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Biotech / Medical : SXC Health Solutions, Inc. (SXCI)
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From: JakeStraw11/5/2009 8:22:30 AM
   of 61
 
SXC Health solutions announces record third quarter financial results
finance.yahoo.com

Q3 2009 Highlights
------------------

- Revenue was $383.5 million compared to $318.1 million in Q3 fiscal
2008
- Gross profit was $47.7 million compared to $34.9 million in Q3 fiscal
2008
- Adjusted EBITDA(1) was $24.3 million compared to $11.9 million in Q3
fiscal 2008
- GAAP net income increased to $11.2 million, or $0.43 per share
(fully-diluted), compared to $3.5 million, or $0.15 per share (fully-
diluted), in Q3 fiscal 2008
- Non-GAAP adjusted earnings per share(1) (diluted), which excludes the
NMHC transaction-related amortization, was $0.47 compared to $0.24 in
Q3 fiscal 2008
- Cash from operations was $17.9 million compared to $3.3 million in Q3
fiscal 2008
- Adjusted prescription claim volume(1) for the PBM segment was 9.9
million compared to 8.9 million in Q3 fiscal 2008
- Gross margin per adjusted prescription for the PBM segment was $3.67
compared to $2.77 in Q3 fiscal 2008
- Mail order penetration increased to 9.5% compared to 8% in Q3 fiscal
2008
- Transaction processing volume for the HCIT segment was 92.0 million
in Q3 fiscal 2009 compared to 103.3 million in Q3 fiscal 2008
- Awarded a contract with the Ohio Bureau of Workers' Compensation, the
largest workers compensation organization in the U.S.
- Awarded a PBM services contract with Presbyterian Health Plan valued
at $150 million annually
- Renewed a multi-year PBM contract with the Employer-Union Health
Benefits Trust Fund of Hawaii
- Entered into a strategic relationship with Allscripts Misys to
enhance the e-prescribing options available to SXC's clients
- Completed a public offering of 5,175,000 common shares at a price of
$41.50 per share for net proceeds of approximately $204.1 million
- Subsequent to quarter-end, announced a PBM contract with Spectral
Solutions valued at $50 million annually

With today's announcement, SXC is revising certain of its 2009 financial targets for:

- Revenue of $1.375-$1.425 billion versus prior estimate of $1.35-$1.4
billion
- Gross profit of $180-$182 million versus prior estimate of $166-$171
million
- Fully-diluted GAAP EPS (including all transaction-related
amortization) of $1.57-$1.62 versus prior estimate of $1.42-$1.50
- Adjusted EBITDA of $87-$89 million versus prior estimate of $78-$81
million
- Fully-diluted Non-GAAP adjusted earnings per share(1) (excluding the
NMHC transaction-related amortization) of $1.76-$1.81 versus prior
estimate of $1.62-$1.70
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