CHICAGO, July 23, 2015 (GLOBE NEWSWIRE) -- Merge Healthcare Incorporated (NASDAQ:MRGE), a leading provider of health information systems for medical imaging, interoperability, and communication, today announced its financial and business results for the second quarter of 2015.
“Merge experienced robust sales growth in the second quarter of 2015. Our healthcare segment bookings in the second quarter of 2015 increased more than 35% compared to Q2 2014,” said Justin Dearborn, Merge Healthcare’s chief executive officer. “Our award-winning cardiology solutions continue to win market share and open up enterprise imaging cross sell opportunities. In the first six months of 2015, Merge’s total cardiology bookings increased greater than 50% from the prior year period. Given our strong first half earnings performance, we are positioned well with respect to our debt covenants and anticipate increasing our investment in new product launches in the second half of the year.”
Financial Summary:
- GAAP net sales increased 22% to $65.6 million in the second quarter of 2015 compared to $53.8 million in the second quarter of 2014;
- GAAP net income in the second quarter of 2015 was $2.0 million (or $0.01 per share) compared to a loss of $4.0 million (or ($0.04) per share) in the second quarter of 2014 (which included a $4.8 million debt refinancing charge);
- Adjusted net income increased 132% to $10.2 million (or $0.09 per share) in the second quarter of 2015 compared to $4.4 million (or $0.05 per share) in the second quarter of 2014;
- Adjusted EBITDA was $16.7 million (or 25% of GAAP net sales) in the second quarter of 2015 compared to $11.2 million (or 21% of GAAP net sales) in the second quarter of 2014; and
- Cash balances decreased to $20.6 million as of June 30, 2015, compared to $23.9 million as of June 30, 2014, a decrease of 14%, primarily as a result of approximately $20 million of cash expended in 2015 to acquire D.R. Systems, Inc.
Business Highlights:
- Increased total bookings for our healthcare segment in the first half of 2015 by over 35% versus the same period in 2014. Over 75% of the increase is attributed to organic growth and the remainder to bookings from our D.R. Systems, Inc. subsidiary, which we acquired in late February 2015;
- In the first half of 2015, total cardiology bookings increased 58% from the same period in 2014 with sales from our four-time KLAS Category Leader solution Merge Hemo™ record station leading the way;
- Secured a six–year, preferred vendor contract for radiology solutions from one of the ten largest health systems in the nation;
- Closed six deals in the second quarter with a transaction value of greater than $1M, with significant net new customer signings across all solutions; and
- Increased eClinicalOS™ software revenue by 43% in the second quarter of 2015 compared to the same quarter in 2014. Since January 1, 2015, eCOS has more than doubled the size of its commercial organization and doubled the number of quota carrying sales representatives globally.
Quarter Results:
Results compared to the same quarter in the prior year on a GAAP basis are as follows (in millions, except per share data):
For full article, please click here.
Help employers find you! Check out all the jobs and post your resume.
