Brower Piven, A Professional Corporation Announces Class Action Lawsuit on Behalf of Purchasers of Merge Healthcare, Incorporated Common Stock
Mar 8 14
Brower Piven, A Professional Corporation announced a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Merge Healthcare, Incorporated common stock during the period between August 1, 2012 and January 17, 2014, inclusive. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in company units during the Class Period. The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that both the existence and value of millions of dollars of the Company's eClinical customer contracts had been falsified, and as a result the Company's reported subscription backlog was overstated during the six quarters ended September 30, 2013, and that the company was experiencing a continued reluctance amongst large health systems to move forward with enterprise imaging purchases.
Merge Healthcare Incorporated Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the Full Year of 2014
Feb 20 14
Merge Healthcare Incorporated announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total net sales of $53,595,000 compared to $64,646,000 a year ago. Operating income was $3,662,000 compared to operating loss of $8,441,000 a year ago. Loss before income taxes was $625,000 compared to $16,571,000 a year ago. Net loss available to common shareholders was $291,000 compared to $17,264,000 a year ago. Adjusted net income was $3,384,000 or $0.04 per diluted share compared to adjusted net loss of $11,639,000 or $0.13 per diluted share a year ago. Adjusted EBITDA was $9,005,000 or $0.09 per diluted share compared to $736,000 or $0.01 per diluted share a year ago. Cash generated from business operations was $14.2 million.
For the year, the company reported total net sales of $231,667,000 compared to $248,904,000 a year ago. Operating income was $9,807,000 compared to $6,620,000 a year ago. Loss before income taxes was $36,094,000 compared to $24,729,000 a year ago. Net loss available to common shareholders was $38,981,000 or $0.42 per basic and diluted share compared to $28,802,000 or $0.31 per basic and diluted share a year ago. Net cash provided by operating activities was $21,281,000 compared to net cash used in operating activities of $880,000 a year ago. Purchases of property, equipment and leasehold improvements were $1,574,000 compared to $2,174,000 a year ago. Purchased technology and capitalized software development was $535,000. Adjusted net income was $5,491,000 or $0.06 per diluted share compared to adjusted net loss of $6,185,000 or $0.07 per diluted share a year ago. Adjusted EBITDA was $37,122,000 or $0.39 per diluted share compared to $39,456,000 or $0.42 per diluted share a year ago.
For the full year of 2014, the company expects net sales to be in the range from $225 million to $212 million, adjusted EBTIDA to be in the range from 20% million to $19%, adjusted EBITDA to be in the range from $45 million to $40 million, net interest expense of $15 million, income tax expense to be in the range from $3 million to $2 million, depreciation & amortization - COGS of $1 million, depreciation & amortization - operating expense of $6 million, adjusted net income to be in the range from $20 million to $16 million, net income to be in the range from $5 million to $1 million, net income per share - diluted to be in the range from $0.05 to $0.01, adjusted net income per share - diluted to be in the range from $0.21 to $0.16, capital expenditures of $5 million, capitalized software costs to be in the range from $3 million to $2 million and estimated cash flow (assuming no working capital change) to be in the range from $23 million to $18 million. The company expects pro forma revenue to be plus or minus 2% to 3% compared to 2013. The EBITDA range provided represents between 8% to 21% growth over 2013 results.
Bozeman Deaconess Hospital Selects Merge Healthcare Incorporated for its Vendor-Neutral Archive and Interoperability Solutions
Feb 14 14
Bozeman Deaconess Hospital announced that it has selected Merge Healthcare Incorporated for its vendor-neutral archive, or VNA, and interoperability solutions. After working with Merge to complete an assessment and pinpoint areas of improvement, Bozeman has expanded their portfolio to include iConnect Enterprise Archive, Merge's VNA, to enhance pre-existing relationships, connect seamlessly with outside resources and remove the excess data they have stored to create room for necessary patient information. Bozeman Deaconess currently leverages Merge PACS to store and access images throughout the organization, as well as Merge OrthoPACS to manage and view orthopedic images.