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HealthGrades Expects Third Quarter Revenue of Approximately $10 Million : Full-Year 2008 Ratings and Advisory Revenue to Be $39 Million to $40 Million Company Provides Update on Stock Repurchase Program
Date:10/14/2008

Health Grades, Inc. (NASDAQ:HGRD), the leading independent healthcare quality ratings company, today announced that it expects total revenue for the third quarter ended September 30, 2008 to be approximately $10 million. This represents an increase of 23% compared with the third quarter of 2007.

GOLDEN, Colo. (Business Wire EON) October 14, 2008 -- HealthGrades also announced that it now expects full-year 2008 ratings and advisory revenue to be in the range of $39 million to $40 million, compared with previous guidance of $41 million to $43 million. This new guidance represents growth of 19% to 22% compared with 2007 and includes only a modest contribution from the acquisition of WrongDiagnosis.com, which the Company announced today. HealthGrades affirms guidance for 2008 operating margin to be in the range of 17% to 21%.

Since June 30, 2008, the Company has repurchased 666,871 shares of its common stock for an aggregate purchase price of approximately $2.3 million. In 2008 the Company has repurchased 2,097,742 shares of its common stock for an aggregate purchase price of approximately $10.0 million.

"There is significant interest in our sponsorship and advertising programs and traffic to the HealthGrades Web site is at record levels," said Kerry Hicks, CEO of HealthGrades. "However, revenue growth in the Internet Business Group is below our previous internal forecast due to fewer-than-expected new advertisers and lower-than-expected advertising rates. Given the current economic and business environment, we do not expect advertising spending or rates to improve before the end of the year. In addition, while we are seeing our new sales pipeline build in our Provider Services business, the sales cycle is extending in this area as well. We do not believe this is a reflection on the long-term prospects of this business, but rather hospitals are taking a bit more time
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