UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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December 10, 2001
PROXYMED, INC.
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(Exact name of registrant as specified in its charter)
FLORIDA 0-22052 65-0202059
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2555 Davie Road, Suite 110, Ft. Lauderdale, Florida 33317-7424
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (954) 473-1001
ITEM 9. REGULATION FD DISCLOSURE.
ProxyMed, Inc. ("ProxyMed" or the "Company") is furnishing this Current
Report on Form 8-K with respect to presentations to be made by management of the
Company to certain current and new institutional and research analysts. The
presentations will be made during the week of December 10, 2001. Certain of the
information that will be disclosed in the course of the presentations is set
forth in this Current Report. The furnishing of this information is not intended
to constitute a determination by the Company that this information is material
or that the dissemination of this information is required by Regulation FD. In
addition, the information provided in this Current Report is presented as of
December 10, 2001, and the Company does not assume any obligation to update such
information in the future. The information contained in this Current Report
shall not be deemed to be filed under the Exchange Act and shall not be
incorporated by reference into the Company's other filings under the Exchange
Act of 1934 or the Securities Act of 1933.
ProxyMed is positioned today as the largest provider of retail pharmacy
connectivity, the largest provider of lab results reporting devices, and the
second largest physician connectivity clearinghouse. The Company's current
business strategy remains focused on connecting physicians with their contracted
financial and clinical partners so that they can conduct value-added EDI
(Electronic Data Interchange) transactions. The Company maintains an open
electronic network for electronic transactions with no ownership interest in the
front-end (i.e., physician practice management software system vendors) or
back-end (i.e., pharmacies, payers and laboratories) markets, unlike its
competitors. The Company's strategy is to grow revenues by adding front-end
physician prescribers through our strategic partners to drive our transaction
volume and to expand our back-end connectivity to labs, pharmacies, PBMs and
payers.
Based upon internal projections, the Company expects to generate the
following annual consolidated revenues: $50.0 million to $55.0 million in 2002
and $67.5 million to $75.0 million in 2003. Additionally, EBITDA (Earnings
before Interest, Taxes, Depreciation and Amortization) as adjusted for
non-recurring charges, is expected to be $6.0 million to $7.0 million in 2002
and $12.0 million to $15.0 million in 2003.
These projections are based on management's estimates of achieving
growth both internally and through its acquisition strategy and represents its
current forecast for 2002 and 2003 based upon a number of factors and
assumptions including, but not limited to, general business trends, market
opportunities, the current eHealth environment, government legislation under
HIPAA (the Healthcare Insurance Portability and Accountability Act), and
identified and unidentified acquisition candidates.
FORWARD LOOKING STATEMENTS - This document contains forward-looking
statements that reflect the Company's current assumptions and expectations
regarding future events. While these statements reflect the Company's current
judgment, they are subject to risks and uncertainties. Actual results may differ
significantly from projected results due to a number of factors, including, but
not limited to the soundness of our business strategies relative to the
perceived market opportunities; our ability to successfully develop, market,
sell, cross-sell, install and upgrade our clinical and financial transaction
services and applications to current and new physicians, payers, medical
laboratories and pharmacies; our
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ability to consummate and integrate any acquisitions successfully; our ability
to compete effectively on price and support services; our assessment of the
healthcare industry's need, desire and ability to become technology efficient;
and our ability and that of our business associates to comply with various
government rules regarding healthcare and patient privacy. These and other risk
factors are more fully discussed in our filings with the Securities and Exchange
Commission, which we strongly urge you to read. ProxyMed expressly disclaims any
intent or obligation to update any forward-looking statements. When used, the
words "believes," "estimated," "expects," "anticipates," "may" and similar
expressions are intended to identify forward-looking statements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PROXYMED, INC.
Date: December 10, 2001 /s/ Judson E. Schmid
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Judson E. Schmid, Executive Vice
President and Chief Financial Officer
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