Neoforma Reports Fourth Quarter and Full Year 2004 Financial
Results SAN JOSE, Calif., Feb. 22 /PRNewswire-FirstCall/ --
Neoforma, Inc. (NASDAQ:NEOF), a leading provider of supply chain
management solutions for the healthcare industry, generated total
revenue of $12.7 million on a generally accepted accounting
principles (GAAP) basis in the year ended December 31, 2004, an
increase over the $11.1 million reported in the previous year.
Excluding the impact of Emerging Issues Task Force Abstract No.
01-9 (EITF No. 01-9), Neoforma generated total adjusted revenue of
$74.4 million in fiscal 2004, a decrease as compared to the $80.3
million reported in 2003, due primarily to the scheduled $8.2
million reduction in the Company's maximum payment from Novation.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030226/NEOFORMALOGO )
In accordance with GAAP, Neoforma's net loss and net loss per share
were $61.2 million and $3.17, respectively, during 2004,
representing an improvement from the $66.4 million net loss and
$3.66 net loss per share reported in fiscal 2003. On an adjusted
basis, net income and net income per share for 2004 were $21.2
million and $1.10, respectively. Neoforma's adjusted net income
results for 2004 represent an improvement over the $20.3 million
recorded in the prior year, but the Company's adjusted net income
per share amount decreased from $1.12 in fiscal 2003, due to an
increase in the number of weighted average shares outstanding in
2004. Neoforma's adjusted financial information, which is not in
accordance with GAAP, excludes the application of EITF No. 01-9 and
certain expenses, gains and losses. Adjusted financial information
serves as a measure of the performance of Neoforma's ongoing core
operations. A description of the adjusted financial information for
the periods presented and a reconciliation of these results to GAAP
financial information are included in the attached financial
statements and are available in the investor relations section of
Neoforma's Web site at http://investor.neoforma.com/ . "In 2004, we
continued to build a strong company focused on the delivery of
value to our customers, releasing powerful technology, growing our
industry-leading volume, increasing our non-related party revenue
and strengthening our balance sheet," says Bob Zollars, chairman
and chief executive officer. "We amplified Neoforma's leadership in
the industry by forging a strategic relationship with Consorta, a
new GPO partner who shares our view of delivering enhanced supply
chain visibility to hospitals to help them to make sound, strategic
supply chain decisions." 2004 Highlights In 2004, Neoforma made
significant progress in several key areas, including: * Identified
and documented approximately $100 million in value realized from a
sampling of approximately 280 hospitals using Neoforma's solutions;
* Grew non-related party revenue 24% over the prior year; * Entered
into and then expanded the Company's relationship with Consorta,
Inc. to support its Global Catalog Initiative with Neoforma Data
Management Solution(TM) (Neoforma DMS); * Released powerful new
functionality for Marketplace@Novation(R), including: * Online
pharmacy supply analysis tools, * Functionality for hospitals to
manage all local and national contracts and view product data using
the UNSPSC taxonomy and * Enhancements to order and contract
management capabilities; * Introduced a streamlined connectivity
process that significantly accelerated the Company's connection
rate; * Enhanced market intelligence reports for pharmaceutical
manufacturers and grew the HPIS market intelligence offering for
medical/surgical manufacturers; * Contracted with VHA Inc. and
University HealthSystem Consortium (UHC) to provide Neoforma DMS to
their member hospitals; * Signed an additional 149 hospitals and
renewed contracts with 275 hospitals, or 99% of the contracts up
for renewal, ending the year with 1,198 hospitals and 467 suppliers
contracted to participate in Marketplace@Novation; * Supported
$10.9 billion in volume, representing a 28% increase from the
previous year and comprised of $4.1 billion in gross transaction
volume and $6.8 billion in supply chain data; and * Significantly
improved the balance sheet, remaining debt free throughout 2004 and
ending the year with $25.9 million in cash, cash equivalents and
short-term marketable investments. Fiscal Year 2004 Financial
Results For the year ended December 31, 2004, on a GAAP basis,
Neoforma generated $12.7 million in total revenue, which was
comprised entirely of non-related party revenue, representing an
increase over both the $11.1 million in total revenue and the $10.2
million in non-related party revenue recognized in fiscal 2003. On
an adjusted basis, excluding the impact of EITF No. 01-9, Neoforma
generated total revenue of $74.4 million in 2004, consisting of
$61.8 million in related party revenue and $12.7 million in
non-related party revenue. The Company's total revenue and related
party revenue for the year represent a decrease from the $80.3
million and $70.0 million, respectively, generated in 2003, due to
an $8.2 million decline in the Company's revenue from Novation
during 2004. The decline in revenue from Novation resulted from a
scheduled reduction in the quarterly maximum payment under the
terms of Neoforma's outsourcing agreement with Novation. Beginning
in 2004, under the terms of the August 2003 amendment to the
outsourcing agreement, the maximum payment from Novation was fixed
at $61.0 million per year. In 2004, the $2.4 million increase in
non-related party revenue, on both a GAAP and an adjusted basis,
represents an increase of 24% from the previous year. This increase
was primarily the result of increases in revenue from Neoforma's
HPIS market intelligence and pharmaceutical market intelligence
services for suppliers and from data cleansing and categorization
services for hospitals and group purchasing organizations (GPOs).
Under EITF No. 01-9, Neoforma classifies non-cash amortization of
partnership costs as an offset against related party revenue.
Because the reductions to operating expenses and revenue are equal,
this accounting treatment has no impact on Neoforma's loss from
operations, net loss, net loss per share or total cash flow. In
2004, Neoforma's total GAAP operating expenses were $74.3 million,
an improvement from the $76.5 million recorded in the prior year.
The reduction in operating expenses in 2004, as compared to 2003,
was primarily the result of a $7.8 million decrease in depreciation
and amortization of property and equipment, $5.8 million in
software development costs capitalized and reductions in selling
and marketing expenses. These changes were partially offset by a
$5.5 million increase in net amortization of partnership costs, a
$4.1 million write-off of stockholder notes receivable and an
increase in cost of services, as well as an increase in product
development prior to the capitalization of certain software
development costs. Adjusted operating expenses equaled $53.6
million in 2004, an improvement from the $59.1 million in adjusted
operating expenses recorded in the previous year. The reduction in
adjusted operating expenses in 2004, as compared to 2003, was
primarily due to the $5.8 million in software development costs
capitalized and a $4.2 million decrease in selling and marketing
costs. These changes were partially offset by an increase in cost
of services, as well as an increase in product development prior to
the capitalization of certain software development costs. In fiscal
2004, on a GAAP basis, Neoforma's loss from operations was $61.6
million, representing an improvement from the $65.5 million loss in
the prior year. The $3.9 million improvement in Neoforma's loss
from operations resulted from the $2.3 million decrease in total
operating expenses and the $1.6 million increase in revenue.
Neoforma generated $20.8 million in EBITDA in 2004, a slight
decrease from the $21.2 million generated in the previous year.
This decrease was due to the reduction in related party revenue
that resulted from the scheduled $8.2 million decline in the
Company's revenue from Novation during 2004, and was almost
completely offset by the $2.4 million increase in non-related party
revenue and the $5.4 million reduction in Neoforma's adjusted
operating expenses. The reduction in operating expenses was due
primarily to software development costs capitalized during the
year. As of December 31, 2004, Neoforma's cash, cash equivalents
and short-term investments totaled $25.9 million, an increase from
$16.6 million as of year- end 2003. This represents an increase of
$9.3 million. The Company remains debt-free. Neoforma's free cash
flow equaled $7.3 million during the year. Free cash flow is
calculated as net cash used in operating activities, plus
amortization of partnership costs offset against related party
revenue, minus purchases of property and equipment and
capitalization of software development costs. "In 2004, we
continued to improve Neoforma's financial position, remaining
debt-free and increasing our free cash flow," says Andrew
Guggenhime, chief financial officer of Neoforma. "We've entered
2005 in a position of greater financial strength." Fourth Quarter
2004 Financial Results In the fourth quarter ended December 31,
2004, Neoforma generated total revenue of $3.4 million on a GAAP
basis. On an adjusted basis, the Company generated total revenue of
$18.9 million. On a GAAP basis, Neoforma's total fourth quarter
revenue of $3.4 million was comprised entirely of non-related party
revenue, representing an increase over both the $3.0 million in
total revenue and the $2.7 million in non- related party revenue
generated in the same quarter in 2003. On an adjusted basis,
excluding the impact of EITF No. 01-9, Neoforma's total fourth
quarter revenue of $18.9 million consisted of $15.4 million in
related party revenue and $3.4 million in non-related party
revenue. The Company's total revenue and related party revenue in
the fourth quarter of 2004 represent a decrease from the $20.2
million and $17.4 million, respectively, generated in the same
quarter of 2003, due to the scheduled decline in the revenue from
Novation. Neoforma's fourth quarter 2004 non- related party revenue
increased from the $2.7 million recorded in the same period of the
previous year primarily due to increases in revenue from data
cleansing and categorization services for hospitals and GPOs, as
well as increases in revenue from HPIS market intelligence services
for suppliers. In the fourth quarter of 2004, the Company completed
a large Neoforma DMS project and recognized the corresponding
revenue from this one-time engagement. In the fourth quarter of
2004, Neoforma's total GAAP operating expenses were $18.6 million,
an improvement from the $19.6 million recorded in the same quarter
in the prior year. Adjusted operating expenses in the fourth
quarter equaled $14.0 million, an improvement from the $15.7
million in adjusted operating expenses recorded in the fourth
quarter of 2003. On a GAAP basis, in the fourth quarter of 2004,
Neoforma's loss from operations was $15.2 million, representing an
improvement from the $16.6 million loss in the same quarter in the
prior year. Neoforma generated $4.9 million in EBITDA in the fourth
quarter of 2004, an improvement from the $4.4 million generated in
the same period in the previous year. In accordance with GAAP,
Neoforma's net loss and net loss per share were $15.1 million and
$0.78, respectively, in the fourth quarter of 2004, representing an
improvement from the $16.8 million net loss and $0.90 net loss per
share reported in the same quarter in the prior year. On an
adjusted basis, net income and net income per share were $5.0
million and $0.26, respectively, in the fourth quarter,
representing an improvement from the $4.3 million net income and
$0.23 net income per share recorded in the fourth quarter of 2003.
First Quarter 2005 Revenue Outlook In the first quarter of 2005,
Neoforma expects to generate approximately $2.6 million in GAAP
revenue and approximately $18.0 million in adjusted revenue. "We
made great strides on many fronts in 2004, including documenting
the significant value that our solutions deliver to our hospital
customers," says Zollars. "In 2005, we will focus on helping our
hospital customers improve their financial health, leveraging and
strengthening our channel relationships and addressing more of our
customers' healthcare supply chain needs. We remain committed to
increasing the value delivered to our stockholders, and are
exploring strategic alternatives in order to do so." About Neoforma
Neoforma is a leading supply chain management solutions provider
for the healthcare industry. Through a unique combination of
technology, information and services, Neoforma provides innovative
solutions to over 1,500 hospitals and suppliers, supporting more
than $10 billion in annualized transaction volume. By bringing
together contract information and order data, Neoforma's integrated
solution set delivers a comprehensive view of an organization's
supply chain, driving significant cost savings and better
decision-making for both hospitals and suppliers. For more
information, point your browser to http://www.neoforma.com/ . This
news release contains forward-looking information within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements include but are not limited to
statements related to Neoforma's business and financial outlook for
part of calendar 2005, as well as statements related to the
continued value realized by our customers. There are a number of
risks that could cause actual results to differ materially from
those anticipated by these forward-looking statements. These risks
include the willingness of customers to accept Neoforma's business
model of providing supply chain management solutions for the
healthcare industry, the results of Neoforma's ongoing evaluation
of its strategic alternatives, the results of the ongoing Neoforma
and Novation independent assessments that have been announced
previously and the ability of Neoforma to manage its technological
challenges. Some of these risks and other risks are described in
Neoforma's periodic reports filed with the SEC, including its Form
10-Q for the quarter ended September 30, 2004. These statements are
current as of the date of this release and Neoforma assumes no
obligation to update the forward- looking information contained in
this news release. NOTE: Neoforma is a trademark of Neoforma, Inc.
Other Neoforma logos, product names and service names are also
trademarks of Neoforma, Inc., which may be registered in other
countries. Other product and brand names are trademarks of their
respective owners. NEOFORMA, INC. CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (in thousands, except per share amounts) (unaudited)
Three Months Ended Year Ended December 31, December 31, REVENUE:
2003 2004 2003 2004 Related party, net of amortization of
partnership costs of $17,131, $15,427, $69,201 and $61,787 for the
three months ended December 31, 2003 and 2004, and for the years
ended December 31, 2003 and 2004, respectively $286 $-- $825 $--
Non-related party 2,734 3,437 10,228 12,659 Total revenue 3,020
3,437 11,053 12,659 OPERATING EXPENSES: Cost of services 1,969
3,119 6,723 10,620 Operations 4,850 2,842 19,738 11,485 Product
development 5,268 4,587 18,645 16,889 Selling and marketing 4,401
3,750 18,659 14,407 General and administrative 2,372 2,616 10,711
9,787 Amortization of intangibles 147 147 588 588 Amortization of
partnership costs -- 1,573 847 6,365 Abandoned acquisition costs
551 -- 551 -- Write-down of note receivable 50 -- 50 -- Write-off
of stockholder notes receivable -- -- -- 4,115 Total operating
expenses 19,608 18,634 76,512 74,256 Loss from operations (16,588)
(15,197) (65,459) (61,597) OTHER INCOME (EXPENSE) (166) 133 (928)
367 Net loss $(16,754) $(15,064) $(66,387) $(61,230) NET LOSS PER
SHARE: Basic and diluted $(0.90) $(0.78) $(3.66) $(3.17) Weighted
average shares -- basic and diluted 18,683 19,400 18,161 19,297 In
addition to our consolidated financial statements presented in
accordance with GAAP, Neoforma, Inc. uses non-GAAP, or adjusted,
measures of operating results, net income and net income per share,
which are adjusted from results based on GAAP to exclude the
application of EITF No. 01-9 and certain expenses, gains and
losses. Neoforma management believes that the non- GAAP adjusted
results provide added insight into the Company's performance by
focusing on results generated by the Company's ongoing core
operations. Neoforma management uses the non-GAAP adjusted results
when assessing the performance of its ongoing core operations, in
making resource allocation decisions and for planning and
forecasting. Additionally, incentive compensation for the Company,
including management, is based on results on this basis. In
addition, because we historically have reported adjusted results,
we believe the inclusion of comparative numbers provides
consistency in our financial reporting. The non-GAAP financial
measure should be considered in addition to, not as a substitute
for, or superior to, the measure of financial performance prepared
in accordance with GAAP. Investors are encouraged to review the
reconciliation of the non-GAAP financial measures to their most
directly comparable GAAP financial measures. NEOFORMA, INC.
ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (1) (in
thousands, except per share amounts) (unaudited) Three Months Ended
Year Ended December 31, December 31, REVENUE: 2003 2004 2003 2004
Related party $17,417 $15,427 $70,026 $61,787 Non-related party
2,734 3,437 10,228 12,659 Total adjusted revenue 20,151 18,864
80,254 74,446 OPERATING EXPENSES: Cost of services 1,842 2,628
6,143 8,583 Operations 2,585 2,123 9,784 9,126 Product development
4,951 3,897 17,017 14,951 Selling and marketing 4,118 3,252 17,048
12,841 General and administrative 2,207 2,071 9,059 8,132 Adjusted
operating expenses 15,703 13,971 59,051 53,633 EBITDA 4,448 4,893
21,203 20,813 OTHER INCOME (EXPENSE) (166) 133 (928) 367 Adjusted
net income $4,282 $5,026 $20,275 $21,180 ADJUSTED NET INCOME PER
SHARE: Basic $0.23 $0.26 $1.12 $1.10 Weighted average shares --
basic 18,683 19,400 18,161 19,297 (1) These adjusted condensed
consolidated statements of operations exclude the impact of EITF
No. 01-9 and certain expenses, gains and losses. Under EITF No.
01-9, the Company offsets non-cash amortization of partnership
costs against related party revenue in an amount equal to the
lesser of the two in any period. Any amortization of partnership
costs in excess of related party revenue in any period is
classified as an operating expense. As a result of the adoption of
EITF No. 01-9, the Company offset $17,131, $15,427, $69,201 and
$61,787 of amortization of partnership costs against related party
revenue in its GAAP condensed consolidated statements of operations
for the three months ended December 31, 2003 and 2004, and for the
years ended December 31, 2003 and 2004, respectively. As
reclassifications, the application of EITF No. 01-9 had no impact
on loss from operations, net loss or net loss per share. The
excluded expenses, gains and losses consisted of depreciation and
amortization of property and equipment, amortization of
intangibles, amortization of deferred compensation, amortization of
partnership costs, abandoned acquisition costs, write-down of note
receivable and write-off of stockholder notes receivable. NEOFORMA,
INC. RECONCILIATION OF ADJUSTED CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS TO GAAP (In thousands, except per share amounts)
(unaudited) Three Months Ended December 31, 2004 GAAP Allocations
Depreciation and Amortiz- Amortiz- Excluded ation ation Expenses,
Application of of GAAP Gains of Property Deferred Results Adjusted
and EITF and Compen- As Results Losses No. 01-9 Equipment sation
Reported REVENUE: Related party $15,427 $-- $(15,427) $-- $-- $--
Non-related party 3,437 -- -- -- -- 3,437 Total revenue 18,864 --
(15,427) -- -- 3,437 OPERATING EXPENSES: Cost of services 2,628 --
-- 274 217 3,119 Operations 2,123 -- -- 565 154 2,842 Product
development 3,897 -- -- 433 257 4,587 Selling and marketing 3,252
-- -- 242 256 3,750 General and administrative 2,071 -- -- 214 331
2,616 Adjusted operating expenses 13,971 EBITDA 4,893 Depreciation
and amortization of property and equipment -- 1,728 -- (1,728) --
-- Amortization of intangibles -- 147 -- -- -- 147 Amortization of
deferred compensation -- 1,215 -- -- (1,215) -- Amortization of
partnership costs -- 17,000 (15,427) -- -- 1,573 Total operating
expenses 20,090 (15,427) -- -- 18,634 Loss from operations (20,090)
-- -- -- (15,197) OTHER INCOME (EXPENSE) 133 -- -- -- -- 133 Net
income (loss) $5,026 $(20,090) $-- $-- $--$(15,064) NET INCOME
(LOSS) PER SHARE: Basic $0.26 $(0.78) Weighted average shares -
basic 19,400 19,400 Three Months Ended December 31, 2003 GAAP
Allocations Depreciation and Amortiz- Amortiz- Excluded Applic-
ation ation Expenses, ation of of GAAP Gains of Property Deferred
Results Adjusted and EITF and Compen- As Results Losses No. 01-9
Equipment sation Reported REVENUE: Related party $17,417 $--
$(17,131) $-- $-- $286 Non-related party 2,734 -- -- -- -- 2,734
Total revenue 20,151 -- (17,131) -- -- 3,020 OPERATING EXPENSES:
Cost of services 1,842 -- -- 103 24 1,969 Operations 2,585 -- --
2,257 8 4,850 Product development 4,951 -- -- 262 55 5,268 Selling
and marketing 4,118 -- -- 224 59 4,401 General and administrative
2,207 -- -- 144 21 2,372 Adjusted operating expenses 15,703 EBITDA
4,448 Depreciation and amortization of property and equipment --
2,990 -- (2,990) -- -- Amortization of intangibles -- 147 -- -- --
147 Amortization of deferred compensation -- 167 -- -- (167) --
Amortization of partnership costs -- 17,131 (17,131) -- -- --
Abandoned acquisition costs -- 551 -- -- -- 551 Write-down of note
receivable -- 50 -- -- -- 50 Total operating expenses 21,036
(17,131) -- -- 19,608 Loss from operations (21,036) -- -- --
(16,588) OTHER INCOME (EXPENSE) (166) -- -- -- -- (166) Net income
(loss) $4,282 $(21,036) $-- $-- $-- $(16,754) NET INCOME (LOSS) PER
SHARE: Basic $0.23 $(0.90) Weighted average shares - basic 18,683
18,683 NEOFORMA, INC. RECONCILIATION OF ADJUSTED CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS TO GAAP (In thousands, except
per share amounts) (unaudited) Year Ended December 31, 2004 GAAP
Allocations Depreciation and Amortiz- Amortiz- Excluded ation ation
Expenses, Application of of GAAP Gains of Property Deferred Results
Adjusted and EITF and Compen- As Results Losses No. 01-9 Equipment
sation Reported REVENUE: Related party $61,787 $-- $(61,787) $--
$-- $-- Non-related party 12,659 -- -- -- -- 12,659 Total revenue
74,446 -- (61,787) -- -- 12,659 OPERATING EXPENSES: Cost of
services 8,583 -- -- 1,387 650 10,620 Operations 9,126 -- -- 1,936
423 11,485 Product development 14,951 -- -- 1,040 898 16,889
Selling and marketing 12,841 -- -- 622 944 14,407 General and
administrative 8,132 -- -- 554 1,101 9,787 Adjusted operating
expenses 53,633 EBITDA 20,813 Depreciation and amortization of
property and equipment -- 5,539 -- (5,539) -- -- Amortization of
intangibles -- 588 -- -- -- 588 Amortization of deferred
compensation -- 4,016 -- -- (4,016) -- Amortization of partnership
costs -- 68,152 (61,787) -- -- 6,365 Write-off of stockholder notes
receivable -- 4,115 -- -- -- 4,115 Total operating expenses 82,410
(61,787) -- -- 74,256 Loss from operations (82,410) -- -- --
(61,597) OTHER INCOME (EXPENSE) 367 -- -- -- -- 367 Net income
(loss) $21,180 $(82,410) $-- $-- $-- $(61,230) NET INCOME (LOSS)
PER SHARE: Basic $1.10 $(3.17) Weighted average shares - basic
19,297 19,297 Year Ended December 31, 2003 GAAP Allocations
Amortiz- Amortiz- Excluded ation ation Expenses, Application of of
GAAP Gains of Property Deferred Results Adjusted and EITF and
Compen- As Results Losses No. 01-9 Equipment sation Reported
REVENUE: Related party $70,026 $-- $(69,201) $-- $-- $825
Non-related party 10,228 -- -- -- -- 10,228 Total revenue 80,254 --
(69,201) -- -- 11,053 OPERATING EXPENSES: Cost of services 6,143 --
-- 439 141 6,723 Operations 9,784 -- -- 9,797 157 19,738 Product
development 17,017 -- -- 1,257 371 18,645 Selling and marketing
17,048 -- -- 1,120 491 18,659 General and administrative 9,059 --
-- 684 968 10,711 Adjusted operating expenses 59,051 EBITDA 21,203
Depreciation and amortization of property and equipment -- 13,297
-- (13,297) -- -- Amortization of intangibles -- 588 -- -- -- 588
Amortization of deferred compensation -- 2,128 -- -- (2,128) --
Amortization of partnership costs -- 70,048 (69,201) -- -- 847
Abandoned acquisition costs -- 551 -- -- -- 551 Write-down of note
receivable -- 50 -- -- -- 50 Total operating expenses 86,662
(69,201) -- -- 76,512 Loss from operations (86,662) -- -- --
(65,459) OTHER INCOME (EXPENSE) (928) -- -- -- -- (928) Net income
(loss) $20,275 $(86,662) $-- $-- $-- $(66,387) NET INCOME (LOSS)
PER SHARE: Basic $1.12 $(3.66) Weighted average shares - basic
18,161 18,161 NEOFORMA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts) (unaudited) ASSETS Dec.
31, Dec. 31, 2003 2004 CURRENT ASSETS: Cash and cash equivalents
$10,281 $13,297 Short-term investments 6,338 12,573 Accounts
receivable, net of allowance for doubtful accounts 3,776 2,898
Related party accounts receivable 456 5,250 Prepaid expenses and
other current assets 2,775 2,983 Total current assets 23,626 37,001
PROPERTY AND EQUIPMENT, net 7,432 11,501 INTANGIBLES, net 2,022
1,434 GOODWILL 1,652 1,652 CAPITALIZED PARTNERSHIP COSTS, net
106,003 40,996 NON-MARKETABLE INVESTMENTS 83 83 RESTRICTED CASH
1,020 1,020 OTHER ASSETS 1,376 762 Total assets $143,214 $94,449
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts
payable $2,727 $3,994 Accrued payroll 4,199 3,974 Other accrued
liabilities 3,183 2,839 Deferred revenue, current portion 2,651
1,564 Total current liabilities 12,760 12,371 DEFERRED RENT 657 387
DEFERRED REVENUE, less current portion 554 326 Total liabilities
13,971 13,084 STOCKHOLDERS' EQUITY: Common Stock $0.001 par value:
Authorized -- 300,000 shares at December 31, 2004 Issued and
outstanding: 18,943 and 20,263 shares at December 31, 2003 and
December 31, 2004, respectively 19 20 Additional paid-in capital
827,570 839,307 Notes receivable from stockholders (5,422) (225)
Deferred compensation (218) (3,775) Unrealized gain/(loss) on
available-for-sale securities 1 (25) Accumulated deficit (692,707)
(753,937) Total stockholders' equity 129,243 81,365 Total
liabilities and stockholders' equity $143,214 $94,449 NEOFORMA,
INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (all
items unaudited) Year Ended December 31, 2003 2004 CASH FLOWS FROM
OPERATING ACTIVITIES: Net loss $(66,387) $(61,230) Adjustments to
reconcile net loss to net cash used in operating activities:
Restricted common stock issued to employees and officers 10 --
Write-down of note receivable 50 -- Provision for doubtful accounts
389 122 Accrued interest receivable on stockholder notes receivable
(26) (15) Depreciation and amortization of property and equipment
13,297 5,539 Amortization of intangibles 588 588 Amortization of
partnership costs classified as an operating expense 847 6,365
Amortization of deferred compensation 2,128 4,016 Write-off of
stockholder notes receivable -- 4,115 Change in assets and
liabilities: Accounts receivable (1,993) (4,038) Prepaid expenses
and other current assets 532 (208) Other assets 468 614 Accounts
payable (1,076) 648 Accrued liabilities and accrued payroll (3,570)
(759) Deferred revenue (1,511) (1,315) Deferred rent 34 (80)
Accrued interest payable on related party notes payable (2,516) --
Net cash used in operating activities (58,736) (45,638) CASH FLOWS
FROM INVESTING ACTIVITIES: Net sales/(purchases) of marketable
investments 418 (6,261) Capitalization of software development
costs -- (5,656) Purchases of property and equipment (3,908)
(3,239) Net cash used in investing activities (3,490) (15,156) CASH
FLOWS FROM FINANCING ACTIVITIES: Amortization of partnership costs
offset against related party revenue 69,201 61,787 Repayments of
notes payable (18,152) -- Cash received related to options
exercised 1,482 836 Proceeds from the issuance of common stock
under the employee stock purchase plan 1,087 1,090 Common stock
repurchased, net of notes receivable issued to common stockholders
(2) (177) Collections of notes receivable from stockholders 1,064
274 Net cash provided by financing activities 54,680 63,810 Net
increase in cash and cash equivalents (7,546) 3,016 Cash and cash
equivalents, beginning of period 17,827 10,281 Cash and cash
equivalents, end of period $10,281 $13,297
http://www.newscom.com/cgi-bin/prnh/20030226/NEOFORMALOGO
http://photoarchive.ap.org/ DATASOURCE: Neoforma, Inc. CONTACT:
media, Rebecca Oles, +1-408-468-4363, or , or investors, Amanda
Mogin, +1-408-468-4251, or , both of Neoforma, Inc. Web site:
http://www.neoforma.com/
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