Greenway Reports Second-Quarter 2012 Results
Greenway Medical Technologies, Inc. (NYSE: GWAY), provider of the integrated electronic health record (EHR), practice management and interoperability solution PrimeSUITE®, today announced its financial results for the three and six months ended December 31, 2011.
Greenway® President and CEO Tee Green noted that “We are excited to report our first quarter as a public company and are extremely pleased with our second-quarter results. We believe we are on track to achieve our FY2012 goals and have significant momentum in our business. Our strategies for growth and innovation are expected to drive sustainable revenue, earnings and cash flow growth for 2012 and beyond.”
- Second-quarter and YTD total revenue was $29.1 million and $54.8 million respectively, representing increases of 30% and 41% over the respective year-ago periods.
- Adjusted EBITDA was $1.3 million for the second quarter of FY2012. Adjusted EBITDA is a non-GAAP measure that is described and reconciled to net loss below and is not a substitute for the GAAP equivalent.
- Partner Services, introduced at Greenway’s PrimeLEADER user conference in September 2011, has garnered significant interest culminating in the launch of the Greenway Marketplace at the recent HIMSS Annual Conference. Partner Services is an enhancement to our innovation platform that accelerates delivery of complementary technologies by opening up the platform’s API (application programming interface) to qualified third parties. Greenway believes this platform further differentiates the company and its solutions from its peers.
- In November, the company conducted its National Services Conference where more than 200 Greenway team members received four days of training and certification regarding new HIPAA 5010 EDI transaction set standards, EHR Meaningful Use Stage 1, a preview of Stage 2, ICD 10 as well as new Greenway innovations and services.
- In October, the company closed the acquisition of CySolutions and has since completed integrating the acquired technology and ramped-up marketing efforts in the federally qualified health center (FQHC), community health center (CHC) and rural health center (RHC) markets. Greenway believes these markets are not only large and growing but provide a framework for developing coordinated care and accountable care initiatives as well as patient-centered medical home strategies. Acquisition costs in connection with this transaction totaled $123,000 and are reflected in computation of Adjusted EBITDA.
Operating ResultsRevenue for the three months ended December 31, 2011 was $29.1 million, a 30% increase as compared to revenue of $22.3 million for the three months ended December 31, 2010. For the six months ended December 31, 2011, total revenue was $54.8 million, a 41% increase over revenue of $38.8 million for the year-ago period.
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