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TheStreet Open House

Greenway Reports Fourth-Quarter And Fiscal 2013 Results

Stocks in this article: GWAY

As of June 30, 2013, the Company had $11.2 million in cash and short-term investments and no outstanding indebtedness.

Non-GAAP Measures

Greenway’s non-GAAP adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization, acquisition-related transaction costs and stock-based compensation, was $2.2 million for the three months ended June 30, 2013, which compares with $5.9 million for the prior-year period. For fiscal 2013, non-GAAP adjusted EBITDA was $6.7 million, which compares with $12.1 million for fiscal 2012.

Adjusted, or non-GAAP net loss for the three months ended June 30, 2013, was ($2.4 million), or (eight cents) per diluted share, which compares with non-GAAP net income of $3.0 million, or 10 cents per diluted share for the fiscal 2012 fourth quarter. For fiscal 2013, Greenway’s non-GAAP net loss was ($1.3 million), or (five cents) per share, which compares with $5.3 million or 21 cents per diluted share for fiscal 2012.

The GAAP financial measures most directly comparable to each non-GAAP financial measure used, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release following the condensed financial statements.

Fiscal 2014 Outlook

Greenway Medical Technologies has introduced its financial outlook for fiscal 2014 that assumes a continuation in the shift in revenue to recurring sources, as well as increased adoption of the Company’s clinically driven revenue cycle management platform by both new and existing customers. The following table summarizes the Company’s outlook for fiscal 2013:

     

Range

Revenue     $142 million to $150 million
Gross Profit     $62.5 million to $68 million
Margin     44% to 45%
GAAP Operating (loss)     ($6.3) million to ($4.5) million
Net (loss)     ($6.3) million to ($5.0) million
GAAP (loss per share)     ($0.21) to ($0.17)
Adjusted EBITDA     $15.9 million to $17.7 million
Margin     11.2% to 11.8%
Non-GAAP Adjusted EPS     ($0.05) to ($0.01)
   

Conference Call

Greenway will host a conference call today, Monday, Aug. 19, 2013, at 5 p.m. Eastern time to discuss the Company's earnings and other information. The call can be accessed by dialing (866) 953-6859 or (617) 399-3483 for international calls. The participant code is 11961778. For listen-only mode, participants should go to the Investors section of www.greenwaymedical.com prior to the call to register and download the necessary audio software.

An audio replay will be posted following the call and will be available from approximately 7 p.m. Eastern on Aug. 19 through 11:59 p.m. Eastern on Aug 26. The replay will be accessible through a link on www.greenwaymedical.com/investors or by calling (888) 286-8010 or internationally (617) 801-6888. Replay code is 81927875.

About Greenway and PrimeSUITE

Greenway Medical Technologies (NYSE: GWAY) delivers smarter information solutions that improve the financial performance of healthcare providers and enable them to deliver smarter care. Greenway PrimeSUITE ® — the company’s certified, single-database electronic health record, practice management and interoperability solution platform — is complemented by an expanding array of integrated business and data services, including clinically driven revenue cycle management (RCM). Thousands of care providers across primary care and more than 30 specialties and sub-specialties use cloud-based or on-premise Greenway® solutions to improve outcomes in healthcare enterprises, physician practices, retail and other ambulatory clinics, and alternate care venues nationwide. For details, see greenwaymedical.com, Twitter, Facebook or YouTube.

Forward-Looking Statements

In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding the Company’s financial condition, growth strategy, business development efforts, service offerings, and service delivery models. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect the Company’s future performance include, but are not limited to, our ability to adapt to evolving technology and industry standards; our ability to implement our growth strategy; our ability to retain management and other qualified personnel; failure to prevent disruptions in service or damage to our third-party providers’ data centers; failure to avoid liability for the use of content we provide; accelerated transition to a subscription pricing model, which would reduce our near-term revenues; regulation of the healthcare information technology industry; our ability to ensure our solutions meet industry and government standards; failure to maintain adequate security measures for our customers’ confidential information and personal identifiable information and their patients’ protected health information; our ability to obtain new provider customers; failure of the HITECH Act and other incentive programs to be fully implemented or funded by the government; our ability to implement our strategic relationships as currently intended; failure to establish, protect or enforce our intellectual property; and restrictions in our credit facility and future indebtedness. Further information concerning these and other factors is included in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2012. The Company disclaims any obligation or duty to update or modify these forward-looking statements.

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