This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Greenway Reports Record Fourth Quarter And Fiscal 2012 Results

Greenway Medical Technologies, Inc. (NYSE: GWAY), which delivers innovative software and business services solutions for ambulatory care providers through its PrimeSUITE® platform, today announced record financial results for the three and 12 months ended June 30, 2012.

“We continue to make excellent progress in meeting increased demand for our clinically driven solutions across a rapidly changing and growing ambulatory market,” said Tee Green, President and Chief Executive Officer of Greenway. “Our results for both the fourth quarter and 12 months of our fiscal year demonstrate the successful execution of our growth strategy as we achieve operating and financial efficiencies. We remain encouraged that our award-winning, easy-to-use solutions offered through our flexible PrimeSUITE platform continue to be met enthusiastically among providers who are caring for patients in increasingly diverse settings.”

  • Revenue increased by 24% for the 2012 fourth quarter when compared with the year-ago period.
  • Gross profit increased by 27% with gross margin improving by 145 basis points for the fourth quarter from the prior-year period.
  • Adjusted EBITDA margin was 16% for the 2012 fourth quarter. Adjusted EBITDA is a non-GAAP measure that is described and reconciled to net income below and is not a substitute for the GAAP equivalent.

Operating Results

Greenway generated record quarterly revenue of $36.4 million for the three months ended June 30, 2012, up 24% from $29.4 million for the three months ended June 30, 2011. For the 12 months ended June 30, 2012, total revenue grew by 38% to an annual record $124.0 million, from $89.8 million for the year-ago period.

Gross profit for the three months ended June 30, 2012, was $21.8 million, which compares with $17.2 million for the three months ended June 30, 2011, a 27% increase. Gross profit margin of 60% for the 2012 fourth quarter was 145 basis points higher than the previous year, largely as a result of revenue growth as well as margin improvement efforts in training and consulting services, support services and electronic data interchange and business services, offset by a decline in system sales margins for the period. This improvement in gross margin included the absorption of increased amortization expense of approximately $1 million related to acquired technology and software development costs in the fourth quarter of 2012. Amortization commences as various projects become available for market. For the 12 months ended June 30, 2012, gross profit was $68.1 million, compared with $49.4 million for the prior-year period. Gross margin for fiscal year 2012 was essentially unchanged, at 55%, from the prior-year period. Gross profit for fiscal 2012 included the absorption of increased amortization expense of approximately $2.5 million.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.57 -1.30%
FB $116.16 -0.49%
GOOG $692.01 0.14%
TSLA $238.94 -3.50%
YHOO $36.32 -0.74%


Chart of I:DJI
DOW 17,716.81 -113.95 -0.64%
S&P 500 2,057.50 -18.31 -0.88%
NASDAQ 4,759.5450 -45.7460 -0.95%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs