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

on Health Benefits Trust Fund of Hawaii - Entered into a strategic relationship with Allscripts Misys to enhance the e-prescribing options available to SXC's clients - Completed a public offering of 5,175,000 common shares at a price of $41.50 per share for net proceeds of approximately $204.1 million - Subsequent to quarter-end, announced a PBM contract with Spectral Solutions valued at $50 million annually

"Solid execution on our growth strategies combined with sound fundamentals in our markets led to another strong quarter and an increase to our key guidance targets," said Mark Thierer, President and CEO of SXC. "In addition to new customer wins, we are driving both top-line and bottom-line growth by increasing the mail-order penetration in our customer base and converting a number of Health Care IT clients to a broader platform of our PBM services. With future growth in mind, we completed a successful $204 million financing in the quarter that was oversubscribed by investors. The proceeds provide us with the resources to explore acquisition opportunities and to pursue the growing sales pipeline with prospective and existing clients."

    Financial Review
    ----------------

Revenue and gross profit segmented by PBM and HCIT was as follows:

SXC evaluates segment performance based on revenue and gross profit. A reconciliation of the Company's business segments to the consolidated financial statements for the three- and nine-month periods ended September 30, 2009 and 2008 is as follows:

    Three months ended September 30, (unaudited, in thousands)

                      PBM                  HCIT              Consolidated
            --------------------- --------------------- ---------------------
              Q3 2009    Q3 2008    Q3 2009    Q3 2008    Q3 2009    Q3 2008
            ---------- ---------- ---------- ---------- ---------- ----------
 
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SOURCE  SXC Health Solutions Corp.
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