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SOFTWARE INDUSTRY NEWS |
Cerner reports 2009 fourth quarter results |
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Cerner Corp. has announced results for the fourth quarter of 2009 ended January 2, 2010, delivering strong bookings, cash flow and earnings. Bookings in Q4 2009 were $680.4 million, up 68% from $404.9 million in Q4 2008, marking an all-time high level of bookings. Full year 2009 bookings were a record $1.83 billion, up 19% compared to 2008 bookings of $1.54 billion. Revenue for the quarter was $466.3 million as compared to $465.7 million in the same period a year ago, which included $28.6 million of revenue related to a one-time catch up on the Company's contract in London as part of the National Health Services (NHS) initiative to automate clinical processes and digitize medical records in England. Excluding the one-time catch up in 2008, fourth quarter revenue increased 7% from the year-ago period. Full year 2009 revenue was $1.67 billion, almost identical as compared to 2008 revenue of $1.68 billion. Excluding the one-time catch up recognized in 2008, full year 2009 revenue increased 1.5%. GAAP fourth quarter net earnings were $60.5 million. Diluted earnings per share were $0.71. For the fourth quarter 2008 GAAP net earnings were $71.5 million, and diluted earnings per share were $0.86. Full year 2009 GAAP net earnings were $193.5 million and diluted earnings per share were $2.31. Full year 2008 GAAP net earnings were $188.7 million and diluted earnings per share were $2.26. The fourth quarter also saw cash collections of $478.2 million and operating cash flow of $108.1 million. Days sales outstanding of 90 days compared to 105 days in the third quarter of 2009 and 92 days in the year-ago quarter. Total revenue backlog of $4.21 billion, up 21 percent over the year-ago quarter. This is comprised of $3.59 billion of contract backlog and $621 million of support and maintenance backlog. Neal Patterson, Cerner co-founder, chairman and CEO said the fourth quarter results bring down the curtains on a decade of strong performance for the company. “We enter the new decade very well positioned to benefit from demand driven by the Health Information Technology for Economic and Clinical Health (HITECH) provisions in the American Recovery and Reinvestment Act of 2009 (ARRA). Beyond opportunities associated with HITECH, we are investing in several long-term growth initiatives that position us to build upon the stimulus-driven growth and deliver another decade of strong performance," Patterson said. In its statement, Cerner said that it currently expects first quarter 2010 revenue to be between $420 million and $435 million, while adjusted diluted earnings per share before share-based compensation expense between $0.57 and $0.62. First quarter 2010 new business bookings between $380 million and $410 million, while full-year 2010 revenue is expected between $1.80 billion and $1.875 billion.Full-year 2010 adjusted diluted earnings per share before share based compensation expense between $2.80 and $2.90. Share based compensation expense to reduce diluted earnings per share by approximately $0.04 in the first quarter of 2010 and between $0.16 and $0.18 for the year. |
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