VISICU Reports Second Quarter Results
biz.yahoo.com
Thursday July 26, 4:00 pm ET
Delivers Strong Revenue and Operating Income Growth
BALTIMORE--(BUSINESS WIRE)--VISICU, Inc. (Nasdaq:EICU), a healthcare information technology and clinical solutions company focused on transforming the delivery of care to the highest acuity patients in the hospital, today announced financial results for the second quarter of 2007. The company reported significantly higher revenue and operating income for the second quarter over the same quarter from the prior year:
* Revenue for the second quarter was $9.1 million, a 20% increase over the same quarter last year.
* Adjusted operating income for the second quarter increased to $2.5 million, resulting in a 27% adjusted operating margin, from adjusted operating income of $1.8 million and an adjusted operating margin of 24% for the same quarter last year. Adjusted operating income and adjusted operating margin exclude non-cash stock-based compensation expense included in the GAAP results.
* GAAP operating income for the second quarter increased to $1.7 million, resulting in a 19% operating margin, from GAAP operating income of $1.1 million and operating margin of 15% for the same quarter last year. GAAP operating income includes non-cash stock-based compensation expense of $741,000 and $658,000 in the second quarter of 2007 and 2006, respectively.
* Net income for the second quarter of 2007 increased to $2.1 million, or $0.06 per diluted share, from $1.2 million, or $0.04 per diluted share for the same quarter last year.
* Total revenue backlog at the end of the second quarter was $63.8 million.
"We are pleased with our strong operating results and financial position, and we are focused on investing resources to execute on sales and marketing initiatives to accelerate market adoption," said Frank Sample, Chairman and CEO of VISICU. "We have yet to reach the tipping point in the market and are in the midst of transitioning from early adopters to the early majority. This has lengthened our sales cycle and impacted year to date new account sales activity. Although our backlog has decreased, we are experiencing increased market interest for our solution and our sales pipeline is expanding. As a result, I am very optimistic about the mid to long term growth prospects for the business." |
