SXC Health solutions announces second quarter financial results
finance.yahoo.com
Q2 2011 Highlights
- Revenue grew 153% on a year over year basis to $1.2 billion, compared to $479.4 million in Q2 2010
- Gross profit was $74.2 million, compared to $53.7 million in Q2 2010
- Adjusted EBITDA¹ increased 32% to $41.4 million, compared to $31.5 million in Q2 2010
- GAAP net income increased to $21.6 million, or $0.34 per share (fully-diluted), compared to $17.1 million, or $0.27 per share (fully-diluted), in Q2 2010
- Non-GAAP adjusted earnings per share¹ (fully-diluted), which excludes amortization of intangible assets, increased 31% to $0.38, compared to $0.29 in Q2 2010
- Adjusted prescription claim volume¹ for the PBM segment was 22.8 million, compared to 11.8 million in Q2 2010
- Transaction processing volume for the Health Care Information Technology ("HCIT") segment was 98.1 million, compared to 99.6 million in Q2 2010
- Generic dispense rate increased to 78% compared to 74% in Q2 2010
- Successfully converted an HCIT client to PBM services in the quarter
- Announced a three-year HCIT service contract with HealthPlus of Michigan serving 215,000 members
- Announced expanded relationship with HealthSpring Inc., to add approximately $1 billion in annual drug spend from its Bravo Health acquisition effective January 1, 2012
- Announced a five-year sub-contract from HP Enterprise Services to provide PBM services to the State of Nevada's 180,000 Medicaid members
- Announced a three-year HCIT service contract with Health Alliance Plan of Michigan, serving 500,000 members
- Completed the acquisition of MedMetrics Health Partners, Inc. ("MedMetrics"), a full-service PBM and previously a client of SXC
- Subsequent to quarter end announced the acquisition of PTRX, Inc. and SaveDirectRx, Inc., both previously a client of SXC
"We continued to show strong revenue, adjusted EBITDA and gross profit growth during Q2 with the ramp up of the Optima account and the HealthSpring contract in full swing," said Mark Thierer, Chairman, CEO and President of SXC. "As we increase our scale and enhance our services through organic and acquisitive growth, our opportunity to compete for new business is only getting better. We are right in the middle of the selling season and we have already exceeded our plan for new wins this year. We are also continually identifying opportunities to expand our flexible and customized programs with existing clients through our mail and specialty pull-through strategies and our industry leading generic utilization." |
