NextGen Healthcare Reports Fiscal 2021 Fourth Quarter and Full Year Results
NextGen Healthcare, Inc. (Nasdaq: NXGN), a leading provider of ambulatory-focused technology solutions, today announced its operating results for the fiscal fourth quarter and full year 2021 ended March 31, 2021.
Fiscal 2021 Fourth Quarter and Full Year Highlights
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Total revenue for the fiscal 2021 fourth quarter was
$144.2 million compared to$136.4 million for the same period a year ago. Revenue for the fiscal year ended March 31, 2021 was$556.8 million compared to$540.2 million a year ago. -
Subscription services revenue in the fiscal fourth quarter generated
$38.2 million , or 16 percent growth over the prior year period, driven by demand for patient experience-related solutions. -
Fiscal 2021 fourth quarter bookings, which reflects annual contract value, was
$35.1 million , 13 percent higher than the prior year period. -
Net loss for the fiscal 2021 fourth quarter was (
$0.6) million compared to net loss of ($4.2) million for the same period a year ago. Net income for fiscal year 2021 was$9.5 million compared with net income of$7.5 million a year ago. -
On a GAAP basis, fully diluted net loss per share in the fiscal 2021 fourth quarter was
$0.01 compared to a net loss of$0.06 per share the same period a year ago. On a GAAP basis, fully diluted net income per share for fiscal year 2021 was$0.14 compared to$0.11 per share a year ago. -
On a non-GAAP basis, fully diluted earnings per share for the fiscal 2021 fourth quarter was
$0.21 compared to$0.20 for the same period a year ago. On a non-GAAP basis, fully diluted earnings per share for fiscal year 2021 was$0.98 compared to$0.83 reported a year ago. -
Cash flow from operations for the fiscal 2021 fourth quarter was
$22.5 million compared to$21.2 million for the same period a year ago. Free cash flow for the fiscal 2021 fourth quarter was$14.7 million compared to$16.1 million for the same period a year ago. Cash flow from operations for fiscal year 2021 was$98.5 million compared to$85.6 million for the same period a year ago. Free cash flow for fiscal year 2021 was$70.2 million compared to$58.7 million for the same period a year ago. -
Entered into a
$300 million second amended and restated revolving credit agreement facility, that includes a$150 million “accordion” feature, which could accommodate borrowing up to$450 million in the aggregate.
“NextGen Healthcare’s achievements, during this unprecedented year, are outstanding,” said President and CEO Rusty Frantz. “We were decisive and kept focused on employee safety and meeting the needs of our clients in this challenging and transformational time. We leveraged our solid financial position, award winning platform solution and a resilient and well-equipped employee base to deepen our client relationships and gain new ones.”
Frantz continued, “We delivered excellent fiscal Q4 financial results, led by an increasing number of large wins and strong ongoing demand for our full platform offering. This momentum provides a great launch pad for Spring ’21 major platform release. This release brings forward exciting advancements, including our NextGen® Patient Experience Platform and much more as we detailed at our March investor event. In summary, we enter fiscal year 2022 with positive momentum, a major platform launch, and are well positioned to achieve both our corporate growth goals and increasing shareholder value.”
Fiscal Year 2022 Financial Outlook
The Company’s outlook for fiscal year 2022:
-
Revenue between
$574 and$584 million , and -
Non-GAAP earnings per share range between
$0.89 and$0.95
Conference Call Information
NextGen Healthcare will host a conference call to discuss its fiscal year 2021 and fourth quarter operating results today at 5:00 p.m. Eastern time. Shareholders and interested participants may listen to a live broadcast of the conference call by dialing 866-750-8947 or 720-405-1352 for international callers and referencing participant code 8675815 approximately 15 minutes prior to the call. A recording of the live webcast will be available on investor.nextgen.com after the call. It will be archived for 90 days until August 26, 2021.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements within the meaning of the federal securities laws, including but not limited to, statements regarding future events including but not limited to the COVID-19 pandemic, developments in the healthcare sector and regulatory framework, the Company's future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future (including, without limitation, statements concerning revenue, net income, and earnings per share). Risks and uncertainties exist that may cause the results to differ materially from those set forth in these forward-looking statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements and additional risks and uncertainties are set forth in Part I, Item A of our most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, including but not limited to: volatility and uncertainty in the global economy, financial markets and on our customers in light of the continuing COVID-19 pandemic, including the potential (i) slowdown or shutdown of preventive and elective medical procedures, (ii) delay in the contracting for additional products and services by our customers and (iii) delay in the sales cycle for new customers;
