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American Healthways Exceeds Expectations With Fourth-Quarter Earnings of $0.24 Per Diluted Share
NASHVILLE, Tenn.--(BUSINESS WIRE)--Oct. 8, 2002--
Earns $0.64 Per Diluted Share for Fiscal 2002 Compared with $0.22 for Fiscal 2001
Increases EPS Guidance for Fiscal 2003 to a Range of $1.01 to $1.05
Thomas G. Cigarran, Chairman and Chief Executive Officer of American Healthways, Inc. (Nasdaq:AMHC), today announced financial results for the fourth quarter and fiscal year ended August 31, 2002. Revenues for the fourth quarter increased 71% to $38,279,000 from $22,427,000 for the fourth quarter of fiscal 2001. Net income increased 277% to $3,826,000 from $1,015,000. Earnings per diluted share for the quarter rose 243% to $0.24 versus $0.07 for the same quarter in the prior fiscal year and compared with a targeted range for the quarter of $0.16 to $0.17.
Revenues for the full 2002 fiscal year increased 63% to $122,762,000 from $75,121,000 for fiscal 2001. Net income more than tripled to $10,355,000 for fiscal 2002 from $3,157,000 for fiscal 2001, while earnings per diluted share rose 191% to $0.64 from $0.22.
Mr. Cigarran remarked, "We are very pleased to have completed fiscal 2002 on such a strong note. By significantly exceeding our fourth-quarter earnings expectations, we achieved fiscal 2002 earnings per diluted share of $0.64, compared with both our latest targeted range of $0.57 to $0.58 and our targeted range at the start of fiscal 2002 of $0.52 to $0.54.
"For the fourth quarter, our financial results primarily reflected 90% growth in the average number of health plan lives under management and continued improvement in operating leverage. In addition, health plan incentive bonuses in the fourth quarter contributed approximately $.05 per diluted share, providing further evidence of our continuing ability to meet and exceed our customers' financial expectations."
Growth in Lives Under Contract and Management
"American Healthways' total health plan equivalent lives under contract increased 97% for fiscal 2002 to 715,000 at year end from 363,000 at the end of fiscal 2001, up from 639,000 as of the end of the previous quarter," continued Mr. Cigarran. "The total at the end of fiscal 2002 was comprised of 600,000 equivalent lives under management and 115,000 equivalent lives in backlog, compared with 349,000 and 14,000, respectively, at the end of fiscal 2001. The increase in lives under contract for the quarter resulted from additional sales to existing customers and increased penetration of the PPO market.
"During the fourth quarter, American Healthways expanded its existing relationship with Blue Cross Blue Shield of Massachusetts through the signing of a three-year contract to provide its diabetes care enhancement services. Under this contract, we initiated services for approximately 15,000 new equivalent lives on September 1, 2002.
"Our penetration of the PPO market segment accelerated in terms of both the quantity of equivalent lives added and the speed with which they have come under contract. With total equivalent lives under contract from the PPO segment increasing to approximately 50,000 at the end of fiscal 2002, we have increased our internal estimates for the contribution expected from the PPO segment in fiscal 2003. However, our policy continues to be that no PPO lives will be added to our backlog until our health plan customers actually contract with their employer customers.
"Since the beginning of fiscal 2003, we have signed a contract with The Principal Financial Group to provide our disease management programs to The Principal's PPO/ASO business, which represents more than one million people nationwide participating in more than 270 self-funded employee benefit plans. Demonstrating the increasing customer demand for disease management, Jim Charling, vice president of Group National Accounts, the Principal Financial Group, said, `Our experience illustrates employers now view disease management as an integral part of their health plan coverage, providing a valuable benefit to employees, helping lower health care costs and improving the overall health of their work force.'"
EPS Guidance Increased....Revenue Guidance Given
Based primarily on the Company's current health plan equivalent lives under management and in backlog, as well as its contracting momentum, American Healthways currently targets revenues for fiscal 2003 in a range of $180 million to $195 million, a 47% to 59% increase over revenues of $123 million for fiscal 2002.
In addition, as a result of its stronger-than-expected fourth-quarter performance, the Company also today increased its targeted range for earnings per diluted share for fiscal 2003 to $1.01 to $1.05 from its original target of $1.00 to $1.04, representing anticipated growth of 58% to 64% over $0.64 for fiscal 2002. Included in the assumptions for this guidance are Company plans for continued substantial investment in infrastructure and future programs and also in additional capacity, with the sixth care enhancement center scheduled to open during the first quarter of fiscal 2003 and two additional centers planned for later in the fiscal year. American Healthways also currently anticipates earnings per diluted share for the first quarter of fiscal 2003 will double to a range of $0.20 to $0.21, compared with $0.10 for the first quarter of fiscal 2002.
Conclusion
"Our Company's performance reflects both the growing health insurance industry and employer recognition of the potential for disease management to have a major positive impact on cost and quality issues that affect their bottom lines," Mr. Cigarran stated. "With each passing quarter, we further demonstrate the scalability of our business model. Despite rapid growth and substantial investment, our cash and cash equivalents increased to $23.9 million at the end of fiscal 2002 from $16.4 million at the end of the third quarter of fiscal 2002, and we remained debt free. We are confident that we have the scale, the momentum and the expertise to capitalize on our leadership position in the years to come."
All prior-period data have been adjusted for the Company's three-for-two stock split, effected November 23, 2001. Pro forma net income for the fourth quarter of fiscal 2001 was $1,291,000, or $0.08 per diluted share, which reflects the elimination of goodwill amortization as if we had adopted Statement of Financial Accounting Standards ("SFAS") 142, "Goodwill and Other Intangible Assets," as of the start of fiscal 2001 rather than the start of fiscal 2002. Pro forma earnings per diluted share for fiscal 2001 were $0.26. See "Fiscal 2001 Pro Forma EPS Calculation" table on page 5 of this release.
Conference Call
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