NASHVILLE, Tenn., May 15, 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 first quarter ended March 31, 2012, as summarized below:
Net Income (Loss)
Non-GAAP Adjusted EBITDA
"Our operating results for the first quarter were solid, and particularly strong in pharmacy services and revenue cycle management," said George Lazenby, Emdeon's chief executive officer. "Following the quarter, we also made significant progress strategically through our recently announced acquisition of TC3 Health, Inc., a leading provider of cost containment solutions, to further bolster Emdeon's already robust Payment Integrity offerings for healthcare payers."
First quarter revenue was $286.0 million, an increase of 5.4%, compared to $271.5 million for the same period in 2011. First quarter revenue was reduced by $2.0 million due to acquisition method adjustments related to the Blackstone transaction, which occurred in the fourth quarter of 2011 (the "2011 Transaction").
Net income (loss) for the first quarter of 2012 was $(17.3) million compared to net income of $7.3 million for the same period in 2011. This loss was primarily due to increased interest and other expenses associated with the 2011 Transaction, which more than offset the impact of business growth as compared to the prior year period.
First quarter Non-GAAP Adjusted EBITDA grew 14.0% to $78.4 million, or 27.4% of revenue, from Non-GAAP Adjusted EBITDA of $68.8 million, or 25.4% 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."
Emdeon is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers and patients in the U.S. healthcare system. Emdeon's offerings integrate and automate key business and administrative functions of its payer and provider customers throughout the patient encounter. Through the use of Emdeon's comprehensive suite of solutions, which are designed to easily integrate with existing technology infrastructures, customers are able to improve efficiency, reduce costs, increase cash flow and more efficiently manage the complex revenue and payment cycle and clinical information exchange processes. For more information, visit www.emdeon.com.