MedQuist Holdings Inc. (NASDAQ/GS: MEDH), a leading provider of integrated clinical documentation solutions for the U.S. healthcare system, announced it expects to report results for the year ended December 31, 2011, within or above the mid-point of the range of its 2011 Performance Goals issued on November 9, 2011.
"The strong results we expect to report for 2011 demonstrate the initial success of the pivot we've made in prioritizing go-to-market opportunities, contributions from expanding and enhancing our management team and benefits from our acquisition of M*Modal combined with a Company-wide commitment to meeting our high internal expectations," noted Vern Davenport, Chairman and Chief Executive Officer of MedQuist Holdings. "MedQuist has a unique opportunity to leverage the transcription industry's largest customer base with what we believe is the industry's most innovative and scalable speech and language understanding technology. The healthcare industry has been very receptive to solutions we are providing to solve the changing landscape for clinical documentation.”
Commenting on the expected financial results, Ronald L. Scarboro, Chief Financial Officer, added, “We finished the year with the momentum we anticipated and strong execution in all facets of the business. As we turn to 2012, we are on track with the initial outlook we provided in mid-November 2011. This plan anticipates investing our substantial free cash flow to expand our core transcription business, significantly increase the sales force, commercialize our speech and language understanding technologies and fund our growth strategies. Consistent with our outlook, the benefits from these investments should begin to be reflected in the second half of 2012 in all key metrics - net revenues, Adjusted EBITDA and Adjusted Net Income.”
The Company expects to report final results for the year ended December 31, 2011, on March 7, 2012, with a conference call to follow on the morning of March 8, 2012. The Company intends to provide a more detailed outlook for 2012 at that time.
About MedQuist Holdings
MedQuist is a leading provider of clinical narrative capture services, Speech Understanding technology from M*Modal and clinical documentation workflow. MedQuist's enterprise solutions – including mobile voice capture devices, speech recognition, Web-based workflow platforms and global network of medical editors – help healthcare facilities facilitate adoption of electronic health records (EHR), improve patient care, increase physician satisfaction and lower operational costs. For more information, please visit www.medquist.com.
Information provided and statements contained in this press release that are not purely historical, such as statements regarding our expectations regarding our fiscal 2011 results, our 2012 business plan and the timing of our fiscal 2011 final results and detailed outlook for 2012, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this press release and the Company assumes no obligation to update the information included in this press release. Statements made in this press release that are forward-looking in nature may involve risks and uncertainties. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, without limitation, specific factors discussed herein and in other releases and public filings made by the Company (including filings by the Company with the Securities and Exchange Commission). Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made in this press release.
Ron Scarboro, 615-798-4350
Chief Financial Officer
Corporate Communications, Inc.
Tripp Sullivan, 615-324-7335
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