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SXC Health solutions announces record third quarter financial results
Date:11/5/2009

YTD period was $45.9 million, compared to $38.2 million in the prior year period. Maintenance revenue for the YTD period was $13.7 million, compared to $12.3 million in the prior year period. Recurring revenue in the YTD period accounted for 78% of HCIT revenue compared to 74% in the prior year period. Professional services revenue for the YTD period was $10.6 million, compared to $10.7 million in the prior year period. System sales revenue for the YTD period was $6.0 million, compared to $6.9 million in the prior year period.

Product Development Costs

Product development costs for Q3 2009 were $2.8 million, compared to $2.5 million in Q3 2008. Product development costs for the YTD period were $9.0 million, compared to $7.4 million in the prior year period. Product development remains a key priority for SXC as the Company seeks to develop enhancements to existing products and the launch of new offerings.

Selling, General and Administration ("SG&A") Costs

SG&A costs for Q3 2009 were $22.2 million, compared to $21.9 million in Q3 2008. SG&A for the YTD period was $64.9 million, compared to $47.3 million in the prior year period. On a quarter-over-quarter basis, the Company has added a significant level of new business while keeping SG&A costs relatively flat. The change in the YTD period is largely attributable to increased operating expenses due to the acquisition of NMHC.

Adjusted EBITDA(1)

Q3 2009 adjusted EBITDA was $24.3 million, compared to $11.9 million in Q3 2008. Adjusted EBITDA for the YTD period was $64.3 million, compared to $27.8 million in the prior year period. The year-over-year growth in adjusted EBITDA was due primarily to the addition of the NMHC business, cost and revenue synergies generated from the acquisition, new contract wins and improved purchasing efficiencies on prescription drugs.

Income Taxes

The Company recognized income tax ex
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SOURCE SXC Health Solutions Corp.
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