CHICAGO–(BUSINESS WIRE)–May 5, 2004–Allscripts Healthcare
Solutions, Inc. (NASDAQ:MDRX), the leading provider of clinical
software, connectivity and information solutions for physicians,
announced its results for the three months ended March 31, 2004.
Total revenue for the three months ended March 31, 2004 was $23.2
million, compared to $20.0 million for the same period in 2003.
Revenue from software and information services for the three months
ended March 31, 2004 was $12.0 million, increasing by 51% over the
comparable period last year. Revenue from software and information
services represented approximately 52% of total revenue for the first
quarter of 2004.
Gross margin as a percentage of revenue was 39.5% for the three
months ended March 31, 2004, compared to 30.9% in the same period of
2003. Gross margin as a percentage of revenue from software and
information services was 56.1% for the three months ended March 31,
2004, compared to 44.5% over the comparable period last year.
Net income for the three months ended March 31, 2004 of $0.3
million, or $0.01 per share, compares to a net loss of $2.1 million,
or $0.05 loss per share, for the same period last year.
At March 31, 2004 the Company had cash and marketable securities
of $53.3 million compared to $51.3 million at December 31, 2003.
“Allscripts delivered another successful quarter for our investors
with continued profitability and record cash flow from operations,”
commented Glen Tullman, Chief Executive Officer of Allscripts
Healthcare Solutions. “The interest in the physician-focused solutions
we provide has never been stronger, and our Company is better
positioned than ever to capitalize upon these trends.”
Allscripts Healthcare Solutions will conduct a conference call on
Wednesday, May 5, 2004 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 21, 2004 at www.allscripts.com or by
calling 1-800-642-1687, ID # 6901404.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions (AHS) is the leading provider of
clinical software, connectivity and information solutions for
physicians. The Company’s TouchWorks(TM) software is an Electronic
Medical Record (EMR) that enhances physician productivity by
automating the most common physician activities including prescribing,
dictating, capturing charges, ordering labs and viewing results,
providing patient education, and documenting clinical encounters.
TouchWorks is available on the latest Tablet PCs, wireless handheld
devices, desktop workstations and over the Internet. AHS also offers
electronic document imaging and scanning solutions through its
Advanced Imaging Concepts subsidiary. Additionally, AHS provides
healthcare product education and market research programs for
physicians through its Physicians Interactive(TM) unit and medication
fulfillment services through its Allscripts Direct(TM) unit. Visit AHS
on the Web at www.allscripts.com.
Strategic partners include IDX Systems (Nasdaq:IDXC); IMS Health
(NYSE:RX); Microsoft; Hewlett-Packard; and Medco Health.
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 2003
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 2004 2003
------ ------------- -------------
Current assets:
Cash and cash equivalents $12,004 $13,336
Marketable securities 4,300 3,435
Accounts receivable, net 17,255 18,219
Other receivables 229 237
Inventories 2,790 3,249
Prepaid expenses and other current
assets 2,836 3,863
------------- -------------
Total current assets 39,414 42,339
Long-term marketable securities 36,953 34,538
Fixed assets, net 2,117 2,237
Intangible assets, net 25,935 26,359
Other assets 5,874 4,919
------------- -------------
Total assets $110,293 $110,392
============= =============
Liabilities and Stockholders' Equity
------------------------------------------
Current liabilities:
Accounts payable and accrued
liabilities $14,920 $13,988
Deferred revenue 10,353 10,959
------------- -------------
Total current liabilities 25,273 24,947
Other liabilities 268 2,055
------------- -------------
Total liabilities 25,541 27,002
Stockholders' equity 84,752 83,390
------------- -------------
Total liabilities and stockholders'
equity $110,293 $110,392
============= =============
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended
March 31,
2004 2003
------------- -------------
Revenue:
Prepackaged medications $11,184 $12,118
Software and related services 8,895 5,796
Information services 3,076 2,116
------------- -------------
Total revenue 23,155 20,030
Cost of revenue 14,009 13,842
------------- -------------
Gross profit 9,146 6,188
Operating expenses:
Selling, general and administrative
expenses 8,760 8,552
Amortization of intangibles 429 134
------------- -------------
Loss from operations (43) (2,498)
Interest and other income, net 310 392
------------- -------------
Income (loss) before income taxes 267 (2,106)
Income taxes - -
------------- -------------
Net income (loss) $267 ($2,106)
============= =============
Net income (loss) per share - basic and
diluted $0.01 ($0.05)
============= =============
Weighted average shares of common stock
outstanding
used in computing basic net income
(loss) per share 39,169 38,440
============= =============
Weighted average shares of common stock
outstanding
used in computing diluted net income
(loss) per share 41,869 38,440
============= =============
CONTACT: Allscripts Healthcare Solutions
Bill Davis, 847-680-3515, Ext. 282
bill.davis@allscripts.com
or
Dan Michelson, 847-680-3515, Ext. 4330
dan.michelson@allscripts.com
SOURCE: Allscripts Healthcare Solutions