CHICAGO–(BUSINESS WIRE)–Oct. 26, 2005–Allscripts (Nasdaq:MDRX),
the leading provider of clinical software, connectivity and
information solutions that physicians use to improve healthcare,
announced results for the three and nine months ended September 30,
2005.
Total revenue for the three months ended September 30, 2005 was
$30.6 million, compared to $25.7 million for the same period last
year. Revenue from software and related services for the three months
ended September 30, 2005 was $16.5 million, compared to $11.0 million
for the same period last year, increasing by 50%.
Gross margin percentage was 43.3% for the third quarter of 2005,
compared to 43.1% during the third quarter of 2004.
Net income for the three months ended September 30, 2005 was $2.9
million, or $0.07 per diluted share, compared to net income of $0.7
million, or $0.02 per diluted share, for the same period last year, a
net income increase of 296% and a new record for the Company.
As of September 30, 2005, the Company had cash and marketable
securities of $136.1 million.
“Electronic health records are the key ingredient for transforming
healthcare in the United States and Allscripts is perfectly positioned
to benefit as physicians embrace clinical software to care for their
patients,” commented Glen Tullman, Chief Executive Officer of
Allscripts. “I am pleased with our third quarter results, and look
forward to the fourth quarter, which traditionally represents the
strongest sales quarter in our industry.”
Total revenue for the nine months ended September 30, 2005 was
$86.4 million, compared to $74.5 million for the same period last
year. Revenue from software and related services for the nine months
ended September 30, 2005 was $46.9 million, compared to $29.8 million
for the same period last year, increasing by 57%.
Total gross margin percentage was 45.5% for the nine months ended
September 30, 2005, compared to 40.7% for the nine months ended
September 30, 2004.
Net income for the nine months ended September 30, 2005 was $6.3
million, or $0.15 per diluted share, compared to net income of $1.7
million, or $0.04 per diluted share, for the same period last year.
Allscripts will conduct a conference call on Wednesday, October
26, 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 November 9, 2005, at www.allscripts.com or by calling
1-800-642-1687, ID # 1251811.
About Allscripts
Allscripts is the leading provider of clinical software,
connectivity and information solutions that physicians use to improve
healthcare. The Company provides unique solutions that inform,
connect, and transform healthcare. The Clinical Solutions Group’s
award-winning clinical software applications include electronic health
record, e-prescribing and document imaging solutions. Allscripts’
Physicians Interactive Group provides clinical product education and
connectivity solutions for physicians and patients. The Company’s
Medication Services Group provides medication fulfillment services. To
learn more, 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 2004
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)
September 30, December 31,
Assets 2005 2004
------ ------------- -------------
(Unaudited)
Current assets
Cash and cash equivalents $37,719 $16,972
Marketable securities 56,907 22,796
Accounts receivable, net 26,765 21,382
Other receivables 565 627
Inventories 1,935 2,372
Prepaid expenses and other current assets 4,889 3,571
------------- -------------
Total current assets 128,780 67,720
Long-term marketable securities 41,447 88,471
Software development costs, net 6,423 6,270
Fixed assets, net 2,597 2,366
Intangible assets, net 23,332 24,546
Other assets 5,307 4,804
------------- -------------
Total assets $207,886 $194,177
============= =============
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities
Accounts payable $4,915 $5,981
Accrued expenses 11,154 12,218
Deferred revenue 15,103 14,607
------------- -------------
Total current liabilities 31,172 32,806
Other liabilities 359 178
Long-term debt 82,500 82,500
------------- -------------
Total liabilities 114,031 115,484
Stockholders' equity 93,855 78,693
------------- -------------
Total liabilities and
stockholders' equity $207,886 $194,177
============= =============
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
--------- -------- --------- --------
Revenue:
Prepackaged medications $11,496 $11,811 $32,820 $35,391
Software and related
services 16,462 10,986 46,917 29,815
Information services 2,680 2,897 6,630 9,251
--------- -------- --------- --------
Total revenue 30,638 25,694 86,367 74,457
Cost of revenue:
Prepackaged medications 9,753 9,621 27,173 28,427
Software and related
services 6,114 3,581 16,599 10,704
Information services 1,511 1,415 3,287 5,014
--------- -------- --------- --------
Total cost of revenue 17,378 14,617 47,059 44,145
--------- -------- --------- --------
Gross profit 13,260 11,077 39,308 30,312
Operating expenses:
Selling, general and
administrative expenses 10,025 9,453 31,840 27,316
Amortization of intangibles 436 437 1,308 1,311
--------- -------- --------- --------
Income from operations 2,799 1,187 6,160 1,685
Interest expense (880) (833) (2,636) (833)
Interest income 1,064 436 2,898 873
Other income (expense), net (43) (48) (115) (20)
--------- -------- --------- --------
Income before income taxes 2,940 742 6,307 1,705
Income taxes - - - -
--------- -------- ------------------
Net income $2,940 $742 $6,307 $1,705
========= ======== ==================
Net income per share - basic $0.07 $0.02 $0.16 $0.04
========= ======== ========= ========
Net income per share - diluted $0.07 $0.02 $0.15 $0.04
========= ======== ========= ========
Weighted average shares of
common stock outstanding
used in computing basic net
income per share 40,895 38,803 39,938 39,146
========= ======== ==================
Weighted average shares of
common stock outstanding
used in computing diluted net
income per share 44,223 41,164 43,003 41,760
========= ======== ==================
CONTACT: Allscripts
Dan Michelson, 312-506-1217
dan.michelson@allscripts.com
or
Bill Davis, 312-506-1211
bill.davis@allscripts.com
SOURCE: Allscripts