Epocrates Reports 2010 Fourth Quarter And Full-Year Financial Results And Provides 2011 Outlook
SAN MATEO, Calif., March 29, 2011 (GLOBE NEWSWIRE) -- Epocrates, Inc. (Nasdaq:EPOC), a leading provider of mobile drug reference tools to healthcare professionals and interactive services to the healthcare industry, today reported financial results for its fiscal fourth quarter and full-year of 2010 and its financial outlook for 2011. Epocrates' net sales totaled $30.3 million in the fourth quarter of 2010 compared to $27.4 million in the same quarter of the prior year, an increase of 11%. For the year ended December 31, 2010, Epocrates' net sales increased 11% to $104.0 million compared to $93.7 million for the year ended December 31, 2009.
Rose Crane, president and chief executive officer of Epocrates, Inc., commented, "The fourth quarter of 2010 was another successful quarter for our company, demonstrating consistent double-digit revenue growth and further solidifying our position as a leading provider of point-of-care reference solutions. We are beginning to see positive momentum from the incremental investments we have made throughout 2010 to expand our portfolio of products targeted to the pharmaceutical industry, including line extensions for our flagship DocAlert ® product offering and the launch of a suite of virtual representative services. We also remain encouraged by the favorable customer response to our recent acquisition of Modality, Inc., which has allowed us to diversify and expand the breadth of clinical information available to our large, established clinician network."
For the fourth quarter ended December 31, 2010, net income was $2.7 million, or $0.09 per diluted share, compared to $3.5 million, or $0.13 per diluted share, in the same quarter of the prior year. The decline in net income for the quarter was primarily attributable to an increase in research and development investment and sales and marketing expenses related to the development of a new Epocrates EHR™ electronic health records platform and the development and launch of new interactive services offerings.
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