Emdeon Reports Third Quarter 2012 Results
NASHVILLE, Tenn., Nov. 8, 2012 /PRNewswire/ -- Emdeon Inc., a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions, today announced financial results for the third quarter ended September 30, 2012 as summarized below:
(In millions) 3Q 2012 3Q 2011 % Change ------- ------- -------- Revenue $297.1 $282.1 5.3% Net Income (Loss) $(15.2) $6.3 -341.3% Non-GAAP Adjusted EBITDA $79.2 $76.7 3.3%
"We continue to make significant progress towards our financial goals as demonstrated by our operational performance in the third quarter," said George Lazenby, chief executive officer for Emdeon. "The third quarter also proved productive strategically with the recently announced patient medication history initiative in our pharmacy services division and the launch of our integrated payment integrity suite, Emdeon Edge((TM)). We are looking forward to continued success to round out the year."
Third quarter revenue was $297.1 million, an increase of 5.3%, compared to $282.1 for the same period in 2011. Net loss for the third quarter of 2012 was $15.2 million compared to net income of $6.3 million for the same period in 2011. This loss was primarily due to increased interest and other expenses associated with the November 2011 acquisition of Emdeon by affiliates of Blackstone, which more than offset the impact of business growth as compared to the prior year period. Third quarter 2012 Non-GAAP Adjusted EBITDA grew 3.3% to $79.2 million, or 26.7% of revenue, from Non-GAAP Adjusted EBITDA of $76.7 million, or 27.2% of revenue, for the comparable period in 2011.
A reconciliation of Emdeon's financial results determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP) to certain non-GAAP financial measures has been provided in the financial statement tables included in this release to supplement its unaudited condensed consolidated financial statements presented on a GAAP basis. An explanation of these non-GAAP measures is also included below under the heading "Explanation of Non-GAAP Financial Measures."
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