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Catalyst Health Solutions Inc. (CHSI) filed Quarterly Report for the period ended 2011-09-30.
Catalyst Health Solutions Inc. has a market cap of $2.32 billion; its shares were traded at around $46.45 with a P/E ratio of 22.2 and P/S ratio of 0.6. Catalyst Health Solutions Inc. had an annual average earning growth of 27.3% over the past 5 years.
This is the annual revenues and earnings per share of CHSI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CHSI.
Highlight of Business Operations:
For the three months ended September 30, 2011, our revenue increased by 55% to approximately $1.4 billion from $0.9 billion for the same period in 2010. For the nine months ended September 30, 2011, our revenues increased by 43% to approximately $3.8 billion from $2.6 billion for the same period in 2010. Our increase in revenue in 2011 is primarily due to our acquisitions of WHI, FutureScripts and inPharmative, which contributed revenue of $0.5 billion and $0.9 billion forRevenue. Revenue from operations for the three months ended September 30, 2011 and 2010 were approximately $1.4 billion and $0.9 billion, respectively. Revenue increased over the comparable period in 2010 by $0.5 billion. Total claims processed, excluding ASO claims, increased to 24.4 million for the three months ended September 30, 2011 from 17.0 million for the same period in 2010. Our increase in revenue and prescription volume in 2011 is primarily due to our initiation of services with several new PBM clients, as well as our acquisitions of WHI, FutureScripts and inPharmative which contributed revenue of approximately $0.5 billion. Also, for the three months ended September 30, 2011, acquisition related intangible amortization expense of $2.4 million for a customer contract related to a PBM agreement has been included as an offset to revenue. For the three months ended September 30, 2010, acquisition-related intangible amortization included as an offset to revenue was $0.5 million.
Direct Expenses. Direct expenses for the three months ended September 30, 2011 and 2010 were approximately $1.3 billion and $0.9 billion, respectively. Direct expenses increased by approximately $0.4 billion over the comparable period in 2010, primarily related to the $0.5 billion increase in overall revenue. Direct expenses for the three months ended September 30, 2011 and 2010 represented 95.9% and 97.0% of total operating expenses, respectively. Additionally, rebates earned under arrangements with manufacturers or third party intermediaries are predominately recorded as a reduction of direct expenses. For the three months ended September 30, 2011, adjustments made to the rebate receivable estimates from prior periods increased direct expenses by $0.8 million. For the three months ended September 30, 2010, adjustments made to the rebate receivable estimates from prior periods reduced direct expenses by $6.1 million, or approximately 0.7% of direct expenses.
Direct Expenses. Direct expenses for the nine months ended September 30, 2011 and 2010 were $3.6 billion and $2.5 billion, respectively. Direct expenses increased by $1.1 billion over the comparable period in 2010, primarily related to the $1.2 billion increase in overall revenue. Direct expenses for the nine months ended September 30, 2011 and 2010 represented 96.4% and 97.1% of total operating expenses, respectively. Additionally, rebates earned under arrangements with manufacturers or third party intermediaries are predominately recorded as a reduction of direct expenses. For the nine months ended September 30, 2011, adjustments made to the rebate receivable estimates from prior periods reduced direct expenses by $0.1 million. For the nine months ended September 30, 2010, adjustments made to the rebate receivable estimates from prior periods reduced direct expenses by $10.8 million, or approximately 0.4% of direct expenses.
Net Cash Used in Investing Activities. Net cash used in investing activities for the nine months ended September 30, 2011 was $561.8 million compared to $238.5 million of cash used in the prior year period. The cash used in the current period reflects expenditures of $491.0 million for business acquisitions, $40.0 million in business acquisition related restricted cash, $5.0 million in restricted cash, $22.6 million in capital expenditures, and other investing activities of $3.2 million. The $238.5 million of net cash provided for the nine months ended September 30, 2010 reflects expenditures of $239.9 million for business acquisitions and $10.5 million in capital expenditures, offset by marketable securities sales of $11.9 million.
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