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iSOFT reports First Half Year Revenue Up by 168%

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iSOFT, an IBA Health Group Company (ASX: IBA), Australia’s largest listed health information technology company announced its release of first-half yearly results ending on 31 December, 2008. iSOFT follows the financial year from July to June.

For the half year ended 31 December 2008, the total revenue of iSOFT on a standalone basis, stood at A$275.4 (US$176.7) million, up by 168% from the first half yearly revenue of A$102.8 (US$66) million. The company’s net profit for the first six months increased to A$10.3 (US$6.6) million, compared to a loss of A$1.1 (US$0.7) million in the previous corresponding period. Underlying EBITDA was A$67.5 (US$43.3) million, up 161% from A$25.8 (US$16.6) million.

Executive Chairman and CEO of iSOFT, Gary Cohen said: “We have achieved profitable revenue growth in the first half, driven by solid recurring revenues across all our geographies. We are continuing to benefit from global investment in health IT by governments worldwide, and the computerisation of healthcare records”.

“We have been able to sustain continual all round business growth considering both financials as well as human resource factors”, said Mr. S Govind, Managing Director, iSOFT. “iSOFT’s business proposition arises from our experience and deep understanding of the healthcare vertical which generally faces minimal impact while other industries might be affected by the turbulent economies”.

iSOFT Financial Highlights: H1-09 VS H1-08:


H1-09

Million A$

H1-08

Million A$

% Change

Revenue

275.4

102.8

168%

Reported EBITDA

67.5

25.8

161%

Underlying EBITDA

68.5

33.7

103%

Reported EBIT

41.9

12.6

232%

Reported NPAT

10.3

(1.1)

N/A

Underlying NPAT (after minorities)

25.8

12.9

100%

Earnings per share (basic) in cts

1.20

(0.20)

N/A

Underlying EPS

3.17

2.07

53%

Cash at end of period

44.1

55.7

(21)%

Net cash from operating activities

(12.9)

8.2

N/A

iSOFT Financial Highlights – 12 Months YTD


H1 09 + H2 08

Million A$

H1 09

Million A$

Revenue 533.5 275.4
Reported EBITDA 138.0 67.5
EBITDA Margin 26% 25%
Underlying EBITDA 140.4 68.5
Depreciation (8.7) (4.5)
Amortisation (40.2) (21.1)
Impairment (2) (5.1) –
Reported EBIT 83.9 41.9
Finance cost (46.2) (26.6)
Income tax (11.6) (4.9)
Reported NPAT 26.1 10.3
Underlying NPAT (after minorities) 56.4 25.8
Earnings per share (basic) in cts 3.35 1.20
Underlying EPS

7.12

3.17

Net cash from operating activities 46.4 (12.9)

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Written by sreelakshmi

12 March, 2009 at 10:30 am

Fortis announces yet another buoyant quarter

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Fortis Healthcare Ltd., one of India’s leading chain of private hospitals with a network of 26 hospitals (including 11 satellite and heart command centres)* with a capacity of ~ 3000 beds, today announced its unaudited consolidated results for the 3rd quarter and 9 months ended 31st December 2008.

Quarter ended 31st December 2008 (Q3 FY09)

  • For the third quarter, the Company reported 33% growth in operating revenue as compared to corresponding quarter in the last fiscal. Aggressive strategies adopted to increase number of facilities and specialties across Fortis network have lead to the buoyant growth.
  • EBIDTA margins for the quarter stood at 18%, up from 15% in the corresponding quarter. On absolute basis the EBIDTA grew by 47%.
  • The net profit stood at Rs 5.1 Crore as compared to a loss of Rs 6.8 Crore in the corresponding quarter last year. On a trailing quarter basis, the net profit before exceptional items grew by 38%.
  • Escorts Delhi completed 20 years in providing tertiary care in the field of Cardiac Sciences. Earlier during the financial year, Escorts was awarded “Super Brand” status by Super Brand India, as acknowledgement of its strong brand equity.

Commenting on the results, Mr. Shivinder Mohan Singh, Managing Director, Fortis Healthcare Ltd., said, “A continuous strong focus on delivering consistent quality care and operating efficiencies across the network is leading to a higher level of patient trust and FORTIS brand recognition. This brand recognition has also led us to expand our network aggressively”.

9 Months ended 31st December 2008 (9MFY09)

  • Operating revenues of the company grew by 22% over the corresponding period to Rs 458 Crore. All the hospitals recorded increase in revenues ranging from 13% to 53%, with notable performance by Amritsar, Mohali, Noida and Escorts Delhi.
  • For the same period, the operating revenues for the entire network hospitals stood at Rs 542 Crore, registering a growth of 24%.
  • EBIDTA grew by 77% from Rs 47 Crore to Rs 83 Crore. EBIDTA margins for the period stood at 17%, up from 12% for the corresponding period.
  • Growth in revenues together with expanded gross margins and optimization of operating costs has resulted into a net profit of Rs 16 Crore as compared to a loss of Rs 45.6 Crore in the corresponding period last year.

The company, in line with its vision to become a globally respected Healthcare Organization, continues to add new hospitals to its network in an aggressive manner. Fortis Clinique Darne a 120 bedded hospital in Mauritius, the first international foray of the Company is expected to provide firsthand experience of managing healthcare delivery in developed market and will go a long way in attracting Medical Value Travel to India.

Consequent to acquisition of majority stake, Fortis Hospital Seshadripuram has started to re-position its medical program in order to add new specialties and elevate the level of medical care. This is Fortis’s second venture in South. With the strategy to expand its network rapidly and to strengthen presence in west, Fortis recently took over the operation and management of a 200 bedded hospital (now known as Fortis Modi Hospital) in Kota.

The overall performance for the period has been encouraging and tracking as per plan with most of the hospitals constantly setting new milestones in terms of operating and financial parameters. The continuous endeavour to deliver high quality medical care coupled with patient centric approach shall remain the core foundation for strengthening the FORTIS Brand

The Muthoot Group opens its 1000th branch at Vazhakkala

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The Muthoot Group, A Muthoot M George Enterprise, today announced the opening of their 1000th branch at Vazhakkala, Kochi, Kerala. The 122 year old Rs. 20,000 crores business conglomerate today has diverse interests in 16 business verticals ranging from Financial Services, Infrastructure & Housing, Information Technology, Power Generation, Hospitality to Healthcare & Education. The group has a presence in 20 states across the country and international presence in the UK and UAE.

Speaking on the occasion Mr. M. G. George Muthoot, Chairman, The Muthoot Group, A Muthoot M George Enterprise, said “It is a matter of extreme pride for us to have grown from 450 to 1000 branches in a span of less than three years. With every new branch, and with the addition of every new Muthoot customer, we re-iterate our commitment to ensuring trustworthy flawless services coupled with our unblemished track record of 122 years. We aim to operationalize 1500 branches by the end of FY 2010.” “Our steadfast resilience and complete dedication towards our customers spread across India and even overseas has provided us the zeal to innovate constantly and to offer customer-centric products & services,” he added.


Mr. M. G. George Muthoot, Chairman, The Muthoot Group, A Muthoot M George Enterprise addressing the media at the opening of the group’s 1000th Branch

The group established in the year 1887 by Mr. Ninan Mathai Muthoot, whose ‘2 elephants in unison’ logo denotes strength & stability, The Muthoot Group, A Muthoot M George Enterprise firmly believes in its values of honesty, integrity and determination.

The financial services division of the Group, Muthoot Finance was established in 1939 under the leadership of Mr. M. George Muthoot. It offers multiple services including retail gold finance, deposits, money transfer, insurance, precious metals and foreign exchange to name a few. Muthoot Finance has served over 250 million customers and has a customer footfall of around 30,000 every day seeking retail gold finance. The vast branch network of Muthoot Finance enables the Group to cross and up-sell various products and services of the other verticals of the Group.

Muthoot Finance is the pioneer in ‘Retail Gold Finance’ and is the largest player in this segment worldwide. In continuation of its tradition in revolutionizing the retail gold finance, it has conceptualized ‘5-Minute Gold Power Loans’. This is the fastest and the most hassle-free way to avail loans at the most attractive rates against Gold.

The Muthoot Group, A Muthoot M George Enterprise is actively looking at opportunities for inorganic growth in healthcare, travel related services and entertainment. The Hospitality division of the group has plans of launching a 7-Star Deluxe Hotel in Kochi amongst its other plans for the current fiscal. The Group has also launched its global arm “Muthoot Global“, which mainly deals in Wealth Management, Cash Transfer & Gifting and has a presence in the UK and UAE and plans to expand the network and diversify its foreign operations in the immediate future to more shores outside the country.

For more information, please visit www.muthootgroup.com

iSOFT signs deals for US $11.3m with two hospitals in Netherlands

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iSOFT, an IBA Health Group company, announced that it has signed contracts with two major hospital groups in the Netherlands totalling US $ 11.3 million.

In the largest deal, Erasmus MC (medical centre) in Rotterdam has renewed its contract for iSOFT’s hospital information systems for a further five years. The US $ 8.24 million contract includes licenses, maintenance and support. Erasmus MC is the university hospital of Rotterdam and the country’s largest medical school with 1,500 students.

Hospital Diaconessenhuis Leiden, a major teaching hospital in Leiden, has also renewed its contract for iSOFT’s hospital information systems and support in a three-year agreement worth US $ 3.06 million. During the contract period, Hospital Diaconessenhuis Leiden will work with iSOFT to improve the efficiency and effectiveness of patients’ treatment.

Gary Cohen, IBA’s Executive Chairman and CEO, said: “We are now seeing the benefits of our renewed commitment to servicing our customers in the Netherlands since the acquisition of iSOFT 15 months ago. We are winning their confidence, and expect more customers to follow.”

Dr J G Den Hollander, the Diaconessenhuis Leiden Hospital’s Director of Operations, said: “iSOFT is a proven supplier providing trusted software applications, reliable support and trouble-free service. iSOFT’s systems help us to improve the quality of information for clinical staff and quality of care for patients. These are also fundamental to improving efficiency and effectiveness while driving down costs.”

Peter Herrmann, Managing Director of iSOFT Central Europe, said: “Our technologies not only create connections between existing systems, they create value by adding new functionality, and they’re also designed to integrate perfectly with developing technologies over the coming years. That’s the winning combination we provide – products that are both highly efficient and future-proof.”

India Value Fund presents VC Circle “Funding Strategies for 2009” in Kolkata

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India Value Fund presented the VC Circle conference titled “Funding Strategies for 2009” in Kolkata to bring together a large number of delegates representing Venture capital investors/PE Professional/Entrepreneurs/Late stage, growth capital & large companies/Investment bankers &advisers/Corporate professionals/policy makers/firms seeking capital.

Mr. George Thomas, Partner, India Value Fund and one of the speakers at the conference said, “IVF is delighted to be associated with such a prestigious forum, which is aligned with IVF’s belief that there is huge and untapped potential for private equity and venture capital in powerhouses of entrepreneurship like the city of Kolkata.”

He added, “In the current market situation when the stock markets are at a two year low and the US and European markets have been in turmoil, fund raising in the current environment has gotten tough, but not impossible. The deals may have come down, but they are indeed happening. There are funds still sitting with cash and looking for deals in this market. So it’s not the time for inaction, but action. It’s not the end of the road, but just a sharp turn which you need to navigate carefully. The forum attempted to discuss all this and much more.”

The topics for discussion at the forum included:

  • Masterclass on the basics of PE/VC fund raising: Term sheet, valuation, negotiation, due diligence
  • Private equity in Eastern India
  • Funding Strategies For 2009 – The outlook for private equity and venture capital in the current year
  • Private equity and family run businesses: Matching the expectations
  • Outlook for key sectors: Educations, Healthcare & Logistics, Technology/Cleantech – challenges and prospects

There were a total of 14 panellists at the forum, all of whom were distinguished PE and VC partners and entrepreneurs


Lupin Q3 FY 08-09 – Strong Growth & Consistent Performance with Consolidated Sales up 32% to Rs. 9719 Mn and Net Profit – Rs 1165 Mn

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Pharma Major, Lupin Limited, yesterday reported revenues of Rs. 9719 mn for the quarter ended December 2008, a rise of 32 % from revenues of Rs. 7381 mn in the corresponding period last year.

International market revenues at Rs. 6505 mn, recorded a rise of 48%. Of these, Formulation Business in Advanced Markets constituted 77% at Rs. 4990 mn.

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) were Rs. 1761 mn (Rs. 1477 mn*) a rise of 19%. After Interest and Finance charges of Rs. 146 mn (Rs. 101 mn) and Depreciation of Rs. 219 mn (Rs.175 mn), Profit before Tax grew by 16% to Rs. 1396 mn (Rs. 1202 mn*). Provision for taxation including Fringe Benefit Tax was Rs. 219 mn (Rs. 201 mn*)

Net profit for the quarter was at Rs. 1165 mn. Increase in Net Profit for quarter over the corresponding quarter in the previous year (adjusted for IP income) works out to 16%.

For like representation IP income of Rs 1127 mn for the corresponding quarter of the previous year has been excluded to make the quarters comparable on an operational basis.

Commenting on the Company’s business results, Dr. Kamal Sharma, Managing Director, Lupin, said,”The past ten quarters have been noteworthy. We have continued to outpace and outperform across business segments and markets consistently having steadily consolidated our footprint globally. Recent launches, product approvals and patent settlements, substantial growth in filings, and more importantly – growth in market shares – are an affirmation of the success of our “Strategic Approach” & the effectiveness of our “Go to market” programs. Our strengths in Research & Development and the quality of our Intellectual property is a testimony to Lupin’s vision & commitment to developing and delivering quality & cost-effective drugs for everybody.”

Operational Summary

  • Growth in overall Sales in the U.S – Continued Market Leadership in 7 of the 20 products in the market.
  • Litigation Settlement with Schering-Plough Corporation for Desloratadine®
  • Hormosan AOK Tender win
  • Substantial Growth in Filings with two potential First to Files.
  • Domestic Formulations Business at Rs. 2791 mn – outpaces and outperforms the market with a growth of 27% on net sales basis. (Industry growth as per IMS MAT Nov 08 – 10.3%)

Advanced markets

The Company’s Advanced markets formulation business in USA and Europe clocked in sales of Rs 3405 mn during the Q3, 2008-09, ( Q3 2007-08: Rs 2297 mn) reporting a growth of 48%

USA

LPI has garnered a steady growth in prescriptions for generics as well as branded formulations during the quarter. The company achieved market leadership in 7 of the 20 products in the US markets (IMS Sept 08).

Lupin also settled all ongoing Hatch-Waxman litigation relating to Desloratadine tablets, the generic version of Schering-Plough’s “Clarinex”® tablets during the quarter. As per the terms of the settlement, Lupin Ltd. will be licensed under the relevant Desloratadine patents, and free to commercially launch its generic Desloratadine product, on July 1, 2012, or earlier in certain circumstances. Schering-Plough’s Clarinex® tablets had U.S. sales of $329 million for the year 2007-MAT June 2008, according to IMS Health.

Europe

Lupin further consolidated its market position in Europe by completing its acquisition of Hormosan Pharma GmbH (Hormosan), a German generics company specialized in the supply of pharmaceutical products for the Central Nervous System (CNS).

Lupin also reported its first strategic win in the German market through Hormosan in the very first three months post-acquisition – having received information on the results of the Allgemeine Ortskrankenkassen (AOK) Tender, pursuant to § 130a SGB V. Hormosan has been offered 1 products in all 5 regions of Germany covering all AOK-insured persons. The AOK tender process is currently under judicial review.

Hormosan has a strong brand identity in the German generics market through its strong patient compliance message, essential for patients within the CNS sector.

Emerging Markets:

The Formulations revenues from emerging markets including India reported a growth of 24% recording sales of Rs 3236 Mn during Q3, 2008-09 (Rs 2605 Mn, 2007-08)

API revenues from emerging markets (including India) were at Rs 1328 Mn. The Company’s CRAMS business through the new entity Novodigm is progressing well, reporting sales of Rs 125 mn for the third quarter. .

Domestic Market: India:

Company’s domestic formulations business in the third quarter registered gross Sales of Rs. 2791, registering a growth of 27% at the net sales level. For better representation, the sales arising from deemed exports of Rs. 104 mn (Rs.93 mn), and formerly recorded under domestic sales have not been classified along with the domestic formulations business. This growth was driven by the good performance in the CVS, Diabetes, CNS, Asthma and Gastro Segments. The divisions catering to branded segments continued to outpace the industry growing over 29%. Lupin has maintained its leadership in Anti-TB segment and has secured a double digit market share in the anti-asthma market riding high on the strengths of its offerings in this segment.

Other World Markets

The RoW Markets reported sales of Rs 445 Mn for the third quarter recording a growth of 40%.

Japan

Kyowa, the Company’s subsidiary in Japan posted robust sales at Rs 1319 mn registering a growth of 21% over the corresponding period of previous year. The recently launched Amlodipine “Amel” continues to maintain majority market share and Risperidone “Amel”, which was launched last year, continued market leadership in unit terms.

South Africa

Lupin also completed and consolidate its acquisition of a majority stake in Pharma Dynamics (PD) in South Africa. Pharma Dynamics is the fastest growing generic companies in South Africa (over 33% growth for Quarter 3 – 08-09) with a clear leadership in the cardiovascular segment.

PD ranks at number 6 amongst generic companies and is currently growing at 33% per annum as per IMS. The South African Generics Market is currently valued at close to 800 Million USD and growing rapidly.

Research & Development

Progress on Approvals & Filings

Lupin also filed Seven ANDAs filed in the quarter, taking the cumulative ANDA filings total to 76. The company has received 32 approvals to date including Levetiracetam, which has already been launched. Four (4) DMF filings have been made in the quarter, taking the total to 79. The company also filed four (4) MAAs with the European regulatory authorities.

Two (2) Potential first to files were filed in the quarter. Furthermore, litigation was initiated against Lupin on filing the generic versions of Fortamet ER (Metformin extended release tablets) and Antara (Fenofibrate tablets) during the quarter. The company believes that it is the first to file on both. The total tally of first to files stands at eight (8).

About Lupin Limited

Headquartered in Mumbai, India, Lupin Limited is an innovation led transnational pharmaceutical company producing a wide range of quality, affordable generic and branded formulations and APIs for the developed and developing markets of the world.

The Company has secured global leadership position in Anti-TB and Cephalosporins and has a significant presence in the areas of Cardiovasculars (prils and statins), Diabetology, Asthma and NSAIDs. The Company’s R&D endeavors have resulted in significant progress in its NCE program. The Company’s foray into Advanced Drug Delivery Systems has resulted in the development of platform technologies that are being used to develop value-added generic pharmaceuticals.

Currently positioned amongst the top six pharmaceutical companies of India, the Company is committed to achieve sustainable earnings and growth for all its stakeholders.

For the financial year ended March 2008, the Lupin’s Revenues and Profit after Tax were Rs.27,730 million (US$ 694 million) and Rs.4,083 million (US$ 102 million) respectively.

For further information please contact:

Lupin Limited:

Shamsher Gorawara

Head – Corporate Communications

Ph: 9820338555

Email: shamshergorawara@lupinpharma.com