NextGen Healthcare, Inc. Announces Preliminary Unaudited Fiscal 2021 Q3 Results and Raises Fiscal 2021 Financial Guidance
Company to Announce Final Fiscal 2021 Third Quarter Results and Host Conference Call on
Preliminary Unaudited Fiscal Third Quarter 2021 Results
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For the fiscal 2021 third quarter, on a GAAP basis, preliminary unaudited revenue is expected to be between
$140 and$142 million , compared to$137.7 million in the third quarter a year ago. -
On a GAAP basis, preliminary unaudited fully diluted net income (loss) per share for the fiscal 2021 third quarter is expected to be between (
$0.01 ) and$0.03 , compared to$0.07 net income per share in the third quarter a year ago. -
On a non-GAAP basis, preliminary fully diluted earnings per share for the fiscal 2021 third quarter is expected to be between
$0.24 and$0.26 compared to$0.23 in the fiscal third quarter a year ago.
These financial results for the fiscal third quarter are preliminary and subject to change in connection with the completion of the company’s quarter-end closing process and the preparation of the unaudited financial statements for the fiscal third quarter of 2021.
Raising Fiscal Year 2021 Financial Outlook
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An annual revenue range between
$547 and$555 million from the prior range of$535 and$551 million -
An annual non-GAAP earnings per share range between
$0.92 and$0.98 from the prior range of$0.83 and$0.93
“As we moved through the year, we have seen accelerated commercial success, therefore we are raising our guidance to reflect our revised expectations,” said
Presenting at 39th Annual
As previously announced,
Conference Call Information
Shareholders and interested participants may listen to a live broadcast of the conference call by dialing 866-750-8947 or 720-405-1352 for international callers and referencing participant code 8675815 approximately 15 minutes prior to the call. A recording of the live webcast will be available on investor.nextgen.com after the call. It will be archived for 90 days until
About
We empower the transformation of ambulatory care—partnering with medical, behavioral and oral health providers in their journey to value-based care to make healthcare better for everyone. We go beyond EHR and PM. Our integrated solutions help increase clinical productivity, enrich the patient experience, and ensure healthy financial outcomes. We believe in better. Learn more at nextgen.com, and follow us on Facebook, Twitter, LinkedIn, YouTube and Instagram.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements within the meaning of the federal securities laws, including but not limited to, statements regarding future events including but not limited to the COVID-19 pandemic, developments in the healthcare sector and regulatory framework, the Company's future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future (including, without limitation, statements concerning revenue, net income, and earnings per share). Risks and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements and additional risks and uncertainties are set forth in Part I, Item A of our most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, including but not limited to: volatility and uncertainty in the global economy, financial markets and on our customers in light of the continuing COVID-19 pandemic, including the potential (i) slowdown or shutdown of preventive and elective medical procedures, (ii) delay in the contracting for additional products and services by our customers and (iii) delay in the sales cycle for new customers; the volume and timing of systems sales and installations; length of sales cycles and the installation process; the possibility that products will not achieve or sustain market acceptance; seasonal patterns of sales and customer buying behavior; impact of incentive payments under The American Recovery and Reinvestment Act on sales and the ability of the Company to meet continued certification requirements; uncertainties related to the future impact of
USE OF NON-GAAP FINANCIAL MEASURES
This news release contains certain non-GAAP (Generally Accepted Accounting Principles) financial measures, which are provided only as supplemental information. Investors should consider these non-GAAP financial measures only in conjunction with the comparable GAAP financial measures. These non-GAAP measures are not in accordance with or a substitute for
The Company utilizes a normalized non-GAAP tax rate to provide better consistency across the interim reporting periods within a given fiscal year by eliminating the effects of non-recurring and period-specific items, which can vary in size and frequency, and which are not necessarily reflective of the Company’s longer-term operations. The normalized non-GAAP tax rate applied to each quarter of fiscal year 2020 was 22.0%. The normalized non-GAAP tax rate expected to be applied to each quarter of fiscal year 2021 is 20.0%. The determination of this rate is based on the consideration of both historic and projected financial results. The Company may adjust its non-GAAP tax rate as additional information becomes available and in conjunction with any other significant events occur that may materially affect this rate, such as merger and acquisition activity, changes in business outlook, or other changes in expectations regarding tax regulations.
The Company’s future period guidance in this release includes adjustments for items not indicative of the Company’s core operations. Such adjustments are generally expected to be of a nature similar to those adjustments applied to the Company’s historic GAAP financial results in the determination of the Company’s non-GAAP diluted earnings per share. Such adjustments, however, may be affected by changes in ongoing assumptions and judgments as to the items that are excluded in the calculation of non-GAAP adjusted net income and adjusted diluted earnings per share, as described in this release. The exact amount and probable significance of these adjustments, including net acquisition costs, impairment of assets, restructuring costs, net securities litigation defense costs, and other non-run-rate expenses, are not currently determinable without unreasonable efforts, but may be significant. These items cannot be reliably quantified or forecasted due to the combination of their historic and expected variability. It is therefore not practicable to reconcile this non-GAAP guidance to the most comparable GAAP measures.
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NON-GAAP FINANCIAL MEASURES |
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(Unaudited) |
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RECONCILIATION OF PRELIMINARY NON-GAAP DILUTED EARNINGS PER SHARE |
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Three Months Ended
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Diluted net income (loss) per share - GAAP |
( |
Non-GAAP adjustments: |
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Acquisition costs, net |
0.00 |
Amortization of acquired intangible assets |
0.08 |
Amortization of deferred debt issuance costs |
0.00 |
Impairment of assets |
0.03 |
Restructuring costs |
0.00 |
Securities litigation defense costs and settlement |
0.09 |
Share-based compensation |
0.09 |
Other non-run-rate expenses* |
0.02 |
Effect of difference between GAAP and Non-GAAP effective tax rates |
(0.04) to (0.08) |
Total adjustments to GAAP diluted net income (loss) per share ** |
0.23 to 0.27 |
Diluted net income per share - Non-GAAP |
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* Other non-run-rate expenses for the three months ended |
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** Total adjustments to GAAP diluted net income (loss) per share may not foot due to rounding of per share amounts. |
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Media Contact:
O: (949) 237-6083
tstegmaier@nextgen.com
or
Investor Contact:
443-213-0500
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