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Financial Contact: Joel Kimbrough
Investor Relations Contact: Kerry Finney
For Immediate Release
Accredo Health, Inc. Announces Third Quarter Results
Memphis, TN, May 2, 2005 - Accredo Health, Incorporated (NASDAQ: ACDO) today reported results for its third quarter ended March 31, 2005. Revenues for the quarter increased 26% to $517,060,000 compared to $409,308,000 for the same period in fiscal 2004. Earnings before minority interest, interest, taxes, depreciation and amortization (EBITDA) increased 2% to $41,103,000 for the quarter ended March 31, 2005, as compared to $40,310,000 for the quarter ended March 31, 2004. An explanation and reconciliation of net income under generally accepted accounting principles (GAAP) to EBITDA is discussed in the question and answer section of this press release. Transaction costs associated with the Companys pending acquisition by Medco Health Solutions, Inc. (Medco) (NYSE: MHS) were approximately $1.4 million ($0.8 million net of tax), or $.02 per diluted share, for the quarter ended March 31, 2005. Net earnings decreased 5% to $20,175,000, or $0.40 per diluted share, for the quarter ended March 31, 2005 compared to $21,127,000, or $0.43 per diluted share, for the same period in fiscal 2004. Excluding the Medco transaction costs described above, net earnings were $0.42 per diluted share for the quarter ended March 31, 2005.
David D. Stevens, Accredos chief executive officer commented, This is a unique time in the history of Accredo. The fundamentals of our specialty pharmacy business remain strong, and the strategic alliance with Medco is performing extremely well. We are excited about the prospect of combining two market leaders in Accredo and Medco in order to develop a new and expanded specialty pharmaceutical service model with the broadest offering of products in the competitive space.
Joel R. Kimbrough, Accredos chief financial officer, added, We experienced broad revenue growth across our product lines and exceeded $500 million in consolidated revenues for the second consecutive quarter. We exceeded our current quarter growth rate for five of our seven core product lines. With regard to our new product offerings, the seven products launched since 2003 are producing annualized revenues in excess of $110 million based on their third quarter run rate. Based on our results for the nine months ended March 31, 2005, we expect these seven products to exceed our previous revenue estimate range of $80 to $100 million for fiscal 2005. In addition, we are pleased with the improvements in cash flow from operations both on a sequential and quarter over quarter basis.
The following information was filed by Accredo Health Inc on Monday, May 2, 2005 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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