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