Delivers GAAP net income and increased adjusted
EBITDA by 35% YOY Annual adjusted EBITDA guidance exceeded
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 fourth quarter of 2014.
"In the fourth quarter of 2014, Merge extended its positive
financial momentum experienced throughout the year. Revenue was in
line with previously announced guidance and we exceeded our
adjusted EBITDA guidance for 2014. Just as important, we generated
GAAP net income of $1.5 million and earnings per share of $0.02 in
the fourth quarter," said Justin Dearborn, chief executive officer
of Merge Healthcare. "We made great strides in re-focusing the
business following a challenging 2013, and we are confident that
with a renewed commitment to Merge's core strengths we can achieve
topline growth in 2015," Mr. Dearborn continued.
Merge Healthcare also recently acquired DR Systems, a privately
held San Diego-based company with a strong reputation for customer
satisfaction in medical imaging information systems. The combined
entities provide an unprecedented array of highly rated healthcare
information technology products. According to the KLAS Research
ratings released on January 29, 2015, the go forward business will
rank #1 in cardiovascular information systems, #1 in hemodynamics
monitoring and #1 in radiology information systems. "I'm thrilled
to add the talents, technologies, and intellectual property that
have made the DR Systems brand synonymous with customer
satisfaction. Merge and DR Systems share a common heritage of
creating and maintaining long-term partnerships with our healthcare
customers. This acquisition reflects Merge's commitment to
delivering solutions that enable our healthcare partners to elevate
their clinical success, financial results, and the health of their
communities. This acquisition also greatly expands our market
share, which we believe is extremely important given the provider
consolidation that is underway. Further, the acquisition will allow
us to deploy our iConnect Network services, including
pre-authorization services, to a broader client footprint
immediately," stated Mr. Dearborn.
Murray Reicher, M.D., F.A.C.R., founder, chairman, and chief
executive officer of DR Systems, will assume the role of chief
medical officer of Merge Healthcare. Dr. Reicher is a
board-certified diagnostic radiologist and Fellow of the American
College of Radiology, and is recognized for his numerous scientific
publications, inventions, and presentations in the fields of
neuroradiology, musculoskeletal MRI, and health information
technologies.
Dr. Reicher commented, "We are joining Merge based on our joint
vision of providing a rapidly advancing, unified system for all
medical imaging arenas, including radiology, cardiology and
pathology. Together, we will enable our customers to connect to
consumers and healthcare providers in ways that promote service,
patient compliance and improved population health."
"We're committed to supporting DR Systems' clients, and we want
them to have confidence that we have the vision, scale, and
resources to help them achieve their plans for their organizations'
futures. We are also excited to have Dr. Reicher join Merge and
know that he will be a remarkable asset to the company," added Mr.
Dearborn.
Following the acquisition, support for DR Systems' core platform
will remain in place. Current implementations will continue, and
Merge plans to support and advance all product lines going forward.
Merge will work with all clients to support their short-term and
long-term business needs.
The transaction is expected to be accretive to Merge's non-GAAP
adjusted EPS in 2015 and future years. Non-GAAP adjusted net income
and EPS are defined later in this press release and exclude
share-based compensation expense, transaction costs,
acquisition-related amortization and deferred revenue and related
cost of sale adjustments.
Merge Healthcare financed the acquisition through a combination
of approximately $20 million of cash on hand and $50 million of
cash raised from the sale of shares of newly issued convertible
preferred stock, at a $4.14 per share common equivalent calculated
based on Merge's 30-day volume weighted average common stock price,
to a group of investors arranged by Guggenheim Corporate Funding,
LLC ("Guggenheim"), the agent under Merge's existing credit
facility. "We believe this investment is a testament to
Guggenheim's confidence in the future of Merge Healthcare and the
opportunities that will arise from the acquisition of DR Systems,"
noted Mr. Dearborn.
Financial Summary:
- Adjusted EBITDA increased by 35% in the fourth quarter of 2014
to $12.1 million (or 23% of GAAP sales), compared to $9.0 million
(or 17% of GAAP sales) in the fourth quarter of 2013;
- Adjusted net income grew by 59% to $5.4 million (or $0.05 per
share) in the quarter compared to $3.4 million (or $0.04 per share)
in the fourth quarter of last year;
- GAAP net income in the fourth quarter of 2014 was $1.5 million
(or $0.02 per share), compared to a net loss in the fourth quarter
of 2013 of $0.3 million (or $0.00 per share);
- GAAP sales were consistent in the fourth quarter with the prior
year at $53.6 million;
- Cash balance grew by $8.0 million, or 23%, in the quarter to
$42.5 million as of December 31, 2014 and by $22.8 million, or
116%, since December 31, 2013; and
- GAAP net cash provided by operating activities in the quarter
grew to $12.6 million, or 34%, from $9.4 million in the fourth
quarter of last year.
Business Highlights:
- Awarded "Best in KLAS" for Merge's Cardiology PACS for the
second year in a row; hemodynamic solution ranked as "Category
Leader" for the fourth consecutive year.
- Signed four significant deals with new customers in the
cardiology market in the fourth quarter, and delivered a 38%
increase in total cardiology bookings compared to 2013.
- Delivered significant enterprise enhancements to Merge PACS™
and signed two significant Radiology PACS deals with new customers
in the fourth quarter of 2014.
- Recognized by IHS as global market share leader for VNA
solutions and signed six iConnect® Enterprise Archive engagements
in the fourth quarter of 2014.
- Increased the number of live trials on Merge eClinicalOS™ to
396, representing a 129% YOY increase in the number of live trials
utilizing this platform, which translates to a 139% increase in
revenue on the eCOS platform, while sales from legacy platforms
declined by 35%. Further, revenue from eClinical comprised
approximately 85% of total Merge DNA net sales in 2014 compared to
60% in the prior year with eCOS platform revenues increasing to 50%
of Merge DNA's revenue in 2014 compared to just over 15% in the
prior year. Going forward, we expect all Merge DNA revenue to come
from our clinical trials platform, whereas in 2014 and 2013 there
was approximately $5 million and $16 million, respectively, from
other product lines in the segment.
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):
|
Q4 2014 |
Q4 2013 |
Net sales |
$53.6 |
$53.6 |
Operating income |
6.2 |
3.7 |
Net income (loss) attributable to common
shareholders |
1.5 |
(0.3) |
Net income (loss) per diluted share |
$0.02 |
$0.00 |
|
|
|
Cash balance at period end |
$42.5 |
$19.7 |
Non-GAAP results and other measures compared to the same quarter
in the prior year are as follows (in millions, except percentages
and per share data):
|
Q4 2014 |
Q4 2013 |
Non-GAAP results |
|
|
Adjusted net income |
$5.4 |
$3.4 |
Adjusted EBITDA |
12.1 |
9.0 |
Adjusted net income per diluted share |
$0.05 |
$0.04 |
|
|
|
Other measures |
|
|
Subscription, maintenance & EDI revenue
as % of net sales |
63.6% |
64.2% |
Days sales outstanding |
88 |
106 |
A reconciliation of GAAP net income (loss) to adjusted net
income and adjusted EBITDA is included after the financial
information below. See "Explanation of Non-GAAP Financial
Measures" for definitions of each of these non-GAAP measures and
the reason the Company's management believes that the adjustments
made to arrive at the non-GAAP financial measures provide useful
information to investors regarding the Company.
Operating Group Results:
Results (in millions) for our operating groups are as
follows:
|
|
|
|
|
|
Three Months
Ended December 31, 2014 |
|
Healthcare |
DNA |
Corporate/
Other |
Total |
Net sales: |
|
|
|
|
Software and other |
$ 15.0 |
$ 4.4 |
|
$ 19.4 |
Service |
6.3 |
2.0 |
|
8.3 |
Maintenance |
25.8 |
0.1 |
|
25.9 |
Total net sales |
47.1 |
6.5 |
|
53.6 |
Gross Margin |
26.6 |
4.2 |
|
30.8 |
Gross Margin % |
56.5% |
64.6% |
|
57.5% |
Expenses |
18.3 |
3.6 |
|
21.9 |
Segment income |
$ 8.3 |
$ 0.6 |
|
$ 8.9 |
Operating Margin % |
18% |
9% |
|
17% |
Net corporate/other expenses (1) |
|
|
6.7 |
6.7 |
Income before income taxes |
|
|
|
2.2 |
Adj. EBITDA reconciling adjustments |
4.0 |
0.8 |
5.1 |
9.9 |
Adjusted EBITDA |
$ 12.3 |
$ 1.4 |
$ (1.6) |
$ 12.1 |
Adjusted EBITDA % |
26.1% |
21.5% |
|
22.6% |
|
|
|
|
|
(1) Net corporate/other expenses
include public company costs, corporate administration costs,
acquisition-related expenses and net interest expense. |
|
|
|
|
|
|
|
|
Net Sales in the
Three Months Ended December 31, 2014 |
|
Healthcare |
DNA |
Total |
Revenue Source |
$ |
% |
$ |
% |
$ |
Total |
Maintenance & EDI |
$ 25.8 |
54.8% |
$ 0.1 |
1.5% |
$ 25.9 |
48.3% |
Subscription |
1.9 |
4.0% |
6.3 |
97.0% |
8.2 |
15.3% |
Non-recurring |
19.4 |
41.2% |
0.1 |
1.5% |
19.5 |
36.4% |
Total |
$ 47.1 |
100.0% |
$ 6.5 |
100.0% |
$ 53.6 |
100.0% |
|
87.9% |
|
12.1% |
|
|
|
Explanation of Non-GAAP Financial Measures
We report our financial results in accordance with generally
accepted accounting principles or GAAP. This press release includes
certain non-GAAP financial measures to supplement this GAAP
information. Non-GAAP measures are not an alternative to GAAP and
may be different from and directly comparable with non-GAAP
measures used by other companies. A quantitative reconciliation of
GAAP net income available to common shareholders to adjusted net
income and adjusted EBITDA is included after the financial
information included in this press release.
Management believes that the presentation of non-GAAP results,
when shown in conjunction with corresponding GAAP measures,
provides useful information to it and investors regarding financial
and business trends related to results of operations, because
certain charges, costs and expenses reflect events that are not
essential to recurring business operations. In addition, management
believes these non-GAAP measures provide investors useful
information regarding the underlying performance of the
post-acquisition business operations when compared to the
pre-acquisition results of Merge and any significant acquired
company. Purchase accounting adjustments made in accordance
with GAAP can make it difficult to make meaningful comparisons of
the underlying operations of the business without considering the
non-GAAP adjustments that are provided and discussed herein.
Further, management believes that these non-GAAP measures improve
its and investors' ability to compare Merge's financial performance
with other companies in the technology industry. Management also
uses financial statements that exclude these charges, costs and
expenses for its internal budgets. While GAAP results are more
complete, these supplemental metrics are offered since, with
reconciliations to GAAP, they may provide greater insight into our
financial results. Management does not intend for the presentation
of these non-GAAP financial measures to be considered in isolation
or as a substitute for results prepared in accordance with
GAAP.
Additional information regarding the non-GAAP financial measures
presented herein is as follows:
- Subscription revenue is comprised of software, hardware and
professional services (including installation, training, etc.)
contracted with and payable by the customer over a number of
years. Generally, these contracts will include a minimum
volume / dollar commitment. As such, the revenue from these
transactions is recognized ratably over an extended period of
time. These types of arrangements will include monthly
payments (including leases), SaaS and transaction-based clinical
trial contracts, renewable annual software agreements (with very
high renew rate), to specify a few contract methods. We have
recently introduced a no minimum, pay per transaction structure for
certain products with subscription revenue accounting.
- Non-recurring revenue represents revenue that we anticipate
recognizing in future periods from signed customer contracts as of
the end of the period presented. Non-recurring revenue is
comprised of perpetual software license sales and includes
licenses, hardware and professional services (including
installation, training and consultative engineering services).
- Adjusted net income consists of GAAP net income available to
common stockholders, adjusted to exclude (a) acquisition-related
costs, (b) debt extinguishment costs, (c) restructuring and other
costs, (d) share-based compensation expense, (e)
acquisition-related amortization (f) acquisition-related sales
adjustments and (g) acquisition-related cost of sales
adjustments.
- Adjusted EBITDA adjusts GAAP net income available to common
stockholders for the items considered in adjusted net income as
well as (a) remaining depreciation and amortization, (b) net
interest expense and (c) income tax expense (benefit).
Management has excluded certain items from non-GAAP adjusted net
income because it believes (i) the amount of certain expenses in
any specific period may not directly correlate to the underlying
performance of business operations and (ii) the adjustment
facilitates comparisons of pre-acquisition results to
post-acquisition results. In addition, certain adjustments are
described in more detail below:
- Acquisition-related amortization expense is a non-cash expense
arising from the acquisition of intangible assets in connection
with significant acquisitions. Management excludes
acquisition-related amortization expense from non-GAAP adjusted net
income because it believes such expenses can vary significantly
between periods as a result of new acquisitions and full
amortization of previously acquired intangible assets.
- Share-based compensation expense is a non-cash expense arising
from the grant of stock awards to employees and is excluded from
non-GAAP adjusted net income because management believes such
expenses can vary significantly between periods as a result of the
timing of grants of new stock-based awards, including grants to new
employees resulting from acquisitions.
- Acquisition-related sales and costs of sales adjustments
reflect the fair value adjustment to deferred revenues acquired in
connection with significant acquisitions. The fair value of
deferred revenue represents an amount equivalent to the estimated
cost plus an appropriate profit margin to perform services-related
software and product support, which assumes a legal obligation to
do so, based on the deferred revenue balances as of the date the
acquisition of a significant company was completed. Management adds
back this deferred revenue adjustment, net of related costs, for
net income and adjusted EBITDA because it believes the inclusion of
this amount directly correlates to the underlying performance of
operations and facilitates comparisons of pre-acquisition to
post-acquisition results.
Notice of Conference Call
Merge will host a conference call at 8:30 AM ET on Thursday,
February 26, 2015. The call will address fourth quarter results and
will provide a business update on the company's market outlook and
strategies for 2015.
Participants may preregister for this teleconference at
http://emsp.intellor.com?p=418948&do=register&t=8.
Upon registration, a confirmation page will display dial-in
numbers and a unique PIN, and the participant will also receive an
email confirmation with this information.
A replay via the Internet or phone will be available after the
call at
http://www.merge.com/Company/Investors/Conference-Call-Info.aspx.
About Merge
Merge is a leading provider of innovative enterprise imaging,
interoperability and clinical systems that seek to advance
healthcare. Merge's enterprise and cloud-based technologies for
image intensive specialties provide access to any image, anywhere,
any time. Merge also provides clinical trials software with
end-to-end study support in a single platform and other intelligent
health data and analytics solutions. With solutions that have been
used by providers for more than 25 years, Merge is helping to
reduce costs, improve efficiencies and enhance the quality of
healthcare worldwide. For more information, visit merge.com and
follow us @MergeHealthcare.
Cautionary Notice Regarding Forward-Looking
Statements
The matters discussed in this press release may include
forward-looking statements, which could involve a number of risks
and uncertainties. When used in this press release, the words
"will," "believes," "intends," "anticipates," "expects" and similar
expressions are intended to identify forward-looking statements.
Actual results could differ materially from those expressed in, or
implied by, such forward-looking statements. The potential risks
and uncertainties include those risks and uncertainties included
under the captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our
Annual Report on Form 10-K for the year ended December 31, 2013,
and our most recent Quarterly Report on for 10-Q for the quarter
ended September 30, 2014, which are on file with the SEC and are
available on our investor relations website at merge.com and on the
SEC website at www.sec.gov. Except as expressly required by the
federal securities laws, Merge undertakes no obligation to update
such factors or to publicly announce the results of any of the
forward-looking statements.
|
|
|
MERGE HEALTHCARE
INCORPORATED AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(in
thousands) |
(unaudited) |
|
|
|
|
December 31, |
December 31, |
|
2014 |
2013 |
Current assets: |
|
|
Cash (including restricted cash) |
$ 42,531 |
$ 19,729 |
Accounts receivable, net |
51,300 |
61,895 |
Inventory |
5,686 |
5,851 |
Prepaid expenses |
3,690 |
4,803 |
Deferred income taxes |
1,131 |
1,915 |
Other current assets |
11,110 |
12,506 |
Total current assets |
115,448 |
106,699 |
|
|
|
Property and equipment, net |
4,079 |
4,739 |
Purchased and developed software, net |
14,585 |
15,906 |
Other intangible assets, net |
17,956 |
26,200 |
Goodwill |
214,374 |
214,374 |
Deferred income taxes |
5,396 |
6,979 |
Other assets |
2,499 |
7,184 |
Total assets |
$ 374,337 |
$ 382,081 |
|
|
|
Current liabilities: |
|
|
Accounts payable |
$ 21,072 |
$ 22,072 |
Current maturities of long-term debt |
11,750 |
2,490 |
Accrued wages |
11,169 |
5,559 |
Restructuring accrual |
-- |
1,301 |
Other current liabilities |
4,996 |
8,205 |
Deferred revenue |
53,184 |
55,183 |
Total current liabilities |
102,171 |
94,810 |
|
|
|
Long-term debt, less current maturities, net
of unamortized discount |
213,676 |
233,942 |
Deferred income taxes |
4,025 |
4,065 |
Deferred revenue |
1,091 |
378 |
Income taxes payable |
1,109 |
1,399 |
Other liabilities |
1,664 |
2,227 |
Total liabilities |
323,736 |
336,821 |
Total Merge shareholders' equity |
50,115 |
44,813 |
Noncontrolling interest |
486 |
447 |
Total shareholders' equity |
50,601 |
45,260 |
Total liabilities and shareholders'
equity |
$ 374,337 |
$ 382,081 |
|
|
MERGE HEALTHCARE
INCORPORATED AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(in thousands, except
for share and per share data) |
(unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
Net sales |
|
|
|
|
Software and other |
$ 19,441 |
$ 17,768 |
$ 71,084 |
$ 78,575 |
Professional services |
8,299 |
9,708 |
38,033 |
43,830 |
Maintenance and EDI |
25,865 |
26,119 |
103,187 |
109,262 |
Total net sales |
53,605 |
53,595 |
212,304 |
231,667 |
Cost of sales |
|
|
|
|
Software and other |
8,183 |
8,706 |
30,433 |
41,813 |
Professional services |
6,189 |
5,939 |
25,092 |
25,114 |
Maintenance and EDI |
6,776 |
6,661 |
27,744 |
28,989 |
Depreciation and
amortization |
1,708 |
1,555 |
7,475 |
6,980 |
Total cost of sales |
22,856 |
22,861 |
90,744 |
102,896 |
Gross margin |
30,749 |
30,734 |
121,560 |
128,771 |
Operating costs and expenses: |
|
|
|
|
Sales and marketing |
8,135 |
7,603 |
31,991 |
36,585 |
Product research and
development |
6,971 |
7,400 |
28,434 |
32,388 |
General and administrative |
7,098 |
9,122 |
27,144 |
34,689 |
Acquisition-related
expenses |
205 |
306 |
232 |
906 |
Restructuring and other
expenses |
-- |
-- |
-- |
3,856 |
Depreciation and
amortization |
2,142 |
2,641 |
10,131 |
10,540 |
Total operating costs and expenses |
24,551 |
27,072 |
97,932 |
118,964 |
Operating income |
6,198 |
3,662 |
23,628 |
9,807 |
Loss on debt extinguishment |
-- |
-- |
(4,821) |
(23,822) |
Other expense, net |
(3,963) |
(4,287) |
(16,918) |
(22,079) |
Income (loss) before income taxes |
2,235 |
(625) |
1,889 |
(36,094) |
Income tax expense (benefit) |
755 |
(360) |
2,297 |
2,889 |
Net income (loss) |
1,480 |
(265) |
(408) |
(38,983) |
Less: noncontrolling interest's
share |
5 |
25 |
39 |
(3) |
Net income (loss) available to common
shareholders |
$ 1,475 |
$ (290) |
$ (447) |
$ (38,980) |
|
|
|
|
|
Net income (loss) per share - basic |
$ 0.02 |
$ (0.00) |
$ (0.00) |
$ (0.42) |
Weighted average number of common |
|
|
|
|
shares outstanding - basic |
96,058,569 |
94,394,867 |
95,439,676 |
93,727,394 |
|
|
|
|
|
Net income (loss) per share - diluted |
$ 0.02 |
$ (0.00) |
$ (0.00) |
$ (0.42) |
Weighted average number of common |
|
|
|
|
shares outstanding - diluted |
97,866,141 |
94,394,867 |
95,439,676 |
93,727,394 |
|
|
|
|
MERGE HEALTHCARE
INCORPORATED AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(in
thousands) |
(unaudited) |
|
|
|
|
|
|
Year
Ended |
|
|
December
31, |
|
|
2014 |
2013 |
Cash flows from operating
activities: |
|
|
|
Net loss |
|
$ (408) |
$ (38,983) |
Adjustments to reconcile net loss to net cash
provided by |
|
|
|
operating activities: |
|
|
|
Depreciation and amortization |
|
17,606 |
17,520 |
Share-based compensation |
|
5,169 |
4,839 |
Amortization of term loan and note
payable issuance costs & discount |
|
1,129 |
1,649 |
Loss on extinguishment of debt |
|
4,821 |
23,822 |
Provision for doubtful accounts
receivable and allowances, net of recoveries |
|
200 |
693 |
Deferred income taxes |
|
2,113 |
2,301 |
Realized and unrealized loss on equity
security |
|
-- |
745 |
Loss on acquisition settlement |
|
-- |
1,345 |
Stock issued for lawsuit settlement |
|
-- |
885 |
Gain on lawsuit settlement |
|
-- |
(2,500) |
Net change in assets and liabilities (net of
effects of acquisitions) |
|
11,957 |
8,965 |
Net cash provided by operating
activities |
|
42,587 |
21,281 |
Cash flows from investing
activities: |
|
|
|
Purchases of property, equipment
and leasehold improvements |
|
(1,844) |
(2,239) |
Purchased technology and
capitalized software development |
|
(4,242) |
(535) |
Proceeds from sale of equity
investment |
|
-- |
1,785 |
Change in restricted cash |
|
183 |
422 |
Net cash used in investing activities |
|
(5,903) |
(567) |
Cash flows from financing
activities: |
|
|
|
Proceeds from debt issuance |
|
231,251 |
252,450 |
Retirement of debt |
|
(230,133) |
(252,000) |
Penalty for early extinguishment of
debt |
|
-- |
(16,863) |
Note issuance costs paid |
|
(250) |
(4,588) |
Principal payments on notes |
|
(14,467) |
(16,286) |
Principal payments on capital
leases |
|
(680) |
(535) |
Proceeds from exercise of stock
options and employee stock purchase plan |
|
1,217 |
1,489 |
Repurchase and retirement of common
stock |
|
(541) |
-- |
Net cash used in financing activities |
|
(13,603) |
(36,333) |
Effect of exchange rate changes on cash |
|
(96) |
(106) |
Net increase (decrease) in cash and cash
equivalents |
|
22,985 |
(15,725) |
Cash and cash equivalents, beginning of
period (net of restricted cash) |
(1) |
19,337 |
35,062 |
Cash and cash equivalents, end of period (net
of restricted cash) |
(2) |
$ 42,322 |
$ 19,337 |
|
|
|
|
(1) Restricted cash of $392
and $813 as of December 31, 2013 and 2012, respectively. |
(2) Restricted cash of $209
and $392 as of December 31, 2014 and 2013, respectively. |
|
|
MERGE HEALTHCARE
INCORPORATED AND SUBSIDIARIES |
RECONCILIATION OF NET
INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS TO NON-GAAP ADJUSTED
EBITDA |
(in thousands, except
for share and per share data) |
(unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2014 |
2013 |
2014 |
2013 |
Net income (loss) available to common
shareholders of Merge |
$ 1,475 |
$ (290) |
$ (447) |
$ (38,980) |
Acquisition-related costs |
205 |
306 |
232 |
906 |
Debt extinguishment costs |
-- |
-- |
4,821 |
23,822 |
Restructuring and other |
-- |
-- |
-- |
3,856 |
Share-based compensation
expense |
1,348 |
647 |
5,169 |
4,645 |
Amortization of significant
acquisition intangibles |
2,247 |
2,506 |
8,989 |
10,026 |
Acquisition-related sales
adjustments |
110 |
277 |
719 |
1,432 |
Acquisition-related cost of
sales adjustments |
(14) |
(61) |
(133) |
(215) |
Adjusted net income |
5,371 |
3,385 |
19,350 |
5,492 |
Depreciation and
amortization |
1,603 |
1,690 |
8,617 |
7,494 |
Net interest expense |
4,391 |
4,291 |
17,181 |
21,248 |
Income tax expense
(benefit) |
755 |
(360) |
2,297 |
2,889 |
Adjusted EBITDA |
$ 12,120 |
$ 9,006 |
$ 47,445 |
$ 37,123 |
|
|
|
|
|
Adjusted net income per share - diluted |
$ 0.05 |
$ 0.04 |
$ 0.20 |
$ 0.06 |
Adjusted EBITDA per share - diluted |
$ 0.12 |
$ 0.09 |
$ 0.49 |
$ 0.39 |
|
|
|
|
|
Fully diluted shares (if net income) |
97,866,141 |
95,643,567 |
96,840,546 |
95,463,373 |
CONTACT: Media Contact:
Michael Klozotsky
Vice President of Marketing
312.946.2535
Michael.Klozotsky@merge.com
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