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FOR IMMEDIATE RELEASE
PREMIER INC. REPORTS FISCAL 2018 SECOND-QUARTER RESULTS
CHARLOTTE, NC, Feb. 5, 2018 Premier Inc. (NASDAQ: PINC) today reported financial results for the fiscal 2018 second quarter ended Dec. 31, 2017.
Q2 2018 Highlights:
|||Net revenue increased 15% to $411.4 million from the same period last year; Supply Chain Services segment revenue rose 19% and Performance Services segment revenue increased 1% from the same period last year.|
|||Due almost entirely to a one-time remeasurement of deferred taxes resulting from the Tax Cuts and Jobs Act, which increased income tax expense to $231.5 million from $37.4 million a year ago, net income declined 92% to $19.8 million from the same period a year ago. Diluted net loss per share totaled $1.66 per share, compared with diluted net income of $1.50 per share in the prior year.|
|||Non-GAAP adjusted EBITDA* of $133.5 million increased 9% from the same period last year.|
|||Non-GAAP adjusted fully distributed net income* increased 7% to $70.0 million, representing non-GAAP adjusted fully distributed earnings per share* of $0.50, an increase of 9% over $0.46 per share from a year ago.|
|||The guidance range for fiscal 2018 non-GAAP adjusted fully distributed earnings per share is raised to $2.24 - $2.37 per share to reflect the expected increase from tax reform and the companys stock repurchase program.|
|*||Descriptions of non-GAAP financial measures are provided in Use and Definition of Non-GAAP Financial Measures, and reconciliations are provided in the tables at the end of this release.|
Premier delivered a successful fiscal 2018 second quarter, said Susan DeVore, president and chief executive officer. We met or exceeded management expectations for the overall business as well as for the segments. On a consolidated basis, year-over-year net revenue increased 15% and non-GAAP adjusted EBITDA rose 9%. Supply Chain Services segment revenue increased 19% from a year ago, with legacy group purchasing delivering 5% growth in net administrative fees revenue. The products business produced double-digit revenue growth across both the integrated pharmacy and direct sourcing businesses. We continue to expect revenue growth in the Performance Services segment to increase sequentially in the second half of the fiscal year, specifically driven by expected sales of ambulatory quality solutions linked to regulatory reporting that will occur in the third quarter, and as we recognize revenue from performance-based advisory services engagements.
We are continually looking for ways to improve the efficiency of our businesses and deliver value to our stockholders, DeVore continued. During the quarter, we announced and launched a $200 million
The following information was filed by Premier, Inc. (PINC) on Thursday, February 8, 2018 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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