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Author: covan Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 63  
Subject: Eclipsys Q2'03 results & call Date: 7/31/2003 11:18 PM
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Hello,

Eclipsys reported excellent sales for the second quarter of the 2003 fiscal year a few days ago. It appears that their heavy investment in sales & marketing is beginning to pay off.

Here's are some clips from the earnings press release:

"Second-quarter 2003 was a very busy sales quarter for Eclipsys. We have closed more significant software deals in 2003 year-to-date than we had closed in all of 2002. Our pipeline of highly qualified opportunities remains strong and continues to strengthen." .."We are pleased with our financial results for the quarter. Our increase in revenue Q2'03 over Q1'03 is 11.6% and Q2'03 over Q2'02 is 16.8%. Our Q2'03 revenue is the highest-revenue quarter we have had for more than three years.

Here are the numbers for the quarter, from the press release:

Second-quarter 2003 revenues were $63.4 million compared to revenues of $54.3 million in Q2'02 and revenues of $56.8 million in Q1'03. Net loss for the quarter was $(11.0) million, compared to a net loss of $(3.0) million in the same period a year ago and a net loss of $(13.0) million in Q1'03. Basic net loss per share was $(0.24), compared to $(0.07) in Q2'02 and $(0.29) in Q1'03. This represents a sequential improvement of $0.05 over the preceding quarter.

Operating cash flows were $(1.7) million, compared to $10.9 million in Q2'02 and $1.2 million in Q1'03. Cash and marketable securities were $170.8 million as of June 30, 2003, down from $181.3 million as of June 30, 2002 and down sequentially from $180.0 million as of March 31, 2003. Days sales outstanding (DSOs) were 68 as of June 30, 2003, a decrease of 27 days from June 30, 2002, and a decrease of 3 days from the preceding quarter. Deferred revenue (including current and long-term) was $87.3 million as of June 30, 2003, compared to $58.3 million as of June 30, 2002. Deferred revenue increased sequentially $1.4 million from $85.9 million as of March 31, 2003.


Eclipsys closed 16 major contracts in Q2 vs. 10 in Q1. Significantly, half of the sales represent new clients, 10 are new Sunrise XA advanced core clinical systems, and five are remote hosting customers.

Among the customers contracting for Eclipsys Sunrise XA systems & services in Q2 are NYU Medical Center, Johns Hopkins, University Health Systems of San Antonio, Foundation Surgery Affiliates of Oklahoma City (12 ambulatory surgery centers), Cleveland Clinic Eastern Division, St. Marys of Saginaw, & St. Vincent's of Indianapolis.

During the conference call, the company reported completing 35 major system implementations YTD, 12 of which were core clinical applications. They reported 74 implementations in progress, 44 of which are core clinicals. They also discussed their strategic alliance with iSoft, the leading healthcare system vendor in the UK. Under this arrangement, Eclipsys and iSOFT will cooperatively develop advanced healthcare applications for distribution on a global basis.

Going forward, Eclipsys raised revenue guidance for 2003 slightly, predicted a loss of .80 to .90 per share for the year, and indicated that operating cash flow is expected to end the year even to slightly negative.

Fred
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