BOSTON, April 30 /PRNewswire-FirstCall/ -- AMICAS, Inc. (Nasdaq: AMCS), a leader in radiology and medical image and information management solutions, today reported unaudited financial results for the first quarter ended March 31, 2008.
Business Perspective
Dr. Stephen Kahane, president, chief executive officer, and chairman of AMICAS, said, "We have continued to maintain positive cash flow from operations while building our business through significant investments in both innovative research and development programs and important distribution initiatives. We believe that, although practices and imaging businesses are continuing to feel the impact of the Deficit Reduction Act (DRA), more and more are realizing that improved automation can both improve operating efficiency and help with the growth initiatives of the practice and business. As we emphasized last quarter, numerous large radiology groups have made the decision to use AMICAS products as the basis for their automation infrastructure going forward. Over the past six months, AMICAS was able to sign several very sophisticated and informed imaging service providers. We will continue to work hard to help these new partners succeed and to make sure that others follow in their footsteps. Again, as we mentioned last quarter, it is noteworthy that, despite obstacles such as DRA and other reimbursement pressures, these groups made the decision to take their automation support to the next level with industry leading offerings from AMICAS."
Dr. Kahane went on to say, "Over the past two years, AMICAS has bought back over $20 million of its common stock. AMICAS has no debt and has a very strong recurring revenue base. As we have said before, AMICAS remains committed to being the leading independent image and information management solutions provider in the healthcare industry. We believe that our innovative end-to-end suite of products, our strong and experienced team of professionals, and our dedicated focus on image and information management will help our customers and partners by empowering them to grow, differentiate, and efficiently run their practices and businesses in 2008 and beyond."
Dr. Kahane added, "AMICAS is continuing 2008 energized, focused, and ready to work relentlessly to reach our goals and objectives and to become the leading independent vendor of choice in the image and information management marketplace."
Looking Forward
AMICAS continues to expect 2008 revenues to be between $52 million and $54 million, with pro-forma EBITDA expected to be between $1.0 million and $1.5 million, which is consistent with a net loss of approximately ($0.02) per share.
Combining a market where imaging businesses continue to embrace automation as part of the response to the DRA with the combination of new product introductions already in progress, AMICAS expects 2008 bookings growth of between 10 and 20 percent. Bookings are defined as contractual commitments from customers for licenses, services, hardware, and maintenance/support.
Conference Call
AMICAS will host a conference call on Thursday, May 1, at 8:30 a.m. Eastern Time to discuss the Company's 2008 first fiscal quarter results. Investors and other interested parties may dial in to the call using the toll free number 1-800-862-9098. (Conference ID: 7AMICAS). The conference call will also be available via Webcast at www.amicas.com. Following the conclusion of the call, a replay will be available at 1-800-938-1598 or 402-220-1545 until May 31, 2008.
AMICAS, Vision Series, Vision Reach, RadStream and AMICAS Insight are trademarks or registered trademarks of AMICAS, Inc.
About AMICAS, Inc.
AMICAS, Inc. (www.amicas.com) is a leader in radiology and medical image and information management solutions. The AMICAS(R) Vision Series(TM) products provide a complete, end-to-end solution for imaging centers, ambulatory care facilities, and radiology practices. Acute care and hospital clients are provided a fully-integrated, HIS/RIS-independent PACS, featuring advanced enterprise workflow support and scalable design. Complementing the Vision Series product family is AMICAS Insight(TM) Solutions, a set of client- centered professional and consulting services that assist our customers with a well-planned transition to a digital enterprise. HIS and RIS mean hospital information system and radiology information system, respectively.
Safe Harbor Statement
Except for the historical information herein, the matters discussed in this release include forward-looking statements. In particular, the forward- looking statements contained in this release include statements about future financial and operating results. When used in this press release, the words: believes, intends, plans, anticipates, expects, estimates, and similar expressions are intended to identify forward-looking statements. Such forward- looking statements are subject to a number of risks, assumptions and uncertainties that could cause actual results to differ materially which include, but are not limited to, the following: a significant portion of the Company's quarterly sales are concluded in the last month of the fiscal quarter; the length of sales and delivery cycles; the deferral and/or realization of deferred software license and system revenues according to contract terms; the timing, cost and success or failure of current and new product and service introductions and product upgrade releases; potential patent infringement claims against AMICAS and the related defense costs; the ability of AMICAS to comply with all government laws, rules and regulations; and other risks affecting AMICAS' businesses generally and as set forth in AMICAS' most recent filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" of our most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q. All forward- looking statements in this release are qualified by these cautionary statements and are made only as of the date of this release. AMICAS is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise. The financial statements and information as of, and for the period ended, March 31, 2008 contained in this press release are subject to review by the Company's independent registered public accounting firm.
SOURCE AMICAS, Inc.
