Amicas sees uptick in Q1 losses

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Amicas has reported lower revenues and increased losses in unaudited financial results for its fiscal 2009 first quarter that ended March 31.

Total revenues for the quarter were $11.3 million compared with $12.8 million for the first quarter of 2008. The company said its adjusted earnings before interest, taxes and depreciation (EBITDA), excluding acquisition-related and integration costs for the first quarter, was $200,000 compared with an adjusted EBITDA of $33,000 for the first quarter of 2008.

Operating loss for the 2009 first quarter was $1.6 million compared with an operating loss of $1.2 million for the first quarter of 2008. Operating loss in 2009 first quarter included $549,000 of expenses related to the acquisition and integration of Emageon.

For the quarter, Amicas booked a net loss of $1.2 million, compared with a net loss of $467,000 for the first quarter of 2008.

The Boston-based company ended the first quarter of 2009 with cash, cash equivalents, and a marketable securities balance of $56.6 million, no long-term debt, and working capital of $47.7 million.

Amicas said that it expects to provide guidance for 2009 upon completion of its purchase accounting related to the Emageon acquisition, and to provide this guidance at the time that its releases its results for the second quarter of 2009.

Purchase accounting is expected to have minimal impact on 2010 results and, therefore, the company said that in fiscal year 2010 revenue is expected to be $112 million to $120 million, and adjusted EBITDA is expected to be $16.5 million to $20.7 million.