Corporate Webpages Allscripts-Misys Healthcare Solutions Inc.
Allscripts is a medical information company. It provides
software services that help improve medical records and provide
feedback to patients. One of its major functions is to allow
doctors to enter prescription information over networks and also
find patient drug history, interactions, and generic alternatives.
Just how important this can be was brought home to one of our
traders who had Kaiser Permanente doctors prescribing pills
while the Kaiser pharmacist was handing out brochures with the
pills that clearly indicated they should not be taken with each
other. Kaiser's director at a local hospital said they "would
look into it and get their pharmacists and doctors on the same wavelength."
Allscripts serves 700 hospitals, thousands of clinics and 150,000 physicians.
In 2008, the company merged with the British company Misys PLC.
It should be noted that Misys PLC holds more than 50% of the
outstanding shares of Allscripts. We feel that this situation
has contributed to the CEO holding too large an amount of
exercisable stock option perquisites and that corporate
governance is therefore poor by that standard as well as who is
on (independence of) the Board of Directors. One might note
also that there is practically no news whatsoever on this
company, except that related to its stock trends. That suggests
there is no active PR department for investor relations. We
also noted stock options for this company appear to be selling
at a high premium with implied volatility running well above
historical volatility. This would be a time to be a writer of options.
From the company's website and reports, it is evident it is
relying heavily upon President Obama's stimulus packages,
especially the "American Recovery and Reinvestment Act of 2009"
which is going to spend a lot of money improving electronic
health records. The immediate future looks bright for Allscripts.
Our two favorite research entities are divided on Allscripts,
Market Grader giving it a "buy" while Street.Com is not so sure.
Recent reports and financial information have changed
substantially the company's prospects.
We also note that institutions are net sellers of this stock.
But the stock has been beaten down a bit of late, and technical
indicators suggest that oscillator indicators might work well.
The company has a very strong fundamentals-based Zenith Index and
yet it has low intrinsic value due to growth rates, and we were
unhappy with the p/e amd price/sales ratios, so there is an anamoly.
12-19-2009: Allscripts-Misys Healthcare Solutions Inc. (MDRX): Waiting for the Stimulus
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
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Allscripts-Misys Healthcare Sol (MDRX ) Sector: Technology
222 Merchandise Mart Plaza Industry: Healthcare Information Service
Suite 2024 Exchange: Nasdaq
Chicago, IL
Allscripts-Misys Healthcare Solutions, Inc. offers software,
services, information, and connectivity solutions that enable
physicians and other healthcare providers to deliver patient safety
and clinical outcomes primarily in the United States. The company
operates through two segments, Clinical Solutions and Health
Solutions. The Clinical Solutions segment includes enterprise
business for large physician practices and integrated delivery
networks, and professional business for smaller or independent
physician practices. It provides clinical and practice management
software solutions and related services. This segment also offers
electronic health record solutions (EHRs) for automating physician
activities and practice management solutions. In addition, it
provides electronic prescribing solutions comprising a Web-based
stand-alone solution offered free-of-charge to any licensed
prescriber and solutions that are integrated into EHRs; and revenue
cycle management and clearinghouse services solutions that address
various steps in the reimbursement cycle for healthcare
organizations, clearinghouses, and payers. The Health Solutions
segment provides offerings for hospitals that seek emergency
emergency departments; EmSTAT, a legacy EDIS product for small
hospitals; and Allscripts Care Management, a Web-based solution that
streamlines and speeds the patient care management. It also provides
Allscripts Post Acute solutions that streamline the transition of
care process between hospitals and post-acute care facilities; and
solutions for home health providers. The company is headquartered in
Chicago, Illinois. Allscripts-Misys Healthcare Solutions, Inc. is a
Last Trade: 18.70 52-Week Range: 22.21 - 7.61
Trade Date: 12-17 Avg. Volume: 1,130,090 Shares
Index Membership: N/A Employees: 2,369
Corporate Governance:
Allscripts-Misys Healthcare Solutions, Inc.'s Corporate Governance
Quotient (CGQ-«) as of 1-Dec-09 is better than 42.7% of Russell 3000
companies and 47.5% of Health Care Equipment & Services companies.
EPS: 0.24 Dividend Amount: $ 0.00 Yield: 0.00%
Ex-Dividend Date: N/A Mkt Cap: $ 2,710,000K
Payout Ratio: 0.00%
Last Split Factor (new for old): N/A Split Date: N/A
Key Statistics:
Enterprise Value: $ 2,750,000K Revenue (ttm) : $ 620,560K
Gross Profit: $ 292,150K
Earnings before Income Tax, Depreciation and Amortization: $ 79,870K
Enterprise Value/Revenue (ttm): 4.43 Revenue per Share: $ 4.48
Enterprise Value/EBITDA (ttm): 34.38 Qtrly Rev Growth (y to y): 77.70%
P/E Ratio (fwd projected): 25.27 P/E Ratio (current): 79.24
P/E Growth Ratio (5 yr expected): 1.87 Operating Margin: 9.44%
Price/Sales Ratio: 4.50 Profit Margin: 5.41%
Price/Book Value: 3.78 Book Value: $ 5.09/sh.
Return on Assets: 6.37% Net Income Avl to Common: $ 33,580K
Return on Equity: 7.78% Diluted Earnings/Share: $ 0.24
Qrtly Earnings Growth (yoy): 140.80%
Balance Sheet Items : Cash Flow Items (ttm):
(most recent qrtr) (trailing 12 mo.)
Total Cash: $ 84,850K Operating Cash Flow:$ 58,190K
Total Debt: $ 41,190K Lvgd Free Cash Flow:$ 14,150K
Total Debt/Equity: 0.00
Total Cash/Share: $ 0.58
Current Ratio: 1.74
Share Statistics: Stock Price History:
Shares Outstanding: 145,130K Stk 52-Week Change: 110.59%
Float: 61,940K S&P 500 52-Wk Chng: 23.81%
Sh. Short % of Float: 0.00% 50-Day Moving Avg: 20.10
Short Ratio: 10.80 200-Day Moving Avg: 17.63
% Held by Institutions: 41.60% Beta: 1.75
% Held by Insiders: 56.81%
Analysts' Estimates: Cur. Qtr Next Qtr Cur. Year Next Year
___________________________ Nov-09 Feb-10 May-10 May-11
Average Earnings Estimate 0.15 0.16 0.62 0.74
Average Revenue Estimate 171M 176M 695M 783M
Factors Comparing This Company to Its Industry Leader (1.0 = Average):
Long Term EPS Growth Rate (5 yr): 0.241 EPS Growth (Qrtly YoY): 0.180
PEG Ratio (ttm, 5 yr expected): 0.827 P/E Ratio (ttm): 0.256
Revenue Growth (Qrtly YoY): 0.000
Annual Income Statements: All numbers in thousands)
Period Ending 31-May-09 31-Dec-07 31-Dec-06
Total Revenue 548,439 281,908 227,969
Cost of Revenue 256,288 141,495 112,031
Gross Profit 292,151 140,413 115,938
Operating Expenses:
Research & Development 39,431 0 0
Selling, General & Administrative 199,902 101,666 85,798
Non-Recurring Expenses 0 0 0
Other Operating Expenses 6,884 10,636 10,272
Total Operating Expenses 0 0 0
Operating Income or Loss 45,934 28,111 19,868
Income from Continuing Operations:
Total Other Income/Expenses Net 626 6,353 3,163
Earnings Before Interest & Taxes 46,560 34,464 23,031
Interest Expense 2,162 3,715 3,712
Income Before Taxes 44,398 30,749 19,319
Income Tax Expense 18,376 10,186 7,424
Minority Interest 0 0 0
Net Income from Continuing Op.s 26,022 20,563 11,895
Non-recurring Events:
Discontinued Operations 0 0 0
Extraordinary Items 0 0 0
Effect of Accounting Changes 0 0 0
Other Items 0 0 0
Net Income 26,022 20,563 11,895
Preferred Stock & Other Adjustmnts 0 0 0
Net Income Avail To Common Shares 26,022 20,563 11,895
Quarterly Income Statements: All numbers in thousands)
Period Ending 31-Aug-09 31-May-09 28-Feb-09 30-Sep-08
Total Revenue 164,910 166,334 160,703 227,689
Cost of Revenue 75,840 74,221 77,422 112,780
Gross Profit 89,070 92,113 83,281 114,909
Operating Expenses:
Research & Development 11,978 10,633 9,913 0
Selling, General & Adminis. 52,959 55,181 47,709 94,748
Non-Recurring Expenses 0 0 0 0
Other Operating Expenses 2,563 2,569 2,872 10,317
Total Operating Expenses 0 0 0 0
Operating Income or Loss 21,570 23,730 22,787 9,844
Income from Continuing Operations:
Total Other Income/Expenses Net 101 250 91 1,070
Earnings Before Int. & Taxes 21,671 23,980 22,878 10,914
Interest Expense 685 512 960 4,587
Income Before Taxes 20,986 23,468 21,918 6,327
Income Tax Expense 8,054 10,107 8,668 2,460
Minority Interest 0 0 0 0
Net Income from Continuing Op.s 12,932 13,361 13,250 3,867
Non-recurring Events:
Discontinued Operations 0 0 0 2,581
Extraordinary Items 0 0 0 0
Effect of Accounting Changes 0 0 0 0
Other Items 0 0 0 0
Net Income 12,932 13,361 13,250 6,448
Preferred Stock & Other Adj.s 0 0 0 0
Net Income Avail To Common Shs 12,932 13,361 13,250 6,448
Annual Balance Sheets: All Numbers in Thousands
Period Ending 31-May-09 31-Dec-07 31-Dec-06
Current Assets:
Cash & Cash Equivalents 71,159 43,785 42,461
Short Term Investments 0 5,759 14,553
Net Receivables 156,174 98,001 83,016
Inventory 2,583 4,178 3,247
Other Current Assets 31,061 17,401 10,620
Total Current Assets 260,977 169,124 153,897
Long-Term Investments 2,267 13,459 26,024
Property, Plant & Equipt 17,343 18,238 14,094
Goodwill 418,431 240,452 188,261
Intangible Assets 241,281 131,618 90,335
Accumulated Amortization 0 0 0
Other Assets 12,357 5,252 4,999
Deferred Long Term Asset Charges 0 0 0
Total Assets 952,656 578,143 477,610
Current Liabilities:
Accounts Payable 77,304 47,564 35,840
Short/Current Long Term Debt 0 279 258
Other Current Liabilities 86,824 46,214 35,549
Total Current Liabilities 164,128 94,057 71,647
Long Term Debt 63,699 135,162 85,441
Other Liabilities 4,091 2,105 357
Deferred LT Liability Charges 20,368 6,179 3,915
Minority Interest 0 0 0
Negative Goodwill 0 0 0
Total Liabilities 252,286 237,503 161,360
Stockholder Equity:
Misc. Stocks Options Warrants 0 0 0
Redeemable Perferred Stock 0 0 0
Preferred Stock 0 0 0
Common Stock 1,423 569 543
Retained Earnings -147,291 -513,242 -533,805
Treasury Stock 0 0 0
Capital Surplus 846,257 853,402 849,628
Other Stockholder Equity -19 -89 -116
Total Stockholder Equity 700,370 340,640 316,250
Net Tangible Assets 40,658 -31,430 37,654
Quarterly Balance Sheets: All Numbers in Thousands
Period Ending 31-Aug-09 31-May-09 28-Feb-09 30-Sep-08
Current Assets:
Cash & Cash Equivalents 84,849 71,159 69,859 71,189
Short Term Investments 0 0 5,046 5,435
Net Receivables 151,822 156,174 174,094 101,019
Inventory 2,324 2,583 6,079 5,193
Other Current Assets 36,492 31,061 30,047 17,947
Total Current Assets 275,487 260,977 285,125 200,783
Long-Term Investments 2,072 2,267 2,559 2,845
Property, Plant & Equipt 17,477 17,343 19,036 20,297
Goodwill 417,911 418,431 412,252 247,556
Intangible Assets 248,254 241,281 246,332 119,934
Accumulated Amortization 0 0 0 0
Other Assets 3,023 12,357 14,627 3,982
Deferred LT Asset Charges 87,761 86,824 90,878 54,325
Total Assets 964,224 952,656 979,931 595,397
Current Liabilities:
Accounts Payable 70,626 77,304 79,566 42,567
Current Portion LT Debt 0 0 901 296
Other Current Liabilities 0 0 0 0
Total Current Liabilities 158,387 164,128 171,345 97,188
Long Term Debt 39,995 63,699 66,704 134,938
Other Liabilities 4,191 4,091 2,386 1,834
Deferred LT Liab. Charges 24,083 20,368 20,054 8,177
Minority Interest 0 0 0 0
Negative Goodwill 0 0 0 0
Total Liabilities 226,656 252,286 260,489 242,137
Stockholder Equity:
Misc. Options, WarrantS 0 0 0 0
Redeemable Perferred Stock 0 0 0 0
Preferred Stock 0 0 0 0
Common Stock 1,449 1,423 1,454 574
Retained Earnings -134,359 -147,291 -160,652 -506,794
Treasury Stock 0 0 0 0
Capital Surplus 870,487 846,257 878,430 859,739
Other Stockholder Equity -9 -19 210 -259
Total Stockholder Equity 737,568 700,370 719,442 353,260
Net Tangible Assets 71,403 40,658 60,858 -14,230
Annual Cash Flow: All Numbers in Thousands
Period Ending 31-May-09 31-Dec-07 31-Dec-06
Net Income 26,022 13,361 11,895
Operating Activites:
Depreciation 22,787 21,468 16,455
Adjustments to Net Income 22,470 13,414 12,408
Changes in Accounts Recv'bls -30,303 -25,179 -16,510
Changes in Liabilities 1,728 6,735 5,259
Changes in Inventories 231 -931 1,291
Changes in Other Op'ing Actv's 0 -5,553 -3,385
Total Cash Flow fr Operations 36,077 30,517 27,413
Investing Activities:
Capital Expenditures -4,970 -7,745 -5,674
Investments 6,181 23,894 44,473
Other Cash Flows fr Investing -263,317 -105,463 -218,930
Total Cash Flows fr Investing -262,106 -89,314 -180,131
Financing Acitivies:
Dividends Paid 0 0 0
Sale or Purchase of Stock -45,927 10,169 134,289
Net Borrowings -21,475 49,952 -15
Other Cash Flows fr Financing 364,265 0 0
Total Cash Flows fr Financing 296,863 60,121 0
Effect of Exchange Rate Change 0 0 0
Change in Cash & Cash Equiv.s 70,834 1,324 -18,444
Quarterly Cash Flow: All Numbers in Thousands
Period Ending 31-Aug-09 31-May-09 28-Feb-09 30-Sep-08
Net Income 12,932 13,361 13,250 6,448
Operating Activites:
Depreciation 8,870 8,131 8,488 22,276
Adjustments to Net Income 7,496 1,014 10,694 9,425
Changes in Accounts Recv'bls 3,908 5,580 -21,116 -22,941
Changes in Liabilities -6,775 1,287 7,558 14,326
Changes in Inventories 259 440 -29 -1,015
Changes in Other Oper'g Acts -5,423 -924 810 518
Total Cash Flow f Operations 21,267 28,889 19,655 29,037
Investing Activities:
Capital Expenditures -1,132 -1,509 -1,880 -7,135
Investments 195 5,393 690 10,755
Other Cash Flows fr Investing -3,463 1,562 -5,045 0
Total Cash Flows fr Investing -4,400 5,446 -6,235 0
Financing Acitivies:
Dividends Paid 0 0 0 0
Sale or Purchase of Stock 1,377 -40,522 -5,776 2,063
Net Borrowings -4,554 -356,778 341,579 0
Other Cash Flows fr Financing 0 364,265 -348,254 0
Total Cash Flows fr Financing 0 0 0 0
Effect of Exchange Rate Chg 0 0 0 0
Change in Cash & Cash Equiv. 13,690 1,300 969 27,404
MDRX Allscripts-Misys Healthcare Soluti [Indices near +3.0 or near zero,
or < zero bear special attention.]
P/E Ratio Tests:
Current P/E Ratio < 28? 0.3534 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 3.0000 Forward P/E Ratio < 28? 1.1080
Sales Tests:
Price/Sales Ratio < 2.3? 0.5111 Inventory/Sales < 5%? 3.0000
Sales < $1 billion? 1.8234 Operating Margin < 7.5%? 0.7945
Balance Sheet Tests:
Debt/Equity < 0.40? 1.0000 Long-Term Debt Service: 3.0000
LTD Being Reduced? 2.4000 Short-Term Debt Service: 3.0000
Current Ratio > 2? 0.8695 Working Capital >= 1.5? 1.1499
Leverage Ratio < 20%? 3.0000 Debt / Assets < 1? 3.0000
Quick Ratio > 1? 1.4943 Inventory Turnover > 1? 0.0344
Shares Out Decreasing? 2.4000 Market Cap.> 1.5 Billion? 0.5535
Profit Margin > 7.5%? 0.7213
Income Tests:
Dividend Yield > 2.0%? 0.0000 EPS Annual Growth > 10%? 0.0000
Enterprise Value/Revenue: 2.9533 EPS 5-yr Growth > 20%? 0.0000
Enterprise Value/EBITDA: 3.0000 EPS Growth Consistent? 2.4000
EPS Qrtly Growth > 10%? 3.0000 Collection < 45 days? 0.4330
Rev. Qtrly Growth > 15%? 3.0000 Gross Pft/Cur. LTD < 1? 3.0000
EPS Annual Growth > 10%? 0.0000 Borrowing Int. Rate< 6%? 2.1853
Stock Performance Tests:
Volatility > 25%? 3.0000 % Held by Insiders < 5%? 0.0880
Beta > 1.25? 1.4000 % Held by Institut. < 50? 1.2019
50 Da MA > 200 Da MA? 0.3963 % Held by Institut. > 30? 1.3867
52-Wk Change vs. S&P 500: 1.5874 Short Ratio > 5? 2.1600
Price/Book Value < 3? 0.2200 Short % of Float > 20? 0.0000
Return on Assets > 17%? 0.3747 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 3.0000 Positive Free Cash Flow? 1.0000
Positive Oper. Cash Flow? 1.0000 Price to C.F./sh. Ratio: 3.0000
Cash Flow / Assets >.10? 0.1468
MDRX Allscripts-Misys Healthcare S Overall Zenith Index: 1.5753
Financial Statements |
Financial Ratios |
. . . . . . . . . . . . 1 = Highest , 10 = Lowest
Market Grader |
Intrinsic Value |
Intrinsic Value by Discounted Cash Flow Method:
Intrinsic Value |
Intrinsic Value by Projected Earnings Growth Method:
Stock Scout |
We find "Scout" to be a bit biased toward the high end, so anything under a 6 is considered a negative, 6 and above, positive.
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Orders to Buy or Sell:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Stock Report |
Management's Discussion of Results of Operations Excerpts |
Moving Average Chart |
Right Time Study |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for Allscipts Misys Healthcare Solutions Inc.:
Symbol? MDRX
Total Months Available: 119
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
11.58 7.61 17.48 10.80 22.21 14.32
RANGE = 22.21 TO 7.61 Close = 19.22
CHANNEL = 14.32 TO 11.58 Degree = 2
Volatility = 14.26% Index = 2
Intraday Chart |
20 Days:
Stock Fetcher |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
The corresponding trades for the above chart are shown in tabular form below.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | + 1 |
| Industry | + 1 |
| Bond Issue | 0 |
| Zenith Index | + 1 |
| GAAP vs. non-GAAP Earnings < 1% | + 1 |
| Cash Flow | + 1 |
| Ratios | - 1 |
| Market Grader | + 1 |
| Intrinsic Value DCF | - 1 |
| Intrinsic Value DDM | - 1 |
| Stock Scout | - 1 |
| Projected Earnings | + 1 |
| Research Reports | - 1 |
| Analysts | - 1 |
| Executive Perquisites | - 1 |
| Insider Activity | - 1 |
| Institutional Activity | - 1 |
| Management Reporting | + 1 |
| Short Interest | + 1 |
| Sentiment | - 1 |
| Standard & Poor's | 0 |
| Moving Average | - 1 |
| Right Time Study | - 1 |
| Stock Fetcher | + 1 |
| Point & Figure | - 1 |
| Wall Street Analyzer | + 1 |
| Marketspace Chart | + 1 |
| Time Series Chart | + 1 |
| Neural Network | 0 |
| Stock Options | + 1 |
| Ultimate Trading Systems | - 1 |
| Total | + 2 |
Place 1,600 shares of Allscripts-Misys Healthcare Solutions Inc. (MDRX) on the Active List.
