CHICAGO–(BUSINESS WIRE)–July 26, 2005–Allscripts Healthcare
Solutions (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 six months ended
June 30, 2005.
Total revenue for the three months ended June 30, 2005, was $29.5
million, compared to $25.6 million for the same period last year.
Revenue from software and related services for the three months ended
June 30, 2005, was $16.1 million, compared to $9.9 million for the
same period last year, increasing by approximately 62.5%.
Gross margin percentage was approximately 47.0% for the second
quarter of 2005, compared to 39.4% during the second quarter of 2004.
Net income for the three months ended June 30, 2005, was $2.0
million, or $0.05 per diluted share, compared to net income of $0.7
million, or $0.02 per diluted share, for the same period last year.
As of June 30, 2005, the Company had cash and marketable
securities of $134.9 million.
“Our growing sales and bottom line are a result of continued
execution on our business model across our electronic health record,
physician education and medication services offerings,” commented Glen
Tullman, Chief Executive Officer of Allscripts. “Working closely with
our clients, we are leading the market in informing and connecting
physicians and patients to other healthcare stakeholders, which is the
key to transforming healthcare. And, the value of each of our clients,
as reference sites and prospects for innovative new products, such as
TouchWorks iHealth, continues to grow. Every day we are making
progress toward our vision of becoming an indispensable part of the
way physicians practice medicine.”
Total revenue for the six months ended June 30, 2005, was $55.7
million, compared to $48.8 million for the six months ended June 30,
2004. Revenue from software and related services for the six months
ended June 30, 2005, was $30.5 million, compared to $18.8 million for
the same period last year, increasing by approximately 61.7%.
Gross margin percentage was approximately 46.7% for the six months
ended June 30, 2005, compared to 39.4% for the six months ended June
30, 2004.
Net income for the six months ended June 30, 2005, was $3.4
million, or $0.08 per diluted share, compared to net income of $1.0
million, or $0.02 per diluted share, for the same period last year.
Allscripts will conduct a conference call on Tuesday, July 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
August 9, 2005, at www.allscripts.com or by calling 1-800-642-1687, ID
# 7815470.
About Allscripts
Allscripts Healthcare Solutions 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)
June 30, December 31,
Assets 2005 2004
------ ------------- ------------
(Unaudited)
Current assets
Cash and cash equivalents $36,779 $16,972
Marketable securities 44,814 22,796
Accounts receivable, net 23,323 21,382
Other receivables 671 627
Inventories 1,929 2,372
Prepaid expenses and other current assets 3,733 3,571
------------- ------------
Total current assets 111,249 67,720
Long-term marketable securities 53,286 88,471
Software development costs, net 6,181 6,270
Fixed assets, net 2,482 2,366
Intangible assets, net 23,753 24,546
Other assets 5,349 4,804
------------- ------------
Total assets $202,300 $194,177
============= ============
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities
Accounts payable $4,693 $5,981
Accrued expenses 12,788 12,218
Deferred revenue 14,444 14,607
------------- ------------
Total current liabilities 31,925 32,806
Other liabilities 348 178
Long-term debt 82,500 82,500
------------- ------------
Total liabilities 114,773 115,484
Stockholders' equity 87,527 78,693
------------- ------------
Total liabilities and stockholders'
equity $202,300 $194,177
============= ============
Allscripts Healthcare Solutions, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per-share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2005 2004 2005 2004
--------- --------- ---------- ---------
Revenue:
Prepackaged medications $11,489 $12,396 $21,324 $23,580
Software and related
services 16,145 9,934 30,455 18,829
Information services 1,900 3,278 3,950 6,354
--------- --------- ---------- ---------
Total revenue 29,534 25,608 55,729 48,763
Cost of revenue:
Prepackaged medications 9,697 10,054 17,420 18,807
Software and related
services 5,231 3,611 10,485 7,123
Information services 725 1,854 1,776 3,598
--------- --------- ---------- ---------
Total cost of revenue 15,653 15,519 29,681 29,528
--------- --------- ---------- ---------
Gross profit 13,881 10,089 26,048 19,235
Operating expenses:
Selling, general and
administrative expenses 11,458 9,103 21,815 17,863
Amortization of
intangibles 436 445 872 874
--------- --------- ---------- ---------
Income from operations 1,987 541 3,361 498
Interest expense (898) - (1,805) -
Interest income 957 220 1,834 437
Other income (expense), net (13) (65) (23) 28
-------- --------- --------- ---------
Income before income taxes 2,033 696 3,367 963
Income taxes - - - -
--------- --------- --------- ---------
Net income $2,033 $696 $3,367 $963
========= ========= ========= =========
Net income per share - basic $0.05 $0.02 $0.09 $0.02
========= ========= ========= =========
Net income per share - diluted $0.05 $0.02 $0.08 $0.02
========= ========= ========= =========
Weighted average shares of
common stock outstanding
used in computing basic net
income per share 39,824 39,469 39,451 39,319
========= ========= ========= =========
Weighted average shares of
common stock outstanding
used in computing diluted
net income per share 43,144 42,431 42,585 42,113
========= ========= ========= =========
CONTACT: Allscripts
Dan Michelson, 312-506-1217
dan.michelson@allscripts.com
or
Bill Davis, 312-506-1211
bill.davis@allscripts.com
SOURCE: Allscripts Healthcare Solutions