CHICAGO–(BUSINESS WIRE)–Feb. 19, 2004–Allscripts Healthcare
Solutions, Inc. (Nasdaq:MDRX), the leading provider of clinical
software, connectivity and information solutions for physicians, today
announced its results for the three and twelve months ended December
31, 2003.
Total revenue for the three months ended December 31, 2003, was
$23.7 million, increasing by 19% over the three months ended December
31, 2002. For the three months ended December 31, 2003, revenue from
software and information services was $11.8 million, increasing by 40%
over the comparable period last year. Net income for the three months
ended December 31, 2003, was $0.1 million, or $0.00 per share,
compared with a net loss of $2.0 million, or a loss per share of $0.05
for the same period last year.
As of December 31, 2003, the Company had cash and marketable
securities of $51.3 million and no debt.
“2003 was a pivotal year for Allscripts. We delivered on our
promise of a profitable fourth quarter while producing positive cash
flow from operations in every quarter during the year, demonstrating
that when you satisfy your clients, the bottom line responds as well,”
commented Glen Tullman, Chief Executive Officer of Allscripts
Healthcare Solutions. “There are a number of significant factors
driving growth in the healthcare information technology market and
Allscripts is uniquely positioned to capitalize on these trends in
2004.”
For the twelve months ended December 31, 2003, total revenue was
$85.8 million, up 9% from $78.8 million in 2002. Software and
information services revenue for the twelve months ended December 31,
2003, increased by 35% from $29.5 million in 2002 to $39.7 million in
2003. Net loss for the twelve months ended December 31, 2003, was $5.0
million, or a loss per share of $0.13, compared with a net loss of
$15.2 million, or a loss per share of $0.40, in 2002.
Allscripts Healthcare Solutions will conduct a conference call on
Thursday, February 19, 2004, at 4:30 PM Eastern time to discuss the
fourth quarter and 2003 results in further detail. 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 March 4, 2004, at www.allscripts.com or
by calling 1-800-642-1687, ID #4978016.
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 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)
December 31, December 31,
Assets 2003 2002
------ ------------ ------------
Current assets
Cash and cash equivalents $13,336 $17,247
Marketable securities 3,435 19,117
Accounts receivable, net 18,219 18,659
Other receivables 237 747
Inventories 3,249 3,988
Prepaid expenses and other current assets 3,863 3,037
------------ ------------
Total current assets 42,339 62,795
Long-term marketable securities 34,538 28,922
Fixed assets, net 2,237 4,384
Intangible assets, net 26,359 4,793
Other assets 4,919 3,459
------------ ------------
Total assets $110,392 $104,353
============ ============
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities
Accounts payable and accrued liabilities $13,884 $10,682
Accrued restructuring and other charges 104 1,140
Deferred revenue 10,959 6,547
------------ ------------
Total current liabilities 24,947 18,369
Other liabilities 2,055 163
------------ ------------
Total liabilities 27,002 18,532
Stockholders' equity 83,390 85,821
------------ ------------
Total liabilities and stockholders'
equity $110,392 $104,353
============ ============
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2003 2002 2003 2002
--------- -------- -------- ---------
Revenue:
Prepackaged medications $11,894 $11,540 $46,172 $49,298
Software and related
services 8,318 5,645 28,366 19,921
Information services 3,441 2,744 11,303 9,583
-------- -------- -------- ---------
Total revenue 23,653 19,929 85,841 78,802
Cost of revenue 14,341 14,086 55,169 58,931
-------- -------- -------- ---------
Gross profit 9,312 5,843 30,672 19,871
Operating expenses:
Selling, general and
administrative expenses 9,084 8,096 36,058 36,412
Amortization of intangibles 388 133 951 540
Restructuring and other
charges 0 0 0 600
-------- -------- -------- ---------
Loss from operations (160) (2,386) (6,337) (17,681)
Interest and other income, net 276 338 1,358 2,448
-------- -------- -------- ---------
Income/(loss) before income taxes 116 (2,048) (4,979) (15,233)
Income taxes - - - -
-------- -------- -------- ---------
Net income/(loss) $116 ($2,048) ($4,979) ($15,233)
======== ======== ======== =========
Net income/(loss) per share -
basic and diluted $0.00 ($0.05) ($0.13) ($0.40)
======== ======== ======== =========
Weighted average shares of common
stock outstanding used in
computing basic net income/(loss)
per share 38,956 38,426 38,621 38,337
======== ======== ======== =========
Weighted average shares of common
stock outstanding used in
computing diluted net
income/(loss) per share 40,700 38,426 38,621 38,337
======== ======== ======== =========
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, Inc.