HealthExtras Reports Fourth Quarter and Year End Results
26 Febbraio 2008 - 10:31PM
Business Wire
HealthExtras, Inc. (NASDAQ:HLEX), a pharmacy benefit management
company, today announced its financial results for the fourth
quarter and year ended December 31, 2007. 2007 Highlights Net
income for 2007 was $39.3 million or $0.91 per diluted share, a 24%
increase from the $31.6 million or $0.75 per diluted share reported
in 2006. Revenue for 2007 was $1.9 billion, a 46% increase over
2006 revenue of $1.3 billion. Over 41.4 million prescriptions
processed an increase of 41% over the 29.3 million processed in
2006. Fourth Quarter Highlights Net income for the fourth quarter
2007 was $11.6 million or $0.27 per diluted share. Revenues for the
fourth quarter 2007 totaled $531.9 million, a 34% increase over
fourth quarter 2006 revenues of $396.2 million. Over 11.4 million
prescriptions were processed during the quarter including 403,000
unadjusted mail claims. According to David T. Blair, Chief
Executive Officer of HealthExtras, �The significant achievements in
2007 were the successful implementation of new business
representing $700 million of annualized revenues and the retention
of over 98% of the Company�s existing clients. During the year, the
Company commenced pharmacy management services for the States of
Maryland and Ohio employees, several prominent self insured
employers and Medical Card Systems, a major managed care client in
Puerto Rico.� All new client implementations proceeded smoothly and
business volumes are meeting management expectations. In addition
to the significant new business added in 2007, for the second
consecutive year the Company received the top customer satisfaction
ratings for �Overall Service and Performance� in the Pharmacy
Benefit Management Institute (PBMI) 2007 Pharmacy Benefit Manager
(PBM) Customer Satisfaction Report. �The results of the PBMI report
reflect our commitment to service excellence. In 2008, we will
continue to drive pricing transparency and align our incentives
with those of our plan sponsors through new and innovative
programs,� added Blair. 2008 Financial Guidance Based on business
under contract, new sales commitments and industry trends,
management anticipates 2008 revenues and net income to grow by 30%
to 35% over 2007. Net income for 2008 is projected to range between
$50.5 million and $54.0 million, which is expected to yield diluted
earnings per share of $1.17 to $1.25. Revenues in 2008 are
projected to exceed $2.5 billion. HealthExtras is well positioned
to deliver improving profitability as a result of the strong
prescription volume and revenue increases associated with the
Company�s sales and retention success in 2007. In addition,
management expects to complement the Company�s strong organic
growth through strategic acquisitions in 2008. About HealthExtras
(www.healthextras.com): HealthExtras, Inc. is a full-service
pharmacy benefit management company. Its clients include
self-insured employers, including state and local governments,
third-party administrators, managed care organizations, unions and
individuals. The Company's integrated pharmacy benefit management
services marketed under the name Catalyst Rx include: claims
processing, benefit design consultation, drug utilization review,
formulary management, drug data analysis services and mail order
services. Additionally, the Company operates a national retail
pharmacy network with over 60,000 participating pharmacies. This
press release may contain forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements involve a number of risks and
uncertainties. Factors that we have identified that might
materially affect our results are discussed in our Annual Report on
Form 10-K for the year ended December 31, 2006 under "Item 1.A Risk
Factors." Readers are urged to carefully review and consider the
various disclosures made in our Annual Report on Form 10-K and our
other filings with the Securities and Exchange Commission that
attempt to advise interested parties of the risks and uncertainties
that may affect our business. HEALTHEXTRAS, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per
share data) (Unaudited) � � � � For the three months ended December
31, For the year ended December 31, 2007 2006 2007 2006 Revenue
(excludes member co-payments of $171,333, $142,809, $635,556 and
$476,983 for the three months and year ended December 31, 2007 and
2006, respectively) $531,928 $396,208 $1,857,697 $1,271,006 Direct
expenses 502,751 366,448 1,747,264 1,176,877 Selling, general and
administrative expenses 13,729 12,380 53,994 46,414 Total operating
expenses 516,480 378,828 1,801,258 1,223,291 Operating income
15,448 17,380 56,439 47,715 Interest and other income (expense),
net 2,041 1,506 6,531 4,515 Income before minority interest and
income taxes 17,489 18,886 62,970 52,230 Minority interest - 129 31
248 Income before income taxes 17,489 18,757 62,939 51,982 Income
tax expense 5,880 7,489 23,671 20,408 Net income $ 11,609 $ 11,268
$ 39,268 $ 31,574 � Net income per share, basic $ 0.28 $ 0.28 $
0.95 $ 0.78 Net income per share, diluted $ 0.27 $ 0.27 $ 0.91 $
0.75 Weighted average shares of common stock outstanding, basic
41,977 40,745 41,525 40,270 Weighted average shares of common stock
outstanding, diluted 43,274 42,447 43,006 42,319
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