHICAGO, Apr 24, 2003 /PRNewswire-FirstCall via COMTEX/ — Allscripts Healthcare Solutions, Inc. (Nasdaq: MDRX), the leading provider of
clinical software and information solutions focused on physicians, announced
its results for the three months ended March 31, 2003.
Total revenue for the three months ended March 31, 2003, was
$20.0 million, increasing by 7% over the three months ended March 31, 2002.
For the three months ended March 31, 2003, revenue from software and
information services was $7.9 million, increasing by 26% over the comparable
period last year.
Net loss for the three months ended March 31, 2003, was $2.1 million, or
$0.05 per share, compared with a net loss of $6.0 million, or $0.16 per share
for the same period last year.
As of March 31, 2003, the Company had cash and marketable securities of
$66.6 million, an increase of $1.3 million from the balance on December 31,
2002, and no debt.
“We continued to make solid progress in the first quarter, as evidenced by
sales of our TouchWorks clinical software to both new and existing customers
as well as the growing number of pharmaceutical clients conducting repeat
business with our Physicians Interactive group,” stated Glen Tullman, Chief
Executive Officer of Allscripts Healthcare Solutions. “We posted a positive
cash flow of $1.3 million, our first increase in our cash and marketable
securities balance since our last round of public funding in March 2000. This
is an important milestone for AHS and a clear indicator of our progress
towards profitability.”
Allscripts Healthcare Solutions will conduct a conference call on
Thursday, April 24, 2003, at 4:30 PM Eastern time. The conference call can be
accessed by dialing 1-800-374-0526, or via the Internet at
www.allscripts.com . A recording of the conference call will be available for
review through May 9, 2003, at www.allscripts.com or by calling
1-800-642-1687, ID #9751325.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions is the leading provider of clinical
software and information solutions focused on physicians. The Company’s
TouchWorks(TM) software is a modular electronic medical record that enhances
physician productivity using a wireless handheld device, Tablet PC, or desktop
workstation to automate the most common physician activities including
prescribing, capturing charges, dictating, ordering labs and viewing results,
providing patient education, and documenting clinical encounters.
Additionally, AHS provides patient compliance and healthcare product education
services for physicians through its Physicians Interactive(TM) business and
also provides medication fulfillment services. AHS provides software and
services to over 20,000 physicians across the U.S.
Strategic partners include IDX Systems (Nasdaq: IDXC); IMS Health
(NYSE: RX); Microsoft (Nasdaq: MSFT); HP (NYSE: HPQ);
Express Scripts (Nasdaq: ESRX); and Medco Health.
TouchWorks and Physicians Interactive are trademarks of Allscripts
Healthcare Solutions. Visit AHS on the Web at www.allscripts.com .
This announcement may contain forward-looking statements about Allscripts
Healthcare Solutions that involve risks and uncertainties. These statements
are developed by combining currently available information with Allscripts’
beliefs and assumptions. Forward-looking statements do not guarantee future
performance. Because Allscripts cannot predict all of the risks and
uncertainties that may affect it, or control the ones it does predict,
Allscripts’ actual results may be materially different from the results
expressed in its forward-looking statements. For a more complete discussion
of the risks, uncertainties and assumptions that may affect Allscripts see the
Company’s 2002 Annual Report on Form 10-K, available through the Web site
maintained by the Securities and Exchange Commission at www.sec.gov .
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
(Unaudited)
March 31, December 31,
Assets 2003 2002
Current assets
Cash and cash equivalents $18,234 $17,247
Marketable securities 7,044 19,117
Accounts receivable, net 16,029 18,659
Other receivables 675 747
Inventories 3,507 3,988
Prepaid expenses and other
current assets 3,346 3,337
Total current assets 48,835 63,095
Long-term marketable securities 41,354 28,922
Fixed assets, net 3,656 4,384
Intangible assets, net 4,667 4,793
Other assets 3,154 3,159
Total assets $101,666 $104,353
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued
liabilities $10,196 $10,682
Accrued restructuring and other
charges 723 1,140
Deferred revenue 6,837 6,547
Total current liabilities 17,756 18,369
Other liabilities 181 163
Total liabilities 17,937 18,532
Stockholders' equity 83,729 85,821
Total liabilities and
stockholders' equity $101,666 $104,353
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended
March 31,
2003 2002
Revenue:
Prepackaged medications $12,118 $12,479
Software and related services 5,796 4,439
Information services 2,116 1,855
Total revenue 20,030 18,773
Cost of revenue 13,842 14,951
Gross profit 6,188 3,822
Operating expenses:
Selling, general and
administrative expenses 8,552 10,425
Amortization of intangibles 134 138
Loss from operations (2,498) (6,741)
Interest and other income, net 392 717
Loss before income taxes (2,106) (6,024)
Income tax benefit - -
Net loss ($2,106) ($6,024)
Net loss per share - basic and
diluted ($0.05) ($0.16)
Weighted average shares of common
stock outstanding used in computing
net loss per share - basic and diluted 38,440 38,072
SOURCE Allscripts Healthcare Solutions, Inc.
Bill Davis, Chief Financial Officer, +1-847-680-3515, Ext. 282, or bill.davis@allscripts.com , or Dan Michelson, Vice President of Marketing, +1-847-680-3515, Ext. 4330, or dan.michelson@allscripts.com , both of Allscripts Healthcare Solutions, Inc.
https://www.allscripts.com