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WebMD Health: Webmd Announces Third Quarter Financial Results

The following excerpt is from the company's SEC filing.

WebMD Reaffirms 2015 Outlook

New York, NY

(November 3, 2015)WebMD Health Corp. (NASDAQ: WBMD), the leading source of health information, today announced financial results for the three months ended September 30, 2015.

We are pleased to report third quarter results that are above the high end of our financial guidance, said David Schlanger, Chief Executive Officer, WebMD. With a significant backlog and positive sales momentum, we are reaffirming our 2015 outlook today. We expect to deliver in the fourth quarter the largest quarter in the Companys history. The environment remains strong and we are well positioned to continue to grow revenue and further strengthen our market leadership.

Financial Highlights

For the three months ended September 30, 2015:

Revenue was $152.6 million, compared to $143.5 million in the prior year period, an increase of 6%. Advertising and sponsorship revenue was $118.7 million compared to $112.5 million in the prior year period. Private portal services revenue was $27.5 million compared to $25.8 million in the prior year period. Information services revenue was $6.4 million compared to $5.2 million in the prior year period.

Earnings before interest, taxes, non-cash and other items (Adjusted EBITDA) was $46.4 million, compared to $39.3 million in the prior year period, an increase of 18%.

Net income was $13.2 million or $0.32 per diluted share, compared to $9.8 million, or $0.23 per diluted share in the prior year period. Net income would have been $14.4 million, or $0.34 per diluted share, excluding an after-tax loss on convertible notes of $(1.2) million.

Traffic Highlights

Traffic to the WebMD Health Network during the third quarter reached an average of 206 million unique users per month generating 4.00 billion page views for the quarter, increases of 8% and 11%, respectively, from the prior year period.

Balance Sheet Highlights

As of September 30, 2015, WebMD had: approximately $612 million in cash and cash equivalents; $803 million in aggregate principal amount of convertible notes outstanding; and approximately 37.5 million shares of its common stock outstanding (including approximately 1.0 million unvested shares of restricted stock).

During the third quarter, WebMD used $23.1 million in cash to repurchase approximately 558 thousand shares of its common stock under its stock repurchase program. As of September 30, 2015, approximately $34 million remained available for repurchases under WebMDs stock repurchase program. Under the repurchase program, WebMD may repurchase shares from...


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