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TheStreet Open House

Safeguard Scientifics Announces Third Quarter 2013 Financial Results

Stocks in this article: SFE

Safeguard Scientifics, Inc. (NYSE: SFE) announced third quarter 2013 financial results and reiterated increased aggregate partner company revenue guidance for 2013 to a range of $285 million to $295 million, up from initial revenue guidance of $250 million to $270 million. This represents an increase of 44% to 49% as compared to $197.3 million in 2012.

“We are enthusiastic about the impressive performance of our partner companies during a time of increased political and market uncertainty,” said Stephen T. Zarrilli, President and CEO at Safeguard. “At the beginning of the year, we established aggressive operating, financial and strategic performance milestones for our partner companies and most of them continue to deliver and/or exceed expectations.”

Zarrilli continued, “We maintain a disciplined focus on our core business as the key driver for shareholder value. We strive for greater consistency in the amount of capital deployed and capital realized and will continue to target aggregate cash-on-cash returns at a minimum of 2x cost. We believe that this combination will push our capital under management to a range of $550 million to $700 million by year-end 2015.”

“At September 30, 2013, Safeguard had deployed $249 million of capital into our 22 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 $116.4 million, after subtracting the total carrying value of debt outstanding of $49.7 million. For the three months ended September 30, 2013, Safeguard’s net loss was $19.4 million, or $0.90 per share, compared to $8.8 million, or $0.42 per share, for the same quarter of 2012. For the nine months ended September 30, 2013, Safeguard’s net loss was $59.5 million, or $2.80 per share, compared to $28.6 million, or $1.36 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 penetration

--

Growing market

commercial traction

--

Developing prototype

--

Management team forming

penetration

--

Beta stage customers

--

Infrastructure being built

--

Management team built out

       

 

 

 

 

--

 

Infrastructure in place

       
 

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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