CHICAGO, Feb 6, 2003 /PRNewswire-FirstCall via COMTEX/ —
Software and Information Services Revenue Increases 42%
Allscripts Healthcare
Solutions, Inc. (Nasdaq: MDRX), a leading provider of clinical software and
information solutions for physicians, announced its results for the three and
twelve months ended December 31, 2002.
Total revenue for the three months ended December 31, 2002, was $19.9 million,
increasing by 7% over the three months ended December 31, 2001. For the three
months ended December 31, 2002, revenue from software and information services
was $8.4 million, increasing by 42% over the comparable period last year.
Net loss for the three months ended December 31, 2002, was $2.0 million, or
$0.05 per share, compared with a net loss of $8.5 million, or $0.22 per share
for the same period last year.
As of December 31, 2002, the Company had cash and marketable securities of $65.3
million and no debt.
“Our fourth quarter demonstrated strong sales traction in our TouchWorks(TM) and
Physicians Interactive(TM) (PI) businesses. TouchWorks sales exceeded $7.3
million, up from $4.6 million in the third quarter, with the average TouchWorks
contract size increasing from $220,000 to $370,000. PI e-Detailing(TM) sales
exceeded $4.4 million, up from $2.6 million in the third quarter,” commented
Glen Tullman, Chief Executive Officer of Allscripts Healthcare Solutions. “Total
backlog increased by $5.0 million to $35.0 million, which improves our
visibility for 2003.”
For the twelve months ended December 31, 2002, total revenue was $78.8 million,
up 11% from 2001. Software and information services revenue for the twelve
months ended December 31, 2002, increased by 39% from $21.2 million in 2001 to
$29.5 million in 2002. Net loss for the twelve months ended December 31, 2002,
was $15.2 million, or $0.40 per share, compared with a net loss of $418.9
million, or $11.07 per share, in 2001.
Allscripts Healthcare Solutions will conduct a conference call on Thursday,
February 6, 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 February
20, 2003, at www.allscripts.com or by calling 1-800-642-1687, ID #7653860.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions is a leading provider of clinical software and
information solutions for physicians. The Company’s TouchWorks 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 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, Physicians Interactive, and PI e-Detailing 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 2001 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 2002 2001Current assets:
Cash and cash equivalents $17,247 $34,124
Marketable securities 19,117 6,352
Accounts receivable, net 18,659 14,512
Other receivables 747 671
Inventories 3,988 6,225
Other current assets 3,337 2,962
Total current assets 63,095 64,846Long-term marketable securities 28,922 37,814
Fixed assets, net 4,384 8,449
Intangible assets, net 4,793 5,516
Other assets 3,159 819
Total assets $104,353 $117,444Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $4,488 $5,160
Accrued expenses 3,583 3,579
Accrued compensation 2,611 2,873
Accrued restructuring and other charges 1,140 2,991
Deferred revenue 6,547 3,882
Total current liabilities 18,369 18,485Other liabilities 163 325
Total liabilities 18,532 18,810Stockholders’ equity 85,821 98,634
Total liabilities and
stockholders’ equity $104,353 $117,444Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)Three Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001Revenue:
Prepackaged medications $11,540 $12,777 $49,298 $49,672
Software and related
services 5,645 4,455 19,921 17,093
Information services 2,744 1,459 9,583 4,152
Total revenue 19,929 18,691 78,802 70,917Cost of revenue(a) 14,086 15,236 58,931 64,083
Restructuring and
other charges – – – 2,201
Gross profit 5,843 3,455 19,871 4,633Operating expenses:
Selling, general and
administrative expenses 8,096 12,952 36,412 57,908
Amortization of intangibles 133 201 540 55,095
Restructuring and other
charges – – 600 6,435
Asset impairment charge – – – 354,984
Write-off of acquired
in-process research and
development – – – 3,000
Loss from operations (2,386) (9,698) (17,681) (472,789)Interest income, net 299 824 2,251 4,772
Other income, net 39 144 197 542
Loss before income taxes (2,048) (8,730) (15,233) (467,475)Income tax benefit – 184 – 48,544
Net loss ($2,048) ($8,546) ($15,233) ($418,931)Net loss per share –
basic and diluted ($0.05) ($0.22) ($0.40) ($11.07)Weighted average shares
of common stock
outstanding used in
computing net loss per
share – basic and diluted 38,426 38,013 38,337 37,835(a) For the three months ended December 31, 2002 and 2001, cost of
revenue includes the amortization of acquired software in connection
with acquisitions of $0 and $60, respectively.For the twelve months
ended December 31, 2002 and 2001, cost of revenue includes the
amortization of acquired software in connection with acquisitions of
$87 and $5,700, respectively.(b) The following is a reconciliation of net loss and basic and diluted
loss per share reflecting the implementation of Statement of
Financial Accounting Standards No. 142, “Goodwill and Other
Intangible Assets”:Three Months Ended Twelve Months Ended
December 31, December 31,
2002 2001 2002 2001Reported net loss ($2,048) ($8,546) ($15,233) ($418,931)
Goodwill amortization – 63 – 43,626
Adjusted net loss ($2,048) ($8,483) ($15,233) ($375,305)Per-share data – basic
and diluted:
Reported net loss ($0.05) ($0.22) ($0.40) ($11.07)
Goodwill amortization – – – 1.15
Adjusted net loss ($0.05) ($0.22) ($0.40) ($9.92)
SOURCE Allscripts Healthcare Solutions, Inc.
CONTACT: Bill Davis, Chief Financial Officer, +1-847-680-3515, Ext. 282,
bill.davis@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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