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Medco Reports Record Third-Quarter 2008 GAAP Diluted EPS of $0.58; Diluted EPS Excluding Amortization of Intangible Assets of $0.63
Date:11/5/2008

etration rate increased 2.0 percentage points, reaching an industry-leading 40.4 percent.

Total gross margin increased one full percentage point to 7.4 percent from 6.4 percent in the third quarter of 2007, reflecting higher mail-order and specialty volumes, and higher generic dispensing rates. (Please see Table 5 for the calculation of adjusted prescription volume and generic dispensing rate information).

Total selling, general and administrative expenses of $347.2 million increased 31.9 percent or $84.0 million over third-quarter 2007. A majority of this increase, $63.4 million, is attributable to operating expenses from PolyMedica and Critical Care Systems, which were acquired in fourth-quarter 2007; and Europa Apotheek Venlo, a second-quarter 2008 majority-stake acquisition. Excluding the effect of these acquisitions, the remaining increase primarily reflects employee-related costs to support the company's growing client base and strategic clinical initiatives.

Earnings Before Interest Income/Expense, Taxes, Depreciation and Amortization (EBITDA) for the quarter was $616.2 million, an increase of $139.5 million, or 29.3 percent, over the same period last year. EBITDA per adjusted prescription increased 22.2 percent to $3.19 from $2.61 in the third quarter of 2007. (Please refer to Table 6 for a reconciliation of EBITDA to reported net income).

Interest and other (income) expense, net, of $58.2 million in third-quarter 2008 increased from $25.5 million in third-quarter 2007, largely attributable to higher debt levels including bonds issued in March 2008 to fund the recent acquisitions.

The effective tax rate for the third quarter of 2008 was 34.0 percent, compared to 39.9 percent in the third quarter of 2007. As previously announced, the company recorded a nonrecurring state income tax benefit, which was primarily related to income tax statute of limitations expirations in certain states.

Net income of $295.7 million incr
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SOURCE Medco Health Solutions, Inc.
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