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SXC Health Solutions announces second quarter financial results
Date:8/7/2008

chigan

- Announced a five and a half year informedRx PBM services contract

with The University of Toledo

- Won a multi-million dollar license fee agreement, and renewal of a

three-year maintenance and service agreement with CVS

"The integration of NMHC is proceeding according to plan and we are well on track to reach our deal-related financial and operational milestones," said Mark Thierer, President and CEO of SXC. "Against this backdrop, we had a strong quarter of sales activity generated from customers in a variety of target markets. This activity validates our business strategy by demonstrating that we are a valued provider of technology and pharmacy benefit services to a broad cross-section of health care organizations. With two solid quarters under our belt and a promising sales pipeline in multiple markets, we believe that we are now on pace to reach the higher end of the range for our 2008 guidance."

Q2 and Year-to-date Financial Review

On April 30, 2008, SXC closed the acquisition of NMHC. As a result, SXC has introduced some new segmentation and presentation of its financial results. Revenue is now segmented into two groups: Pharmacy Benefit Manager ("PBM") which includes informedRx, mail-order operations and specialty pharmacy, and Health Care Information Technology ("HCIT"). SXC records PBM revenue from NMHC exclusively on a gross basis which equates to the prescription price paid by consumers plus an administrative fee. NMHC's PBM revenue was originally expected to have been recorded on a combination of a gross and net basis. As a result, using this accounting treatment has increased our expected revenue guidance range, but has not impacted the gross profit guidance range. The HCIT business continues to record revenue only on the basis of the administrative fee; drug ingredient cost is not included in revenues or cost of claims.

The net effect is that revenues have increased dramatically whi
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SOURCE SXC Health Solutions Inc.
Copyright©2008 PR Newswire.
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