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

nue for SXC's legacy informedRx business is captured in the HCIT

segment for 2007 and in the PBM segment for 2008. As a result, the

HCIT segment shows a slight decline in revenue for the three- and

six-month periods ended June 30, 2008, due to the inclusion of some

of the previously classified HCIT business now recorded in the new

PBM segment.

PBM revenue was $204.9 million for the Q2 2008 and YTD periods. This figure reflects the addition of the NMHC business, as well as the existing informedRX business of SXC and includes a new SXC PBM contract that went live on April 1, 2008. The PBM segment revenue totals were higher than expected for the period due to the NMHC PBM revenue being recorded exclusively on a gross basis. This has had no impact on the dollar value of gross margin, but does have the effect of decreasing gross margin percentage.

Q2 2008 revenue for the HCIT segment consisted of $16.0 million of recurring revenue and $6.9 million of non-recurring revenue, compared to $17.2 million and $5.9 million, respectively, in the same period last year. Recurring revenue consisted of transaction processing revenue of $11.9 million, down 9% from $13.1 million in Q2 2007, and maintenance revenue of $4.1 million, consistent with $4.1 million in Q2 2007. The decline in transaction processing revenue is due to the fact that informedRx revenue is reported in the PBM segment for 2008 and was reported in the HCIT segment in 2007. Overall, recurring revenue accounted for 70% of HCIT revenue in Q2 2008, compared to 75% in Q2 2007.

Q2 2008 non-recurring revenue consisted of system sales revenue of $3.8 million, up 48% from $2.6 million last year, and professional service revenue of $3.1 million, down from $3.3 million in Q2 2007. The increase in system sales revenue is primarily due to the multi-million dollar license agreement completed with CVS during the quarter.

Revenue for the YTD period in the
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SOURCE SXC Health Solutions Inc.
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