Business
WebMD posts 4th quarter profit
NEWS IN BRIEF — Posted March 22, 2004
WebMD Corp. reported net income of $10.5 million for the fourth quarter of 2003, compared with a net loss of $2.4 million a year ago.
Revenue increased 13% to $258.4 million from $229.5 million, helped in part by the Elmwood Park, N.J.-based company's acquisition of Advanced Business Fulfillment in July 2003.
For the year ended Dec. 31, 2003, WebMD narrowed its net loss to $17 million compared with a loss of $49.7 million in 2002. Annual revenue rose 10.6% to $964 million, up from $871.7 million in 2002.
Separately, WebMD sold $100 million of convertible preferred stock to PCG Corporate Partners Fund, a private-equity fund managed by the Pacific Corporate Group and principally backed by the California Public Employees' Retirement System, the nation's largest public pension fund.
WebMD, which sells medical transaction processing services and software to physicians, said it will use the money for general corporate purposes, which may include acquisitions.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2004/03/22/bibf0322.htm.
