Allscripts Reports Second Quarter 2005 Results; Software and Related Services Revenue Increases by 62.5% Over Prior Year.CHICAGO Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. -- Allscripts Allscripts Therapeutics A handheld electronic prescribing product Healthcare Solutions (Nasdaq:MDRX), the leading provider of clinical software, connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. and information solutions that physicians use to improve healthcare, announced its results for the three and six months ended June June: see month. 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 ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 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 di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. 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 Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has 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 medication /med·i·ca·tion/ (med?i-ka´shun) 1. medicine (1). 2. impregnation with a medicine. 3. administration of a medicine or other remedy. 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 Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. , 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 Tuesday: see week. , July July: see month. 26, 2005, at 4:30 PM eastern time. The conference call can be accessed by dialing 1-800-374-0526, or via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the 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 Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" clinical software applications include Electronic Health Record, e-prescribing e-prescribing Therapeutics The use of handheld electronic products to communicate with pharmacies and provide prescribing information 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 ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. services. To learn more, visit Allscripts on the Web at www.allscripts.com. This announcement may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , available through the Web site maintained by the Securities and Exchange Commission at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. .
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
========= ========= ========= =========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion