CHICAGO--(BUSINESS WIRE)--April 26, 2005--
Clinical Software Sales Increase by 52% Over Prior Year
Allscripts Healthcare Solutions (Nasdaq:MDRX), the leading
provider of clinical software, connectivity and information solutions
that physicians use to improve healthcare, announced its results for
the three months ended March 31, 2005.
Total revenue for the three months ended March 31, 2005, was $26.2
million, compared to $23.2 million for the same period last year.
Revenue from software and related services for the three months ended
March 31, 2005, was $14.3 million, compared to $8.9 million for the
same period last year, increasing by approximately 61%.
Gross margin was approximately 46.4% for the first quarter of
2005, compared to 39.5% during the first quarter of 2004.
Net income for the three months ended March 31, 2005, was $1.3
million, or $0.03 per diluted share, compared to net income of $0.3
million or $0.01 per diluted share for the same period last year.
As of March 31, 2005, the Company had cash and marketable
securities of $130.4 million.
“The strong momentum in clinical software sales continued in the
first quarter,” commented Glen Tullman, Chief Executive Officer of
Allscripts. “Electronic Health Records are becoming a standard of care
and Allscripts has firmly established a leadership role in this
market. What is exciting is that we are still at the front end of this
opportunity.”
Allscripts will conduct a conference call on Tuesday, April 26,
2005, 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 20, 2005, at www.allscripts.com or by calling 1-800-642-1687, ID #
5386926.
About Allscripts
Allscripts Healthcare Solutions (Allscripts) is the leading
provider of clinical software, connectivity and information solutions
that physicians use to improve healthcare. The Company’s business
groups provide unique solutions that inform, connect, and transform
healthcare. The Clinical Solutions Group’s award-winning clinical
software applications include Electronic Health Record (EHR),
e-prescribing and document imaging solutions. Additionally, Allscripts
provides healthcare product education and connectivity solutions for
physicians and patients through its Physicians Interactive Group and
medication fulfillment services through its Medication Services Group.
Visit Allscripts 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 2004
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 2005 2004
------ ----------- ------------
Current assets
Cash and cash equivalents $25,262 $16,972
Marketable securities 34,058 22,796
Accounts receivable, net 23,278 21,382
Other receivables 607 627
Inventories 2,169 2,372
Prepaid expenses and other current assets 3,815 3,571
----------- ------------
Total current assets 89,189 67,720
Long-term marketable securities 71,066 88,471
Software development costs, net 6,155 6,270
Fixed assets, net 2,423 2,366
Intangible assets, net 24,151 24,546
Other assets 5,169 4,804
----------- ------------
Total assets $198,153 $194,177
=========== ============
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities
Accounts payable $4,527 $5,981
Accrued expenses 10,474 12,218
Deferred revenue 17,097 14,607
----------- ------------
Total current liabilities 32,098 32,806
Other liabilities 256 178
Long-term debt 82,500 82,500
----------- ------------
Total liabilities 114,854 115,484
Stockholders' equity 83,299 78,693
----------- ------------
Total liabilities and stockholders'
equity $198,153 $194,177
=========== ============
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months
Ended
March 31,
2005 2004
-------- --------
Revenue:
Prepackaged medications $9,835 $11,184
Software and related services 14,310 8,895
Information services 2,050 3,076
------- --------
Total revenue 26,195 23,155
Cost of revenue:
Prepackaged medications 7,723 8,753
Software and related services 5,124 3,512
Information services 1,181 1,744
------- --------
Total cost of revenue 14,028 14,009
------- --------
Gross Profit 12,167 9,146
46.4% 39.5%
Operating expenses:
Selling, general and administrative expenses 10,357 8,760
Amortization of intangibles 436 429
------- --------
Income/(loss) from operations 1,374 (43)
Interest expense (907) -
Interest income 877 217
Other income (expense), net (10) 93
------- --------
Income before income taxes 1,334 267
Income taxes - -
------- --------
Net Income $1,334 $267
======= ========
Net income per share - basic $0.03 $0.01
======= ========
Net income per share - diluted $0.03 $0.01
======= ========
Weighted average shares of common stock outstanding
used in computing basic net income per share 39,073 39,169
======= ========
Weighted average shares of common stock outstanding
used in computing diluted net income per share 42,171 41,869
======= ========
CONTACT: Allscripts Healthcare Solutions
Dan Michelson, 312-506-1217
dan.michelson@allscripts.com
or
Bill Davis, 312-506-1211
bill.davis@allscripts.com
SOURCE: Allscripts Healthcare Solutions