PHARMACY

Health Systems Solutions technology company releases results for Q3 2008

BY Jenna Duncan

NEW YORK Health Systems Solutions, a company that develops healthcare industry technology and innovations, has today announced its results for the third quarter of 2008, which ended Sept. 30.

Health Systems Solutions reported that its revenue totaled $3.02 million for third quarter 2008, up 106 percent from $1.46 million at the same time last year. The company said that the increase was most likely due to adding on a new Technology Solutions group to operations.

The company reported that its gross profit totaled $1.33 million for third quarter 2008, an increase of $1.03 million or 337 percent, $305,000 third quarter 2007. The company’s gross margin was 44 percent, rising from 21 percent in third quarter 2007. The company attributed the rise in its gross margins as coming from the addition of the Technology Solutions group plus reductions in software amortization costs.

Stan Vashovsky, chairman and chief executive officer of Health Systems Solutions said in a statement, “Having achieved another strong quarter, we continue to demonstrate our ability to deliver results while working on a broader strategic plan consisting of organic initiatives and acquisition opportunities which will target larger markets, achieve economies of scale, and further augment our management team. We will continue to use the growth of our revenues to fund investments in leadership and technology. We believe the weak economic environment, while challenging for all companies, offers HSS incredible opportunities to attract world-class talent and to acquire strategic assets at historically low valuations.”

The company also said that its earnings before interest, taxes, depreciation, amortization, and other non-recurring items, was negative $249,000 for third quarter 2008, compared with $1.06 million at the same time the previous. HSS reported a net loss of $850,000 compared with $1.34 million for the same time the previous year. The common stock net loss was $0.42 per share, a total of was $3.11 million for the quarter ended Sept. 30, compared with $0.40 per share, or $2.77 million total for the same period 2007.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
PHARMACY

Sepracor may get incentives to keep its business local

BY Alaric DeArment

MARLBOROUGH, Mass. Drug maker Sepracor might get tax breaks for building in its hometown.

The MetroWest Daily News reports that the company is constructing new buildings in Marlborough, Mass., and will create 250 new jobs. Local officials proposed the tax breaks to give Sepracor incentives for further development, and the company may save $4.1 million.

The city’s finance committee will vote on the proposal Monday.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?
PHARMACY

H-E-B, RediClinic open largest U.S. retail clinic in Houston area

BY Antoinette Alexander

HOUSTON Clinic operator RediClinic has opened its 15th Houston-area convenient care clinic in the new H-E-B store that, according to the Convenient Care Association, is the largest retail-based clinic in the United States.

The 926-square-foot clinic features three exam rooms and a room specifically for blood draws.

“We are delighted to be expanding out footprint in our home market with the opening of our 15th Greater Houston clinic,” said Web Golinkin, chief executive officer of RediClinic. “The larger clinic design in H-E-B’s new Bunker Hill store enables us to treat more patients and gives us more flexibility in adding new services.”

RediClinic operates 21 clinics in H-E-B stores in Houston and Austin; and 15 clinics in Wal-Mart stores in Atlanta, Ga.; Fayetteville and Rogers, Ark.; Richmond, Va.; and Tulsa, Okla.

keyboard_arrow_downCOMMENTS

Leave a Reply

No comments found

TRENDING STORIES

Polls

Which area of the industry do you think Amazon's entry would shake up the most?