CHICAGO, Feb 12, 2002 /PRNewswire-FirstCall via COMTEX/ —
Sales Backlog Rises to Record Level
Allscripts
Healthcare Solutions, Inc. (Nasdaq: MDRX), the leading provider of point-of-care
decision support tools for physicians, today announced its results for the three
and twelve months ended December 31, 2001.
Total revenue for the three months ended December 31, 2001 was $18.6 million,
increasing by 1% over the three months ended December 31, 2000 and 13%
sequentially over the three months ended September 30, 2001.
Net loss for the fourth quarter was $8.5 million, or $0.22 per share, compared
with a loss of $15.3 million, or $0.52 per share for the same period last year.
The results of operations for the fourth quarters of 2001 and 2000 included the
amortization of intangibles of $0.3 million and $9.6 million, respectively.
As of December 31, 2001, the Company’s balance of cash and marketable securities
totaled $78.3 million.
“This was a breakthrough year for Allscripts. Our product offering took a
significant step forward with the introduction of TouchWorks(TM), the first
fully integrated suite of wireless, point-of-care clinical, productivity and
decision support solutions for physicians,” commented Glen Tullman, Chairman and
Chief Executive Officer of Allscripts Healthcare Solutions. “Our partnership
with IDX has become a strategic differentiator and driver of sales. We finished
the year with a record backlog of $30 million and solid sales momentum.”
“We see strong demand for clinical applications and are capitalizing on our
leadership position in the market,” continued Tullman. “During the fourth
quarter, we signed a record 33 TouchWorks contracts. This includes 22 new
customers, demonstrating our sales traction, and 11 agreements with current
customers, underscoring the effectiveness of our modular approach. In addition,
our Physicians Interactive(TM) group signed 11 new contracts with pharmaceutical
companies to deliver e-Detailing(TM) physician education services.”
For the twelve months ended December 31, 2001, total revenue was $70.8 million,
up 29% from the comparable period in 2000. Software and related service revenue
for the twelve months ended December 31, 2001 increased by 57% from $13.4
million in 2000 to $21.1 million in 2001.
The results of operations for the year include a charge of $8.6 million related
to a restructuring plan announced in July, a non-cash asset impairment charge of
$355.0 million related to acquired intangible assets and related goodwill, and
the write-off of $3.0 million related to acquired in-process research and
development expenses associated with the acquisition of ChannelHealth
Incorporated. Net loss for the twelve months ended December 31, 2001 was $418.9
million, or $11.07 per share, compared with a net loss of $57.4 million, or
$2.06 per share, for the same period in 2000. Operating results for the year
ended December 31, 2000 include a $13.7 million write-off of acquired in-process
research and development expenses.
Allscripts will conduct a conference call on Tuesday, February 12, 2002 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 February 28, 2002 at www.allscripts.com or
by calling 1-800-642-1687, ID #2918344.
About Allscripts Healthcare Solutions, Inc.
Allscripts Healthcare Solutions, Inc. is a leading provider of point-of- care
decision support solutions for physicians. The Company’s TouchWorks software
products enhance physician productivity using a wireless handheld device or
desktop workstation to automate the most common physician activities including
prescribing, capturing charges, dictating, ordering labs and viewing results,
providing patient education, and taking clinical notes. The Company also
provides medication fulfillment services. Additionally, Allscripts provides
patient compliance and healthcare product education services for physicians
through its Physicians Interactive unit. Allscripts provides services to over
20,000 physicians across the U.S.
Strategic partners include IDX Systems (Nasdaq: IDXC); IMS Health (NYSE: RX);
Microsoft (Nasdaq: MSFT); Compaq (NYSE: CPQ); Express Scripts (Nasdaq: ESRX);
and Merck-Medco.
TouchWorks, Physicians Interactive and e-Detailing are trademarks of Allscripts
Healthcare Solutions, Inc. Visit Allscripts on the Web at www.allscripts.com .
This announcement may contain forward-looking statements about Allscripts
Healthcare Solutions, Inc. 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 2000 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)December 31, December 31,
Assets 2001 2000Current assets
Cash and cash equivalents $34,124 $76,513
Marketable securities 6,352 20,663
Accounts receivable, net 13,811 13,850
Other receivables 1,372 1,291
Inventories 6,225 5,290
Prepaid expenses and other current assets 2,962 1,724
Total current assets 64,846 119,331Long-term marketable securities 37,814 22,661
Fixed assets, net 8,501 11,792
Intangible assets, net 5,516 149,690
Other assets 767 1,946
Total assets $117,444 $305,420Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $5,626 $7,269
Accrued expenses 3,113 2,546
Accrued compensation 2,873 2,525
Accrued restructuring and other charges 2,991 –
Deferred revenue 3,882 1,877
Total current liabilities 18,485 14,217Other liabilities 325 228
Total liabilities 18,810 14,445Stockholders’ equity 98,634 290,975
Total liabilities and stockholders’
equity $117,444 $305,420Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)Three Months Ended Year Ended
December 31, December 31,
2001 2000 2001 2000Revenue $18,621 $18,382 $70,754 $54,983
Cost of revenue (A) 15,166 13,775 63,920 42,518
Restructuring and other charges – – 2,201 –
Gross profit 3,455 4,607 4,633 12,465Operating expenses:
Selling, general and
administrative expenses 12,952 11,866 57,908 43,183
Amortization of intangibles 201 9,025 55,095 24,062
Restructuring and other charges – – 6,435 –
Asset impairment charge – – 354,984 –
Write-off of acquired in-process
research and development – – 3,000 13,729
Loss from operations (9,698) (16,284) (472,789) (68,509)Interest income, net 824 2,004 4,772 7,706
Other income, net 144 (1,000) 542 (1,000)
Loss from continuing operations
before taxes (8,730) (15,280) (467,475) (61,803)Income tax benefit 184 – 48,544 –
Loss from continuing operations (8,546) (15,280) (418,931) (61,803)Gain on discontinued operations – – – 4,436
Net loss $(8,546) $(15,280) $(418,931) $(57,367)Per-share data – basic and diluted:
Continuing operations $(0.22) $(0.52) $(11.07) $(2.22)
Discontinued operations – – – 0.16
Net loss $(0.22) $(0.52) $(11.07) $(2.06)Weighted average shares of common
stock outstanding used in
computing per-share data —
basic and diluted 38,013 29,363 37,835 27,900(A) For the three months and the year ended December 31, 2001, cost of
revenue includes the amortization of acquired software in connection
with acquisitions of $60 and $5,700, respectively. For the three
months and the year ended December 31, 2000, cost of revenue includes
the amortization of acquired software in connection with acquisitions
of $580 and $1,160, respectively.MAKE YOUR OPINION COUNT – Click Here
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SOURCE Allscripts Healthcare Solutions, Inc.
CONTACT: David Mullen, Chief Financial Officer, +1-847-680-3515,
Ext. 282, dave.mullen@allscripts.com , or Dan Michelson, Vice President of
Marketing, +1-847-680-3515, Ext. 4330, dan.michelson@allscripts.com , both of
Allscripts Healthcare SolutionsURL: https://www.allscripts.com
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