CHICAGO–(BUSINESS WIRE)–Oct. 26, 2004–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 and nine
months ended September 30, 2004.
Total revenue for the three months ended September 30, 2004, was
$25.7 million, compared to $22.5 million for the three months ended
September 30, 2003. Revenue from software and information services for
the three months ended September 30, 2004, was $13.9 million,
increasing by 21% over the comparable period last year.
Net income for the three months ended September 30, 2004, of $0.7
million, or $0.02 per share, compares to a net loss of $0.9 million,
or $0.02 loss per share, for the same period last year.
As of September 30, 2004, the Company had cash and marketable
securities of $124.6 million.
“We see strong momentum in the clinical software market,
especially for e-prescribing and electronic medical record
applications,” commented Glen Tullman, Chief Executive Officer of
Allscripts Healthcare Solutions. “During the third quarter, we
continued to realize the benefits of the improvements in our
implementation process, enabling us to recognize record revenues and
margins.”
Total revenue for the nine months ended September 30, 2004, was
$74.5 million, compared to $62.2 million for the nine months ended
September 30, 2003. Revenue from software and information services for
the nine months ended September 30, 2004, was $39.1 million,
increasing by 40% over the comparable period last year.
Net income for the nine months ended September 30, 2004, of $1.7
million, or $0.04 per share, compares to a net loss of $5.1 million,
or $0.13 loss per share, for the same period last year.
Allscripts Healthcare Solutions will conduct a conference call on
Tuesday, October 26, 2004, 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 November 9, 2004, at www.allscripts.com
or by calling 1-800-642-1687, ID # 1373344.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions (AHS) is the leading provider of
clinical software, connectivity and information solutions that
physicians use to improve healthcare. Our TouchWorks software is a
modular electronic medical record that enhances physician productivity
using Tablet PCs, wireless handheld devices and desktop workstations
to automate the most common physician activities including
prescribing, dictating, capturing charges, ordering labs and viewing
results, providing patient education, and documenting clinical
encounters. AHS also offers electronic document imaging and scanning
solutions through our Advanced Imaging Concepts subsidiary. Our
Physicians Interactive(TM) unit is the leading provider of online
healthcare product education and market research programs for
physicians and our Allscripts Direct(TM) unit offers medication
fulfillment services to a variety of healthcare providers throughout
the United States. Visit AHS on the Web at www.allscripts.com.
Strategic partners include IDX Systems; IMS Health; Microsoft;
Hewlett-Packard Company; 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 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) September December 30, 31, Assets 2004 2003 -------- --------- --------- Current assets: Cash and cash equivalents $47,328 $13,336 Marketable securities 15,225 3,435 Accounts receivable, net 20,441 18,219 Other receivables 396 237 Inventories 2,413 3,249 Prepaid expenses and other current assets 3,215 3,863 --------- --------- Total current assets 89,018 42,339 Long-term marketable securities 62,024 34,538 Fixed assets, net 2,180 2,237 Intangible assets, net 24,967 26,359 Software development costs, net 6,408 4,040 Other assets 4,714 879 --------- --------- Total assets $189,311 $110,392 ========= ========= Liabilities and Stockholders' Equity ------------------------------------ Current liabilities: Accounts payable and accrued liabilities $16,742 $13,988 Deferred revenue 13,759 10,959 --------- --------- Total current liabilities 30,501 24,947 Long-term debt 82,500 - Other liabilities 187 2,055 --------- --------- Total liabilities 113,188 27,002 Stockholders' equity 76,123 83,390 --------- --------- Total liabilities and stockholders' equity $189,311 $110,392 ========= ========= Allscripts Healthcare Solutions, Inc. Condensed Consolidated Statements of Operations (amounts in thousands, except per- share amounts) (Unaudited) Three Months Nine Months Ended Ended September 30, September 30, 2004 2003 2004 2003 --------- -------- -------- -------- Revenue: Prepackaged medications $11,811 $10,990 $35,391 $34,278 Software and related services 10,986 8,232 29,815 20,048 Information services 2,897 3,266 9,251 7,862 -------- -------- -------- -------- Total revenue 25,694 22,488 74,457 62,188 Cost of revenue 14,617 13,833 44,145 40,828 -------- -------- -------- -------- Gross profit 11,077 8,655 30,312 21,360 Operating expenses: Selling, general and administrative expenses 9,453 9,618 27,316 26,974 Amortization of intangibles 437 295 1,311 563 -------- -------- -------- -------- Income (loss) from operations 1,187 (1,258) 1,685 (6,177) Interest income and other income, net 388 340 853 1,082 Interest expense (833) 0 (833) 0 -------- -------- -------- -------- Income (loss) before income taxes 742 (918) 1,705 (5,095) Income taxes 0 0 0 0 -------- -------- -------- -------- Net income (loss) $742 ($918) $1,705 ($5,095) ======== ======== ======== ======== Net income (loss) per share - basic and diluted $0.02 ($0.02) $0.04 ($0.13) ======== ======== ======== ======== Weighted average shares of common stock outstanding used in computing basic net income (loss) per share 38,803 38,628 39,146 38,509 ======== ======== ======== ======== Weighted average shares of common stock outstanding used in computing diluted net income (loss) per share 41,164 38,628 41,760 38,509 ======== ======== ======== ========
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.