Original Source: FD (FAIR DISCLOSURE) WIRE
. Jim Crook, IDX Systems, CEO . Margo Happer, IDX Systems, IRO . Jack Kane, IDX Systems, CFO
IDXC reported 4Q04 revenues of $151.7m, and full year 2004 revenues of $520.7m. For 2005, IDXC expects revenues of $610-630m and EPS of $1.25-1.31. Regarding Sarbanes-Oxley, IDXC is in the process of 404 testing and has an indication that there may be a material weakness in financial controls relating to revenue items. Co. is unsure as to what final report might be, but may receive an adverse opinion in this area. Q&A Focus: Revenues, Sarbanes-Oxley, Competition.
A. Key Data From Call 1. 4Q revenues up 42% YonY to $151.7m. 2. 2004 revenues $520.7m. 3. 4Q EPS up 77% YonY $0.39. 4. 2004 EPS up 40% YonY to $1.02. 5. 4Q DSOs 74 days, down 6 days QonQ. 6. 4Q record cash and marketable securities $162m. 7. 4Q bookings $93.4m.
8. 2004 bookings $1.471m. 9. 2005 revenues $610-630m. 10. 2005 EPS $1.25-1.31.
S1. 4Q04 and 2004 Overview (J.C.) 1. Highlights: 1. 13th consecutive quarter, successfully executed on business model. 2. 4Q revenues up 42% YonY to $151.7m. 3. 2004 revenues, $520.7m. 4. Annual revenues increase, 30%. 5. 4Q EPS up 77% YonY $0.39, exluding one-time events. 6. 2004 EPS up 40% YonY to $1.02, despite UK costs. 7. 4Q DSOs 74 days, down six days sequentially. 1. Expect 80-85 day range. 8. Record cash and marketable securities $162m. 9. 4Q bookings, $93.4m. 10. 2004 bookings, $1.471m.
1. $30m short of expectations. 2. 2005 Guidance: 1. Revenues $610-630m. 2. EPS $1.25-1.31. 3. IDX Deliverables: 1. IDX Deliverables driver of improving financial performance. 2. Solution Portfolio addresses revenue-cycle management and care management.
3. Flowcast and Groupcast operating units focus on revenue-cycle
management. 4. Carecast and Imagecast target care management.
1. Results from Carecast reflect performance in US, Canada and
UK. 4. Flowcast: 1. 4Q04 Revenue, $44.2m. 2. YTD revenues, $170.8m. 1. Behind guidance of $175-180m. 3. Solid growth and quality bookings including HealthSouth in 3Q and University of Rochester in 4Q. 4. 4Q gross profit margin 51.6%, to end year at 49.2% vs. 48% guidance. 5. Win with URMC. 1. Will complete enterprise-wide implementation. 2. 750-bed and 250-bed hospitals; will implement hospital accounting application. 3. Visit-management will be deployed across the entire enterprise.
4. URMC agreement directly related to Flowcast's long relationship with University of Rochester Medical Faculty. 5. Groupcast: 1. Focused on advancing practice management in the 10-200 physician practice base. 2. Strong 4Q performance. 3. Revenues, $16.8m.
4. Gross profit margin, 51.2%. 5. Revenue guidance for 2004 was $60-65m, and gross profit margin expected of 42.5%. 6. 2004 revenue $61.1m. 7. 2004 gross profit margin 48.2%.
1. Reflecting strong software and EDI revenue, and lower cost of sales than expected. 6. Wins Include: 1. 120-physician group at St Christopher's Hospital for children in Philadelphia, Pennsylvania.
1. Will implement patient management, financial management; decision support and data connect and document management applications.
2. IPC: 1. IPC, a 300-physician managed services organization in North Hollywood, California. 2. Provides services in 11 states; serves over 10,000 physicians and over 1,000 health plans; manages over $1b health care expenditures …