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Epocrates Reports 2010 Fourth Quarter And Full-Year Financial Results And Provides 2011 Outlook

Stocks in this article: EPOC

An investor presentation summarizing the company's fourth quarter of 2010 results is available in the Investor Relations section of the Epocrates website at http://www.epocrates.com .

Outlook for Full-Year 2011 

Epocrates expects full-year 2011 net sales to be in the range of $122 million to $125 million, representing growth of 17% to 20% over full-year 2010. Epocrates expects 2011 adjusted EBITDA of 16% to 17% of sales, or $19.5 million to $21.5 million. This would represent an increase in adjusted EBITDA of 15% to 27% over the adjusted EBITDA reported in 2010. In addition, full-year 2011 net income is expected to be in the range of $3.0 million to $4.0 million, and net income per diluted share is expected to be between $0.12 and $0.15, based on approximately 26.0 million shares outstanding.

Post Year End Events

On February 7, 2011, Epocrates closed its initial public offering by issuing 3,574,285 shares of its common stock at $16.00 per share, raising approximately $53.2 million net of underwriters' discounts and commissions. In addition, the underwriters exercised their over-allotment option on an additional 804,000 shares, raising approximately $11.9 million more for the company, net of underwriters' discounts and commissions. From these proceeds, aggregate cumulative dividends to the holders of Epocrates' Series B preferred stock were paid in full, in the amount of approximately $29.6 million. 

As a result of its initial public offering, Epocrates has strengthened its balance sheet. At February 2011 month end, Epocrates held approximately $89.9 million in cash, cash equivalents and short-term investments and no debt. At the end of February 2011, Epocrates had approximately 23.4 million shares issued and outstanding.

Earnings Call Information

Epocrates will host a conference call today beginning at 8:30 a.m. Eastern Time to review its 2010 fourth quarter results and full-year operating results and future outlook, followed by a question and answer session. 

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