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Safeguard Scientifics Announces Second Quarter 2013 Financial Results

Stocks in this article: SFE

Safeguard’s partner companies remain on track to achieve growth and operating, financial and strategic milestones. As a result, Safeguard reiterated aggregate partner company revenue guidance for 2013 to be between $250 million and $270 million. Results for Safeguard partner companies are reported on a one-quarter lag basis.

“We are encouraged by the steady growth of our partner companies and by the gradual improvement in both the domestic economy and deal flow climate,” said Stephen T. Zarrilli, President and CEO at Safeguard. “Although the M&A market remains a little spotty, by focusing on Safeguard’s core business in the near-term, we are confident that we can achieve strategic goals in the long-term. We maintain our intent to grow our stable of partner companies to 25 by year-end 2013, deploy capital with greater consistency, and achieve monetizations with aggregate cash-on-cash returns at a minimum of 2x cost. Through keen focus and consistent execution, we believe that we can drive Safeguard’s capital under management to a range of $550 million to $700 million by year-end 2015.”

“As of June 30, 2013, Safeguard had deployed $233 million of capital into its 20 current partner companies,” said Jeffrey B. McGroarty, Senior Vice President and Chief Financial Officer at Safeguard. “Our net cash, cash equivalents and marketable securities at the end of the quarter totaled $130.7 million, after subtracting the total carrying value of debt outstanding of $49.4 million. For the three months ended June 30, 2013, Safeguard’s net loss was $28.1 million, or $1.33 per share, compared to $10.1 million, or $0.48 per share, for the same period in 2012. For the six months ended June 30, 2013, Safeguard’s net loss was $40.1 million, or $1.90 per share, compared to $19.8 million, or $0.95 per share, for the same period in 2012.”

PARTNER COMPANY HIGHLIGHTS

 
KEY: Safeguard Partner Company Revenue Stages
Development Stage   Initial Revenue Stage   Expansion Stage   High Traction Stage

--

 

Pre-revenue

--

 

$0M to $5M in revenue

--

 

$5M to $20M in revenue

--

 

$20M+ in revenue

--

Proving out

--

Initial customers

--

Commercial grade solution

--

Significant

technology

--

Early market

--

Growing market

commercial traction

--

Developing prototype

penetration

penetration

--

Beta stage customers

--

Management team forming

--

Management team built out

--

Infrastructure being

--

Infrastructure in place

           

built

               

HEALTHCARE

AdvantEdge Healthcare Solutions, Inc. ( Warren, NJ — High Traction Stage)

AdvantEdge Healthcare Solutions (“AdvantEdge”) is a technology-enabled provider of healthcare revenue cycle and business management solutions that substantially improve decision-making, maximize financial performance, streamline operations and eliminate compliance risks for healthcare providers. AdvantEdge is recognized as one of the top 10 medical billing, coding and practice management companies in the U.S.; has more than 675 employees in eight regional offices in the U.S. and one office in Bangalore, India; and collects more than $1 billion annually for its physician, hospital, ambulatory surgery and large office-based clients. Safeguard has deployed $15.3 million in AdvantEdge since November 2006 and has a 40% primary ownership position.

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