CHICAGO–(BUSINESS WIRE)–Oct. 23, 2003–Allscripts Healthcare
Solutions, Inc. (NASDAQ: MDRX), the leading provider of clinical
software and information solutions for physicians, announced its
results for the three and nine months ended September 30, 2003.
Total revenue for the three months ended September 30, 2003 was
$22.5 million, compared to $20.0 million for the three months ended
September 30, 2002. Revenue from software and information services for
the three months ended September 30, 2003 was $11.5 million,
increasing by 60% over the comparable period last year.
Net loss for the three months ended September 30, 2003 of $0.9
million, or $0.02 per share, compares to a net loss of $3.2 million,
or $0.08 per share for the same period last year. The net loss of
$0.02 per share in the third quarter of 2003 represents a $0.03 per
share improvement over the prior quarter.
At September 30, 2003 the Company had cash and marketable
securities of $52.2 million and no debt. Approximately $15.0 million
was used during the quarter to consummate the acquisitions of Advanced
Imaging Concepts and the assets of RxCentric, Inc.
“We are pleased with our third quarter performance, including
record revenues and our third consecutive quarter of positive cash
flow from operations,” commented Glen Tullman, Chief Executive Officer
of Allscripts Healthcare Solutions. “However, the bottom line is about
delivering results for our clients. Earlier today, we announced a
major expansion of our relationship with Iowa Health System, the
largest provider of healthcare in that state, to automate 400
physicians. Additionally, we are pleased to announce that our
Physicians Interactive business has signed an agreement with a current
client, Abbott Laboratories (NYSE: ABT), one of the 10 largest
pharmaceutical companies in the world, to be a preferred provider of
online product education services for physicians. Improved results and
the expansion of client relationships based on producing solid returns
are good indications of the momentum we are building. We are on track
for profitability in the fourth quarter of this year.”
Total revenue for the nine months ended September 30, 2003 was
$62.2 million, increasing by 6% over the nine months ended September
30, 2002. For the nine months ended September 30, 2003, revenue from
software and information services was $27.9 million, increasing by 32%
over the comparable period last year. Net loss for the nine months
ended September 30, 2003 of $5.1 million, or $0.13 per share, compares
with a net loss of $13.2 million, or $0.34 per share for the same
period last year.
Allscripts Healthcare Solutions will conduct a conference call on
Thursday, October 23, 2003 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 7, 2003 at www.allscripts.com or
by calling 1-800-642-1687, ID # 3306592.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions (AHS) is the leading provider of
clinical software and information solutions for physicians. 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 (Nasdaq: IDXC); IMS Health
(NYSE: RX); 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 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)
September December
30, 31,
Assets 2003 2002
------ --------- ---------
Current assets
Cash and cash equivalents $10,496 $17,247
Marketable securities 5,698 19,117
Accounts receivable, net 15,796 18,659
Other receivables 369 747
Inventories 3,244 3,988
Prepaid expenses and other current assets 4,335 3,337
--------- ---------
Total current assets 39,938 63,095
Long-term marketable securities 36,004 28,922
Fixed assets, net 2,566 4,384
Intangible assets, net 26,676 4,793
Other assets 3,558 3,159
--------- ---------
Total assets $108,742 $104,353
========= =========
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities
Accounts payable and accrued liabilities $14,214 $10,682
Accrued restructuring and other charges 180 1,140
Deferred revenue 9,245 6,547
--------- ---------
Total current liabilities 23,639 18,369
Other liabilities 2,042 163
--------- ---------
Total liabilities 25,681 18,532
Stockholders' equity 83,061 85,821
--------- ---------
Total liabilities and stockholders'
equity $108,742 $104,353
========= =========
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,
2003 2002 2003 2002
--------- -------- -------- ---------
Revenue:
Prepackaged medications $10,990 $12,799 $34,278 $37,758
Software and related
services 8,232 4,819 20,048 14,276
Information services 3,266 2,388 7,862 6,839
-------- -------- -------- ---------
Total revenue 22,488 20,006 62,188 58,873
Cost of revenue 13,833 14,770 40,828 44,845
-------- -------- -------- ---------
Gross profit 8,655 5,236 21,360 14,028
Operating expenses:
Selling, general and
administrative expenses 9,618 8,314 26,974 28,316
Amortization of intangibles 295 135 563 407
Restructuring and other charges 0 600 0 600
-------- -------- -------- ---------
Loss from operations (1,258) (3,813) (6,177) (15,295)
Interest and other income, net 340 614 1,082 2,110
-------- -------- -------- ---------
Loss before income taxes (918) (3,199) (5,095) (13,185)
Income taxes - - - -
-------- -------- -------- ---------
Net loss ($918) ($3,199) ($5,095) ($13,185)
======== ======== ======== =========
Net loss per share - basic and
diluted ($0.02) ($0.08) ($0.13) ($0.34)
======== ======== ======== =========
Weighted average shares of common
stock outstanding used in computing
net loss per share - basic
and diluted 38,628 38,424 38,509 38,308
======== ======== ======== =========
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