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PREMIER, INC. REPORTS FISCAL 2015 THIRD-QUARTER RESULTS
CHARLOTTE, NC, May 11, 2015 Premier, Inc. (NASDAQ: PINC) today reported financial results for the fiscal 2015 third quarter ended March 31, 2015.
Fiscal Third-Quarter Highlights:
|||Net revenue increased 16% to $261.7 million from the same period last year; Supply Chain Services segment revenue rose 15% and Performance Services segment revenue increased 19%.|
|||Adjusted EBITDA* increased 14% to $103.7 million from the same period last year.|
|||Adjusted fully distributed net income* increased 13% to $55.3 million, or $0.38 on a fully diluted per-share basis, from the same period a year ago. GAAP net income attributable to shareholders was $12.2 million, compared with $13.5 million in the prior year.|
|||At March 31, 2015, cash, cash equivalents and short- and long-term marketable securities totaled $503.3 million, and the company had access to its entire unsecured $750.0 million, five-year revolving credit facility.|
|||For the nine-months ended March 31, 2015, net revenue increased 17% to $740.5 million, adjusted EBITDA rose 14% to $293.1 million, and adjusted fully distributed net income increased 12% to $155.2 million, or $1.07 per diluted share, compared with non-GAAP pro forma* results for the same period a year ago. Net revenue for the nine-month period increased 10% and adjusted EBITDA decreased 2% from actual results for the same period a year ago.|
|||Based on year-to-date performance and the current outlook and assumptions for the remainder of the fiscal year, the company is increasing its fiscal full-year guidance ranges for consolidated net revenue and consolidated adjusted EBITDA.|
|*||Descriptions of adjusted EBITDA, adjusted fully distributed net income and other non-GAAP financial measures are provided in Use and Definition of Non-GAAP Measures, and reconciliations are provided in the tables at the end of this release. See Reorganization and Initial Public Offering for important information regarding non-GAAP pro forma results.|
Our strong third-quarter results were driven by continued growth in the demand for Premier products and services across our Supply Chain Services and Performance Services businesses, said Susan DeVore, president and chief executive officer. We are building a successful track record of financial performance based on our role as a trusted partner with solutions that enable healthcare providers to comprehensively reduce costs, improve quality and safety and prepare for the rapidly approaching population health management environment.
In the third quarter, double-digit revenue growth in our Supply Chain Services business was fueled by continued strength in our group purchasing organization and from our direct sourcing and specialty pharmacy businesses, DeVore said. Performance Services also produced double digit revenue growth, driven primarily by strong contributions from PremierConnect® SaaS-based subscriptions and renewals as well as advisory services.
The following information was filed by Premier, Inc. (PINC) on Wednesday, May 13, 2015 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.
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