NextGen Healthcare (NXGN) Tops Q4 EPS by 2c, Revenues Beat; Offers FY22 EPS Guidance Below Consensus, FY22 Revs. Mid-Point Outlook Above Consensus

NextGen Healthcare (NASDAQ: NXGN) reported Q4 EPS of $0.21, $0.02 better than the analyst estimate of $0.19. Revenue for the quarter came in at $144.2 million versus the consensus estimate of $140.1 million.

Fiscal 2021 Fourth Quarter and Full Year Highlights

• 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.”

GUIDANCE:

NextGen Healthcare sees FY2022 EPS of $0.89-$0.95, versus the consensus of $0.99. NextGen Healthcare sees FY2022 revenue of $574-584 million, versus the consensus of $577.2 million.

For earnings history and earnings-related data on NextGen Healthcare (NXGN) click here.

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