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Now, I'd like to turn the call over our CEO, Cavan Redmond.Cavan Redmond Thank you Risa and thank you for those of who joined us on the line. We hosted our annual meeting of stockholders last week where I made a brief presentation. I wanted to highlight many of those points here today. I joined WebMD as CO in early June even in the face of declining revenues and significant challenges. I did this because (audio gap) it is the most trusted and creditable brand of health information. Standing at the cross roads of patient, physician and consumer engagement in a healthcare decision-making environment. From a brand point of view, I believe this is a unique position to be in. When I look at many stakeholders in the healthcare industry and a radically changing market environment, I strongly believe there is an additional opportunities that WebMD can capitalize upon in the future. What I found in my first weeks as a CEO is that the core assets of WebMD brand which drives our user model or even stronger than I expected. The combination of WebMD and Medscape provide the foundation for broad reach, high quality traffic that can be monetized. WebMD is the go-to brand for millions of consumers and patients for seeking information for a purpose. To gain greater insights into their health to make informed decisions about their lives and those that they care about, not casually browsing the internet but searching with a sense of purpose in order to find actionable health along this information from a credible and trustworthy source. For example, a mother who will visit WebMD to make health related decisions for herself and then return as a health decision maker for her spouse, her children and often her parents. When she is utilizing our Baby app to organize and personalize the information needed for her child by leaving the pediatricians office and diving deeper into the info on WebMD’s health and baby on her desktop back home. WebMD allows her and millions of consumers to significantly engage in health and wellness information where, how and when they want it.
To every step of healthy living and a longer patient’s journey, WebMD is helping consumers understand symptoms prepare for the doctor’s visit and learn about diagnosis, evaluation of treatment options and living with conditions. Medscape is the go-to brand for physicians and healthcare providers. Medscape demonstrates and Medscape generates substantially more physician engagement than any other health professional site. Doctors are searching for information on our latest treatments, best practices and latest news.They are checking daily news in their specialty, reading journals, conference coverage and interacting with their peers and key opinion leaders in order to have a conversation about their field of medicine. They are checking dosing interactions and other important information as they are writing prescriptions patient encounters. Whether it's at the point of care in their office for during their daily commute or at home, Medscape is integral to a physician’s daily practice of medicine and their continuing education. WebMD and Medscape are the go-to brands because we have an outstanding publishing engine and a world class technology organization. WebMD is the industry’s first and only optimized multiscreen experience empowering and enabling healthcare decisions anytime and anywhere. So why are our revenues declining and what are we going to do about it? This is the key question in the short term in order to build the long term. There are two key factors impacting our revenue trend, first externally, we are operating in a challenging and changing marketplace, second, internally we must look closely at our go-to market strategy and our commercial offerings in our key customer segments and markets. Let’s first look externally at the industry, WebMD’s primary source of revenue has been large biopharmaceutical companies followed by large consumer product companies. So what is happening in their business is affecting ours, our customers are under pressure, under pressure to grow and under pressure for cost containment. Biopharmas growth is largely reliant by new product launches to replace the estimated 72 billion in product sales that will lose exclusivity by 2015. In fact, in 2012, Biopharma will see 31 billion from branded to generics through the patent expiration. Read the rest of this transcript for free on seekingalpha.com