Corporate Updates

iSOFT reports First Half Year Revenue Up by 168%

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iSOFT, an IBA Health Group Company, 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”.

Commenting on this, Mr. S Govind, Managing Director, iSOFT said, “we have been able to sustain continual all round business growth considering both financials as well as human resource factors”.

Highlighting the core strength of the company, Mr. Govind added, “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”.

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