Merge Healthcare (NASDAQ: MRGE), a leading provider of enterprise imaging and interoperability solutions, today announced its financial and business results for the third quarter of 2011.
“Our third quarter results reflect the market’s growing need for enterprise imaging solutions, as well as the increase in momentum we’re seeing regarding the adoption of Meaningful Use solutions,” said Jeff Surges, CEO of Merge Healthcare. “With our premier client base, industry-leading solutions and expansion into new markets, we are well-positioned for continued growth in 2012 and beyond.”
- Revenue grew to $60.1 million ($60.6 million on a pro forma basis) in the quarter, compared to $45.2 million ($48.5 million on a pro forma basis) in the third quarter of 2010 - an increase of 33%.
- Adjusted EBITDA was $14.5 million, representing 24% of pro forma revenue in the quarter compared to $13.0 million and 27% in the third quarter of 2010 - an increase of 12%.
- Announces 2012 guidance of a pro forma revenue range of $288 - $300 million with an adjusted EBITDA range of 22-24%.
- Executed 12 new iConnect agreements extending Merge Healthcare’s leadership position in the image interoperability market.
- Executed 25 signed contracts for Merge Healthcare’s Meaningful Use platform within Radiology and Orthopaedics.
- Hosted more than 500 attendees at first-ever Merge Live 2011 Client Conference.
- Unveiled Merge Honeycomb, a free image sharing service that will connect the nation’s largest medical imaging installed base.
- Completed acquisition of Ophthalmic Imaging Systems (OIS), extending our reach into yet another image-intensive market segment.
- Jointly announced, with Mayor Rahm Emanuel, a partnership with City of Chicago to deploy 100 Merge Health Stations throughout the City.
|Q3 2011||Q3 2010|
|Net loss available to common shareholders||(1.0||)||(5.0||)|
|Net loss per diluted share||($0.01||)||($0.06||)|
|Cash balance at period end||$||44.7||$||40.0|
|Cash from business operations*||8.8||8.0|
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