Eclipsys grows revenues, but charges affect bottom line in 2003
Eclipsys Corp. posted a double-digit gain in revenues, but it wasn't enough to get the company in the black for 2003.
Revenues increased 17 percent to $254.7 million, compared with $218.1 million in 2002. The company also posted a net loss of $56 million, compared with a net loss of $26.2 million in 2002.
Eclipsys said its loss was due, in part, to a $4.4 million charged related to anticipated costs associated with its previously announced SunriseXA response time issue. In addition, lower capitalization of software development costs negatively impacted earnings, despite lower gross research and development spending.
Eclipsys President and CEO Paul L. Ruflin said 2004 "will be a transition year for Eclipsys as we capitalize on the market's strong interest in healthcare information technology solutions and we begin to benefit from our subscription-based business model."
Revenues increased 17 percent to $254.7 million, compared with $218.1 million in 2002. The company also posted a net loss of $56 million, compared with a net loss of $26.2 million in 2002.
Eclipsys said its loss was due, in part, to a $4.4 million charged related to anticipated costs associated with its previously announced SunriseXA response time issue. In addition, lower capitalization of software development costs negatively impacted earnings, despite lower gross research and development spending.
Eclipsys President and CEO Paul L. Ruflin said 2004 "will be a transition year for Eclipsys as we capitalize on the market's strong interest in healthcare information technology solutions and we begin to benefit from our subscription-based business model."