Please wait while we load the requested 10-K report or click the link below:
FOR IMMEDIATE RELEASE
QuadraMed Corporation Announces
Preliminary 2008 Revenue and Adjusted Non-GAAP EBITDA
RESTON, Va. February 9, 2009 QuadraMed Corporation (NASDAQ: QDHC) announced today that revenue for the fiscal year 2008 will be slightly above the $146 million to $149 million guidance range provided during the November 6, 2008 quarterly earnings call. Further, the Company expects Adjusted Non-GAAP EBITDA will be in the range of 12%-13% of revenue, significantly exceeding the $15.8 million minimum target that was also discussed during that call. The adjustments for Non-GAAP EBITDA include non-cash compensation, cash severance expense recorded during the six months ended June 30, 2008 and the onetime loss on the sale of the Companys lab and radiology assets recorded during the three months ended June 30, 2008.
2008 was a very successful year for QuadraMed, with top-line revenue growth of approximately 9%, resulting from the QCPR business acquired in September 2007 and an Adjusted Non-GAAP EBITDA margin expected to be approximately 100 basis points higher year over year. During the year, we signed contracts with five Affinity clinical system customers for migration to QCPR. In addition, several existing QCPR clients made commitments to expand their use of the product, and we also signed a new name QCPR contract. These deals bring the total number of hospitals which have contracted to install the full QCPR electronic medical record system to fifteen since we acquired the product sixteen months ago, said Keith Hagen, QuadraMeds President and Chief Executive Officer.
As we begin 2009 the HIT industry will face many unknowns. The world-wide financial crisis will impact hospital spending, while the final government economic stimulus plan could be a boon for the industry. In either case, approximately two-thirds of our revenues are produced by recurring maintenance and term license contracts, and a large percentage of our 2009 revenue is expected to be generated by this recurring base, our project backlog, and our broad set of products and services, concluded Hagen.
QuadraMed expects to report its full 2008 financial and operating results and host an investor conference call in early March.
The following information was filed by Quadramed Corp on Tuesday, February 10, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Quadramed Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Quadramed Corp.