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Allion Healthcare zu myNews hinzufügen Was ist das?
Allion Healthcare (NASDAQ: ALLI) today announced financial results for the three months ended September 30, 2008, which include its recent expansion into the Specialty Infusion market. As a result of the April 4, 2008 acquisition of Biomed America, Inc. ("Biomed”), the Company now operates its business in two segments: Specialty HIV, which is the Company’s legacy specialty pharmacy and disease management services focused on HIV/AIDS patients, and Specialty Infusion, which is the Company’s recently acquired Biomed business of specialized biopharmaceutical medications and services for chronically ill patients. Results for the three and nine months ended September 30, 2008 reflect the acquisition of Biomed on April 4, 2008.
Summary of Results
Consolidated net sales for the third quarter 2008 increased 49% to $92.1 million, compared to $61.8 million reported during the third quarter of 2007. The Specialty Infusion business demonstrated strong sequential growth and contributed $21.8 million, while the Specialty HIV division continued to show strong year over year organic growth in excess of 10%.
Adjusted EBITDA increased to $7.7 million for the third quarter of 2008, from $2.3 million for the third quarter of 2007. The increase in Adjusted EBITDA reflects the contribution from the Biomed acquisition, lower legal expenses and organic growth in our Specialty HIV business. An explanation and reconciliation of Net income under GAAP to EBITDA and adjusted EBITDA is provided below.
The Company reported record net income for the period of $2.8 million compared to $1.0 million reported during the third quarter of 2007. Earnings per diluted share for the third quarter of 2008 were $0.11 compared to earnings per diluted share of $0.06 for the third quarter of 2007. Results for the third quarter of 2008 include a $519 thousand pre-tax impairment loss for the remaining assets associated with the May 2008 settlement with Oris Medical Systems, Inc.
"We are very pleased with the solid performance delivered during this quarter,” commented Michael Moran, Chairman, President and Chief Executive Officer of Allion Healthcare. "Our revenue and earnings growth remain strong with both operating segments exceeding our expectations.”
The Company also announced the grand opening of a new pharmacy affiliated with the Lifelong AIDS Alliance, a leading provider of practical support services and advocacy for those with HIV/AIDS in Washington State. Mike Moran added, "We are proud to officially begin our affiliation with such a quality organization as Lifelong and hope this relationship can serve as a model for other organizations interested in advocating for better patient care and service to members of the HIV/AIDS community nationwide.”
Mr. Moran added, "As government agencies and the business community navigate through these uncertain times, we feel confident that the efficient service model offered by our HIV and Infusion clinical and support personnel is a cost effective solution to caring for those inflicted with life long chronic diseases.”
Fourth Quarter Guidance
The Company today provided financial guidance for the fourth quarter of 2008. This guidance assumes a 41% effective tax rate.
|
Three Months Ending December 31, 2008
Guidance |
||
| Net Sales (millions) | $92 - $93 | |
| Earnings Per Diluted Share | $.11 - $.12 |
|
Operating Data – Specialty HIV
(in thousands, except patient months & prescriptions data) |
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|
Three Months Ended September 30, |
||||||||||||||
| 2008 | 2007 | |||||||||||||
| Distribution Region | Net Sales | Prescriptions |
Patient |
Net Sales | Prescriptions |
Patient |
||||||||
| California (2) | $ | 46,665 | 180,693 | 37,202 | $ | 40,601 | 164,088 | 34,578 | ||||||
| New York | 21,822 | 74,880 | 11,119 | 19,593 | 73,447 | 11,102 | ||||||||
| Washington (3) | 1,318 | 5,912 | 1,025 | 1,079 | 5,362 | 972 | ||||||||
| Florida | 500 | 2,287 | 303 | 549 | 2,406 | 349 | ||||||||
| Total | $ | 70,305 | 263,772 | 49,649 | $ | 61,822 | 245,303 | 47,001 | ||||||
|
(1) "Patient months” represents a count of the number of months during a period that a patient received at least one prescription. If an individual patient received multiple medications during each month of a three month period, a count of three would be included in patient months irrespective of the number of medications filled in each month.
(2) The Company identified an error in the reporting of Gardena prescriptions in the third quarter of 2007 and corrected the previously reported number of prescriptions of 164,335 in California for the three-month period ended September 30, 2007.
(3) The Company identified an error in the reporting of Seattle patient months in the third quarter of 2007 and corrected the previously reported number of prescriptions of 955 in Washington for the three-month period ended September 30, 2007. |
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Conference Call Information
The conference call to discuss the results will be held at 5:00 p.m. ET on Thursday, November 6, 2008. To access the call, please dial (888) 279–0822. International participants may dial (706) 902-0355. The conference call will also be webcast on Allion Healthcare’s website at www.allionhealthcare.com. To join the webcast, please go to Allion Healthcare’s web site at least 15 minutes prior to the start of the conference call to register, download, and install any necessary audio software.
An audio replay of the conference call will be available from 6:00 p.m. ET on Thursday, November 6, 2008, through 11:59 p.m. ET on Thursday, November 27, 2008 by dialing (800) 642-1687 from the U.S. or (706) 645-9291 from abroad and entering confirmation code 70443489. The audio webcast will also be available on the company's website, www.allionhealthcare.com, for one year.
Questions during the live call will be taken from investment professionals only.
About Allion Healthcare
Allion Healthcare, Inc. is a national provider of specialty pharmacy and disease management services focused on HIV/AIDS patients as well as specialized biopharmaceutical medications and services to chronically ill patients. Allion Healthcare sells HIV/AIDS medications, ancillary drugs and nutritional supplies under the trade name MOMS Pharmacy. Allion Healthcare provides services for the intravenous immunoglobulin, Blood Clotting Factor and other therapies through its Biomed America division. Allion Healthcare works closely with physicians, nurses, clinics, AIDS Service Organizations, and with government and private payors to improve clinical outcomes and reduce treatment costs.
Safe Harbor Statement
This press release contains certain "forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements about the Company’s growth strategy, future effective tax rate, and future financial performance. Words such as "continue," "will," "assume," and similar expressions identify forward-looking statements. Such forward-looking statements represent Allion Healthcare’s expectations and beliefs and involve a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, successful integration of the Biomed acquisition, competitive pressures, demand for Allion Healthcare’s products and services, changes in reimbursement and other changes in customer mix, changes in third party reimbursement rates or Allion Healthcare’s qualification for preferred reimbursement rates in California and New York, changes in government regulations or the interpretation of these regulations, Allion Healthcare’s ability to manage growth successfully, Allion Healthcare’s ability to effectively market its services, receipt of licensing and regulatory approvals, successful identification of strategic alliances and satellite facilities, and other risks set forth in Item 1A. Risk Factors in Allion Healthcare’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007 and in Part II, Item 1A. Risk Factors of the Company’s Quarterly Report on Form 10-Q for the quarter ended September, 2008. You are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Except to the extent required by applicable securities laws, Allion Healthcare undertakes no obligation to update any forward-looking statement contained herein, whether as a result of new information, future events, or otherwise.
|
ALLION HEALTHCARE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
| (in thousands) |
At September 30, 2008 (UNAUDITED) |
At December 31, |
||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 17,009 | $ | 19,557 | ||||
| Short term investments and securities held for sale | — | 9,283 | ||||||
| Accounts receivable (net of allowance for doubtful accounts of $1,678 in 2008 and $136 in 2007) | 40,716 | 18,492 | ||||||
| Inventories | 14,996 | 8,179 | ||||||
| Prepaid expenses and other current assets | 1,180 | 767 | ||||||
| Deferred tax asset | 1,213 | 344 | ||||||
| Total current assets | 75,114 | 56,622 | ||||||
| Property and equipment, net | 1,340 | 790 | ||||||
| Goodwill | 129,564 | 41,893 | ||||||
| Intangible assets, net | 59,051 | 27,228 | ||||||
| Marketable securities, non-current | 2,161 | — | ||||||
| Other assets | 1,083 | 83 | ||||||
| Total assets | $ | 268,313 | $ | 126,616 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 26,644 | $ | 15,832 | ||||
| Accrued expenses | 3,241 | 2,319 | ||||||
| Current maturities of long term debt | 1,698 | — | ||||||
| Current portion of capital lease obligations | 15 | 47 | ||||||
| Total current liabilities | 31,598 | 18,198 | ||||||
| Long Term Liabilities: | ||||||||
| Revolving credit facility | 17,821 | — | ||||||
| Long term debt | 32,629 | — | ||||||
| Notes payable - affiliate | 3,644 | — | ||||||
| Deferred tax liability | 17,305 | 2,212 | ||||||
| Capital lease obligations | 5 | — | ||||||
| Other | 25 | 44 | ||||||
| Total liabilities | 103,027 | 20,454 | ||||||
| Commitments & Contingencies | ||||||||
| Stockholders’ Equity: | ||||||||
| Convertible preferred stock, $.001 par value, shares authorized 20,000; issued and outstanding -0- in 2008 and 2007 | — | — | ||||||
| Common stock, $.001 par value, shares authorized 80,000; issued and outstanding 25,911 in 2008 and 16,204 in 2007 | 26 | 16 | ||||||
| Additional paid-in capital | 167,327 | 112,636 | ||||||
| Accumulated deficit | (2,031 | ) | (6,487 | ) | ||||
| Accumulated other comprehensive loss | (36 | ) | (3 | ) | ||||
| Total stockholders’ equity | 165,286 | 106,162 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 268,313 | $ | 126,616 | ||||
|
ALLION HEALTHCARE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
||||||||||||||
| (in thousands, except per share data) |
Three months ended |
Nine months ended |
||||||||||||
| September 30, | September 30, | |||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||
| Net sales | $ | 92,136 | $ | 61,822 | $ | 243,824 | $ | 183,075 | ||||||
| Cost of goods sold | 75,519 | 52,830 | 200,467 | 156,774 | ||||||||||
| Gross profit | 16,617 | 8,992 | 43,357 | 26,301 | ||||||||||
| Operating expenses: | ||||||||||||||
| Selling, general and administrative expenses | 8,873 | 6,730 | 25,685 | 19,993 | ||||||||||
| Depreciation and amortization | 1,607 | 874 | 4,192 | 2,702 | ||||||||||
| Litigation settlement | — | — | 3,950 | — | ||||||||||
| Impairment of long-lived asset | 519 | — | 519 | 599 | ||||||||||
| Operating income | 5,618 | 1,388 | 9,011 | 3,007 | ||||||||||
| Interest expense (income), net | 877 | (214 | ) | 1,498 | (556 | ) | ||||||||
| Income before taxes | 4,741 | 1,602 | 7,513 | 3,563 | ||||||||||
| Provision for taxes | 1,929 | 569 | 3,058 | 1,372 | ||||||||||
| Net income | $ | 2,812 | $ | 1,033 | $ | 4,455 | $ | 2,191 | ||||||
| Basic earnings per common share | $ | 0.11 | $ | 0.06 | $ | 0.24 | $ | 0.14 | ||||||
| Diluted earnings per common share | $ | 0.11 | $ | 0.06 | $ | 0.21 | $ | 0.13 | ||||||
| Basic weighted average of common shares outstanding | 25,616 | 16,204 | 18,517 | 16,204 | ||||||||||
| Diluted weighted average of common shares outstanding | 26,128 | 17,026 | 21,205 | 17,002 | ||||||||||
|
ALLION HEALTHCARE, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||||||
| (in thousands) | Nine Months ended September 30, | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | 2008 | 2007 | ||||||
| Net Income | $ | 4,455 | $ | 2,191 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 4,192 | 2,702 | ||||||
| Impairment of long-lived asset | 519 | 599 | ||||||
| Deferred rent | (19 | ) | (11 | ) | ||||
| Amortization of deferred financing costs | 91 | — | ||||||
| Amortization of debt discount on acquisition notes | 26 | — | ||||||
| Change in fair value of interest rate cap contract | 30 | — | ||||||
| Provision for doubtful accounts | 946 | 451 | ||||||
| Non-cash stock compensation expense | 151 | 280 | ||||||
| Deferred income taxes | 396 | 724 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (7,207 | ) | 429 | |||||
| Inventories | (4,902 | ) | (2,157 | ) | ||||
| Prepaid expenses and other assets | (239 | ) | (55 | ) | ||||
| Accounts payable and accrued expenses | 4,087 | 487 | ||||||
| Net cash provided by operating activities | 2,526 | 5,640 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Purchase of property and equipment | (575 | ) | (234 | ) | ||||
| Purchases of short term securities | (300 | ) | (49,485 | ) | ||||
| Sales of short term securities | 7,390 | 47,867 | ||||||
| Payments for investment in Oris Medical’s Assets | — | (202 | ) | |||||
| Payments for investment in Biomed, net of cash acquired | (50,239 | ) | — | |||||
| Net cash used in investing activities | (43,724 | ) | (2,054 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from CIT revolver note | 17,821 | — | ||||||
| Net proceeds from CIT term loan | 34,738 | — | ||||||
| Payment for CIT interest rate cap contract | (112 | ) | — | |||||
| Payment for deferred financing costs | (907 | ) | — | |||||
| Net proceeds from exercise of employee stock options | 332 | — | ||||||
| Payment for Biomed loans assumed | (14,925 | ) | — | |||||
| Tax benefit from exercise of employee stock options | 2,177 | 478 | ||||||
| Repayment of CIT term loan and capital leases | (474 | ) | (735 | ) | ||||
| Net cash provided by (used in) financing activities | 38,650 | (257 | ) | |||||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (2,548 | ) | 3,329 | |||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 19,557 | 17,062 | ||||||
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 17,009 | $ | 20,391 | ||||
| SUPPLEMENTAL DISCLOSURE | ||||||||
| Income taxes paid | 426 | 65 | ||||||
| Interest paid | 1,337 | 45 | ||||||
|
Allion Healthcare, Inc. |
||||||||||||||
| (in thousands) | Three months ended | Nine months ended | ||||||||||||
| September 30, | September 30, | |||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||
| Net income | $ | 2,812 | $ | 1,033 | $ | 4,455 | $ | 2,191 | ||||||
| Income tax provision | 1,929 | 569 | 3,058 | 1,372 | ||||||||||
| Interest expense (income), net | 877 | (214 | ) | 1,498 | (556 | ) | ||||||||
| Depreciation and amortization | 1,607 | 874 | 4,192 | 2,702 | ||||||||||
| EBITDA | $ | 7,225 | $ | 2,262 | $ | 13,203 | $ | 5,709 | ||||||
| Oris litigation settlement | - | - | 3,950 | - | ||||||||||
| Impairment of long-lived asset | 519 | - | 519 | 599 | ||||||||||
| Adjusted EBITDA | $ | 7,744 | $ | 2,262 | $ | 17,672 | $ | 6,308 | ||||||
|
EBITDA refers to net income before interest, income tax expense, and depreciation and amortization. Allion considers EBITDA to be a good indication of the Company's ability to generate cash flow in order to liquidate liabilities and reinvest in the Company. Adjusted EBITDA excludes the litigation settlement related to the Oris litigation, and the impairment of long-lived assets to reflect comparable year over year EBITDA performance and provide investors with supplemental information to assess recurring EBITDA performance. EBITDA and Adjusted EBITDA are not measurements of financial performance under GAAP and should not be considered a substitute for net income as a measure of performance. |
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