CHICAGO–(BUSINESS WIRE)–Feb. 17, 2005–Allscripts Healthcare
Solutions, Inc. (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 and
year ended December 31, 2004.
Total revenue for the three months ended December 31, 2004, was
$26.3 million, compared to $23.7 million for the three months ended
December 31, 2003. Revenue from clinical software and information
services for the three months ended December 31, 2004, was $17.0
million, increasing 44% over the comparable period last year.
Net income for the three months ended December 31, 2004, of $1.4
million or $0.03 per diluted share, compares to a net income of $0.1
million or $0.00 per share, for the same period last year.
As of December 31, 2004, the Company had cash and marketable
securities of $128.2 million.
“2004 was an exceptional year for Allscripts,” commented Glen
Tullman, Chief Executive Officer of Allscripts. “Providing physicians
with the information they need and connectivity to key healthcare
stakeholders offers an opportunity to transform the way healthcare is
delivered. The demand for our products has never been stronger.”
Total revenue for the twelve months ended December 31, 2004, was
$100.8 million, compared to $85.8 million for the twelve months ended
December 31, 2003. Revenue from clinical software and information
services for the twelve months ended December 31, 2004, was $56.0
million, increasing 41% over the comparable period last year.
Net income for the year ended December 31, 2004, of $3.1 million
or $0.07 per diluted share, compares to a net loss of $5.0 million or
$0.13 loss per share, for the year ended December 31, 2003.
Allscripts will conduct a conference call on Thursday, February
17, 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 March 3, 2005, at www.allscripts.com or by calling
1-800-642-1687, ID # 3686443.
About Allscripts Healthcare Solutions
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(TM) 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 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)
December 31, December 31,
Assets 2004 2003
------ ------------ ------------
Current assets
Cash and cash equivalents $16,972 $13,336
Marketable securities 22,796 3,435
Accounts receivable, net 21,382 18,219
Other receivables 627 237
Inventories 2,372 3,249
Prepaid expenses and other current
assets 3,571 3,863
------------ ------------
Total current assets 67,720 42,339
Long-term marketable securities 88,471 34,538
Software development costs, net 6,270 4,040
Fixed assets, net 2,366 2,237
Intangible assets, net 24,546 26,359
Other assets 4,804 879
------------ ------------
Total assets $194,177 $110,392
============ ============
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities
Accounts payable $5,981 $6,082
Accrued expenses 12,218 7,906
Deferred revenue 14,607 10,959
------------ ------------
Total current liabilities 32,806 24,947
Long-term debt 82,500 -
Other liabilities 178 2,055
------------ ------------
Total liabilities 115,484 27,002
Stockholders' equity 78,693 83,390
------------ ------------
Total liabilities and
stockholders' equity $194,177 $110,392
============ ============
Stockholders' equity includes ($11,250) of treasury shares as of
December 31, 2004 and $0 as of December 31, 2003.
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended For the Year Ended
December 31, December 31,
2004 2003 2004 2003
--------- --------- --------- ---------
Revenue:
Prepackaged medications $9,342 $11,894 $44,733 $46,172
Software and related
services 14,306 8,318 44,121 28,366
Information services 2,665 3,441 11,916 11,303
--------- --------- --------- ---------
Total revenue 26,313 23,653 100,770 85,841
Cost of revenue:
Prepackaged medications 7,317 9,460 35,744 36,303
Software and related
services 5,154 3,264 15,858 14,050
Information services 1,506 1,617 6,520 4,816
--------- --------- --------- ---------
Total cost of revenue 13,977 14,341 58,122 55,169
--------- --------- --------- ---------
Gross profit 12,336 9,312 42,648 30,672
Operating expenses:
Selling, general and
administrative expenses 10,337 9,084 37,653 36,058
Amortization of intangibles 441 388 1,752 951
--------- --------- --------- ---------
Income (loss) from
operations 1,558 (160) 3,243 (6,337)
Interest expense (884) - (1,717) -
Interest income 802 241 1,675 1,384
Other income (expense), net (73) 35 (93) (26)
--------- --------- --------- ---------
Income (loss) before income
taxes 1,403 116 3,108 (4,979)
Income taxes - - - -
--------- --------- --------- ---------
Net income (loss) $1,403 $116 $3,108 ($4,979)
========= ========= ========= =========
Net income (loss) per share
- basic $0.04 $0.00 $0.08 ($0.13)
========= ========= ========= =========
Net income (loss) per share
- diluted $0.03 $0.00 $0.07 ($0.13)
========= ========= ========= =========
Weighted average shares of
common stock outstanding
used in computing basic net
income (loss) per share 38,484 38,956 38,979 38,621
========= ========= ========= =========
Weighted average shares of
common stock outstanding
used in computing diluted
net income (loss) per share 41,439 40,700 41,592 38,621
========= ========= ========= =========
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