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Athenahealth, Inc. Reports Third Quarter Fiscal Year 2013 Results

Q3 2013 Financial Results
  • 43% Revenue Growth Over Third Quarter of 2012
  • Non-GAAP Adjusted Operating Income of $19.3 million
  • GAAP Net Income of $1.2 million or $0.03 Per Diluted Share
  • Non-GAAP Adjusted Net Income of $11.2 million, or $0.29 Per Diluted Share

WATERTOWN, Mass., Oct. 17, 2013 (GLOBE NEWSWIRE) -- athenahealth, Inc. (Nasdaq:ATHN) ("athenahealth" or "we"), a leading provider of cloud-based electronic health record ( EHR), practice management, and care coordination services to medical groups and health systems, today announced financial and operational results for the third quarter of fiscal year 2013. We will conduct a conference call tomorrow October 18, 2013, at 8:00 a.m. Eastern Time to discuss these results and management's outlook for future financial and operational performance.
  • Total revenue for the three months ended September 30, 2013, was $151.5 million, compared to $105.9 million in the same period last year, an increase of 43%.   ◦ Excluding the Epocrates revenue of $13.4 million and other revenue consisting of third-party tenant revenue of $3.8 million, core athenahealth revenue was $134.3 million, an increase of 27% over Q3 2012.

"This past quarter we added a record number of physicians onto our cloud-based services; we doubled the number of clients who partnered with us for population health management since acquiring Healthcare Data Services; and with the momentum of athenaCoordinator, we're actually getting information to flow in health care," said Jonathan Bush, athenahealth's Chairman and Chief Executive Officer. "Over the years, we proved ourselves with athenaCollector, and as recognized by clients and by industry research firm, KLAS, we're proving ourselves time and again with our other services. We have the most usable EHR in the industry, the highest rated patient portal, the most loved mobile app among caregivers, and most importantly a vision to build a national health information backbone to make health care work as it should. Our progress is unrelenting and we see the future of health care, enabled by a cloud-based platform, as one of openness, change, and innovation."
  • For the three months ended September 30, 2013, Non-GAAP Adjusted Gross Margin was 61.9%, down from 62.7% in the same period last year, as we continue to invest in our service offerings.  
  • For the three months ended September 30, 2013, Non-GAAP Adjusted Operating Income of $19.3 million, or 12.7% of total revenue, compared to Non-GAAP Adjusted Operating Income of $19.4 million, or 18.3% of total revenue, in the same period last year.   ◦ Non-GAAP Adjusted Operating Income excludes $0.5 million of integration costs relating to the acquisition of Epocrates which closed on March 12, 2013.  
  • For the three months ended September 30, 2013, GAAP Net Income was $1.2 million, or $0.03 per diluted share, compared to $6.2 million, or $0.17 per diluted share, in the same period last year.  
  • For the three months ended September 30, 2013, Non-GAAP Adjusted Net Income was $11.2 million, or $0.29 per diluted share, compared to $11.2 million, or $0.30 per diluted share, in the same period last year.  
  • As of September 30, 2013, we had cash and cash equivalents of $62.3 million and outstanding indebtedness of $242.5 million.

"We are headed into the home stretch of 2013 and remain on track to post another strong year of financial and operational performance," said Tim Adams, athenahealth's Chief Financial Officer. "We are thrilled with another record quarter of physicians added to our cloud-based services."

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