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Greenway Reports Third-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 nine months ended March 31, 2012.

“We are very pleased with our third-quarter results. We believe these results demonstrate the significant momentum in the business, illustrate the leverage in our model and show the tangible results that revenue mix and our margin-improvement initiatives have on gross margins,” said Tee Green, Greenway® president and chief executive officer. “Our strategies for growth and innovation are expected to continue driving sustainable revenue, earnings and cash flow growth for 2012 and beyond.”

Highlights

  • Third-quarter and YTD total revenue was $32.9 million and $87.6 million respectively, representing increases of 52% and 45% over the respective year-ago periods.
  • Third-quarter EPS of $0.06 per fully diluted share.
  • Adjusted EBITDA was $4.0 million for the third 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.

Operating Results

Revenue for the three months ended March 31, 2012, was $32.9 million, a 52% increase as compared to revenue of $21.6 million for the three months ended March 31, 2011. For the nine months ended March 31, 2012, total revenue was $87.6 million, a 45% increase over revenue of $60.4 million for the year-ago period.

Gross profit for the three months ended March 31, 2012, was $18.0 million, compared to $11.6 million for the three months ended March 31, 2011. Gross profit for the nine months ended March 31, 2012, was $46.3 million, compared to $32.2 million for the year-ago period. Cost of goods sold in third-quarter 2012 included $826,000 increased amortization of acquired technology and software development costs as various projects are now available for market.

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