Financial Results

Financial Results

HIS firm

Cerner

posted record year-end results, buoyed by a particularly strong fourth quarter. The Kansas City-based firm had a 30% increase in year-end revenues, and a 50% advance in its fourth quarter.

For the year (end-Jan. 3), Cerner reported revenues of $245.1 million, compared with $189.1 million in 1996. Net earnings soared from $8.3 million in 1996 to $15.1 million in 1997.

HIS vendor Dynamic Healthcare Technologies had fourth-quarter and year-end results in line with analysts' expectations. Dynamic, of Maitland, FL, posted an 84% increase in operating revenues.

For the year (end-Dec. 31), revenues jumped from $19.8 million in 1996 to $36.5 million this year. Net income was $1 million, compared with a loss of $561,000 in 1996.

IDX Systems also showed healthy financial results. Revenues for 1997 for the Burlington, VT-based HIS firm advanced 21.5%.

The company had year-end revenues of $251.4 million, compared with 1996 revenues of $206.9 million. Net income was $8 million, compared with $16.7 million reported last year. Excluding nonrecurring expenses related to write-off of acquired R&D and merger-related costs, the company would have realized a net income of $23.1 million.

Imnet Systems posted a record second quarter after a disappointing performance during its 1998 fiscal first quarter. For the period (end-December), revenue leaped 45% from the 1997 fiscal second quarter. Atlanta-based Imnet had revenues of $16.1 million, compared with $11.1 million in the same period last year. Net income was $1.5 million, compared with $1.1 million reported for the same period last year. The company's contracted backlog continues to grow, now standing at $59.3 million. At the end of the 1998 fiscal first quarter, the backlog had stood at $53.7 million.

Workstation software developer ISG Technologies continues to grow its business. The Mississauga, Ontario-based company realized a 27% boost in revenues for its 1998 fiscal second quarter. For the period (end-December), revenues were $8.7 million, compared with $6.3 million in the second quarter last year. Net income was $149,000, compared with a loss of $1.8 million in the 1997 fiscal second quarter, which included special charges of $1.5 million.

Despite a 9.3% decline in revenues for its fourth quarter, x-ray film digitizer vendor Lumisys posted modest revenue growth for its fiscal 1997. The Sunnyvale, CA-based firm reported a 3.8% increase compared with 1996.

For the year, Lumisys had revenues of $29.7 million, compared with the $28.7 million reported in 1996. The company had a net loss of $3.4 million in 1997, compared with a net gain of $4.5 million last year. In positive developments, Lumisys reported that the company's film and video-digitizer products had record revenues and operating profits in 1997.

Shared Medical Systems, of Malvern, PA, had another solid year in 1997. Year-end revenues climbed from $779.1 million in 1996 to $896.2 million in 1997. Net income was $60.4 million, compared with $49 million last year.

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