AMICAS Reports Financial Results for the First Quarter Ended March 31, 2009

Provides 2010 business outlook

BOSTON, May 11 /PRNewswire-FirstCall/ -- AMICAS, Inc. (Nasdaq: AMCS), a leader
in medical image and information management solutions, today reported
unaudited financial results for the first quarter ended March 31, 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060202/AMICASLOGO )

Q1 Financial Highlights

Revenue: Total revenues for the first quarter of 2009 were $11.3 million
compared to $12.8 million for the first quarter of 2008.

Operating Income/Loss: Operating loss for the first quarter of 2009 was $1.6
million compared to an operating loss of $1.2 million for the first quarter of
2008. Operating loss for the first quarter of 2009 included $549,000 of
expenses related to the acquisition and integration of Emageon Inc.

Adjusted EBITDA: The Company's Adjusted EBITDA, excluding acquisition-related
and integration costs for the first quarter of 2009, was $200,000 as compared
to an Adjusted EBITDA of $33,000 for the first quarter of 2008.

Net Income/Loss: The Company's net loss for the first quarter of 2009 was $1.2
million, or $(0.03) per share, compared to net loss of $467,000, or $(0.01)
per share, for the first quarter of 2008.

Cash and Cash Flow: AMICAS ended the first quarter of 2009 with cash, cash
equivalents, and a marketable securities balance of $56.6 million, no
long-term debt, and working capital of $47.7 million. AMICAS generated $1.8
million of cash flow from operations in the first quarter of 2009.

Stock Repurchase: In the fourth quarter of 2008, the Board of Directors
directed the Company to initiate a $5.0 million stock repurchase plan. The
Company repurchased approximately 88,000 shares of its common stock for
approximately $141,000 in the first quarter of 2009. Under this plan, we have
repurchased approximately 281,000 shares of our common stock for approximately
$426,000.

Business Perspective

"The acquisition of Emageon clearly helps AMICAS scale to execute both as a
top-flight IT solution provider and as a standalone independent public
company. As a result of our combination with Emageon, AMICAS now provides a
market leading suite that includes radiology PACS, radiology information
systems, cardiology PACS, cardiovascular information systems, referring
physician tools, business intelligence tools, enterprise content management
tools (serving as both the imaging component of the EMR and as a
vendor-neutral archive), and revenue cycle management systems," said Dr.
Kahane.

Dr. Kahane also said, "We continue to maintain our focus on serving the
end-to-end needs of imaging centers, radiology groups, and sub-specialty
groups that are highly dependent on imaging during their delivery of
healthcare services. At the same time, we are looking forward to providing the
market with an enterprise content management solution that makes images
accessible as a component of the electronic medical record."

Dr. Kahane went on to say, "We believe we have built an excellent foundation
with many very sophisticated providers of imaging services while developing an
excellent product suite over the last two years. We are looking forward to
combining this foundation with the customers, solutions, and employees of
Emageon to establish AMICAS as the premiere independent provider of image and
information management solutions in healthcare."

Business Outlook

AMICAS expects to provide guidance for 2009 upon completion of its purchase
accounting related to the Emageon Inc. acquisition, and to provide this
guidance at the time that AMICAS releases its results for the second quarter
of 2009.

Purchase accounting is expected to have minimal impact on 2010 results and,
therefore, AMICAS is providing the following business outlook for fiscal year
2010.

-- Fiscal year 2010 revenue is expected to be $112 to $120 million

-- Fiscal year 2010 Adjusted EBITDA is expected to be $16.5 to $20.7
million

Conference Call

AMICAS will host a conference call on Tuesday, May 12, at 8:30 a.m. Eastern
Time to discuss the Company's 2009 first fiscal quarter results. Investors and
other interested parties may dial in to the call using the toll free number
1.800.862.9098. (Conference ID: 7AMICAS). The conference call will also be
available via Webcast at www.amicas.com. Following the conclusion of the call,
a replay will be available at 1.800.283.8520 or 402.220.0870 until June 12,
2009.

About AMICAS

AMICAS, Inc. (www.amicas.com) is a leading independent provider of imaging IT
solutions. AMICAS offers the industry's most comprehensive suite of image and
information management solutions - from radiology PACS to cardiology PACS,
from radiology information systems to cardiovascular information systems, from
revenue cycle management solutions to enterprise content management tools
designed to power the imaging component of the electronic medical record.
AMICAS provides a complete, end-to-end solution for radiology practices,
imaging centers, and ambulatory care facilities. Hospitals and integrated
delivery networks are provided with a comprehensive image management solution
for cardiology and radiology that supports EMR strategies to enhance clinical,
operational, and administrative functions.

Safe Harbor Statement

Except for the historical information herein, the matters discussed in this
release include forward-looking statements. In particular, the forward-looking
statements contained in this release include statements about our anticipated
financial and operating results for the remainder of fiscal year 2009 and for
fiscal year 2010. When used in this press release, the words: believes,
intends, plans, anticipates, expects, estimates, and similar expressions are
intended to identify forward-looking statements. Such forward-looking
statements are subject to a number of risks, assumptions, and uncertainties
that could cause actual results to differ materially, which include, but are
not limited to, the following: a significant portion of the Company's
quarterly sales are concluded in the last month of the fiscal quarter; the
length of sales and delivery cycles; the deferral and/or realization of
deferred software license and system revenues according to contract terms; the
timing, cost, and success or failure of current and new product and service
introductions and product upgrade releases; potential patent infringement
claims against AMICAS and the related defense costs; the ability of AMICAS to
comply with all government laws, rules, and regulations; and other risks
affecting AMICAS' businesses generally and as set forth in AMICAS' most recent
filings with the Securities and Exchange Commission, including the section
entitled "Risk Factors" of our most recent annual report on Form 10-K, and
subsequent quarterly reports on Form 10-Q. All forward-looking statements in
this release are qualified by these cautionary statements and are made only as
of the date of this release. AMICAS is under no obligation (and expressly
disclaims any such obligation) to update or alter its forward-looking
statements whether as a result of new information, future events, or
otherwise. The financial statements and information as of, and for the period
ended, March 31, 2009, contained in this press release are subject to review
by the Company's independent registered public accounting firm.

Adjusted EBITDA Financial Measures

Adjusted EBITDA refers to net income (loss), adjusted for amortization,
acquisition-related and integration costs, depreciation, interest, taxes, and
stock compensation expense.

Management believes that its Adjusted EBITDA, when viewed in addition to the
Company's reported GAAP results, provides an additional meaningful measure of
operating performance, enabling investors to more thoroughly evaluate current
performance in comparison to past performance. This information will
necessarily differ from comparable information that may be provided by other
companies and should not be considered in isolation or as an alternative to
the Company's operating and other financial information determined under GAAP.
A reconciliation of net income (loss) to Adjusted EBITDA is included below.

CONTACT:
Colleen McCormick, Investor Relations
617.779.7892
cmccormick@amicas.com

Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share data)

March 31, December 31,
2009 2008
Assets
Current assets:
Cash and cash equivalents $44,076 $7,366
Marketable securities 12,502 47,627
Accounts receivable, net of allowances
of $45 and $158, respectively 9,654 10,224
Prepaid expenses and other current
assets 2,671 2,261
Total current assets 68,903 67,478

Property and equipment, less accumulated
depreciation and amortization of $7,649 and
$7,495, respectively 863 965
Acquired/developed software, less
accumulated amortization of $10,766 and
$10,195, respectively 5,233 5,805
Other intangible assets, less accumulated
amortization of $676 and $2,144, respectively 1,224 1,256
Other assets 1,747 1,594
Total Assets $77,970 $77,098

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses $4,375 $4,156
Accrued employee compensation and
benefits 1,252 1,611
Deferred revenue 15,551 14,657
Total current liabilities 21,178 20,424

Unrecognized tax benefits 1,406 1,379
Deferred revenue long term portion 930 -

Commitments and contingencies

Stockholders' equity:
Preferred stock $.001 par value;
2,000,000 shares authorized; none issued - -
Common stock $.001 par value, 200,000,000
shares authorized, 51,558,435 and
51,473,965 issued, respectively 51 51
Additional paid-in capital 231,477 230,905
Accumulated other comprehensive (loss)
income (2) 100
Accumulated deficit (129,717) (128,549)
Treasury stock, at cost, 16,357,854 and
16,270,088 shares (47,353) (47,212)
Total stockholders' equity 54,456 55,295
Total Liabilities and Stockholders' Equity $77,970 $77,098

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data and footnotes)

Three Months Ended
March 31,
2009 2008
Revenues
Maintenance and services $9,962 $9,753
Software licenses and system sales 1,309 3,035
Total revenues $11,271 12,788

Costs and expenses
Cost of revenues:
Maintenance and services (a) $4,232 4,269
Software licenses and system sales,
including amortization of software costs
of $571 and $489, respectively 1,060 2,211
Selling, general and administrative (b) 4,521 5,002
Research and development (c) 2,286 2,195
Depreciation and amortization 185 275
Acquisition-related and integration costs 549 -
12,833 13,952
Operating loss (1,562) (1,164)
Interest income 447 789
Loss on sale of investments - (31)
Loss before provision for income taxes (1,115) (406)
Provision for income taxes 53 61
Net loss $(1,168) $(467)

(Loss) income per share
Basic: $(0.03) $(0.01)
Diluted: $(0.03) $(0.01)

Weighted average number of shares outstanding
Basic 35,195 43,628
Diluted 35,195 43,628

(a) includes $39,000 and $37,000 in stock-based compensation expense
for the three months ended March 31, 2009, and 2008, respectively
(b) includes $314,000 and $284,000 in stock-based compensation expense
for the three months ended March 31, 2009, and 2008, respectively
(c) includes $104,000 and $112,000 in stock-based compensation expense
for the three months ended March 31, 2009, and 2008, respectively

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

Three Months Ended
March 31,
2009 2008
Operating activities
Net loss (1,168) $(467)

Adjustments to reconcile net loss to cash
provided by operating activities:
Depreciation and amortization 185 275
Provisions for bad debts (73) 55
Amortization of software development costs 571 489
Non-cash stock compensation expense 457 433
Changes in operating assets and liabilities:
Accounts receivable 642 (489)
Prepaid expenses and other current assets (561) 532
Accounts payable and accrued expenses (140) (306)
Deferred revenue including unearned discount 1,824 454
Unrecognized tax benefits 27 25
Cash provided by operating activities 1,764 1,001

Investing activities
Purchases of property and equipment (51) (304)
Purchases of held-to-maturity securities (8,403) (124,084)
Maturities of held-to-maturity securities 27,595 113,799
Purchases of available-for-sale securities (20,363) (1,500)
Sales of available-for-sale securities 36,193 20,031
Cash provided by investing activities 34,971 7,942

Financing activities
Repurchase of common stock (141) (4,593)
Exercise of stock options 116 181
Cash used in financing activities (25) (4,412)

Increase in cash and cash equivalents 36,710 4,531
Cash and cash equivalents at beginning of period 7,366 8,536
Cash and cash equivalents at end of period $44,076 $13,067

Supplemental disclosure of cash paid during the
period for:
Income taxes, net of refunds $- $115
Non-cash investing activity:
Unrealized gain (loss) on available-for-sale
securities $(102) $120

RECONCILIATION NET LOSS TO ADJUSTED EBITDA
(Unaudited)
(in thousands)

Three Months Ended
March 31,
2009 2008

Net loss $(1,168) $(467)
Provision for income taxes 53 61
Interest income 447 789
Loss on sale of investments 0 (31)
Operating loss (1,562) (1,164)
Non-cash stock compensation expense 457 433
Acquisition-related and integration costs 549 -
Depreciation and amortization 185 275
Amortization of software development costs 571 489
Adjusted EBITDA $200 $33

FISCAL YEAR 2010 BUSINESS OUTLOOK
(in thousands)

FY 2010
Low High
Revenue $112,000 $120,000
Adjusted EBITDA $16,500 $20,700

FISCAL YEAR 2010 BUSINESS OUTLOOK
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(in thousands)

FY 2010
Low High
Net income $7,000 $11,000
Provision for income taxes 300 500
Interest income 700 700
Operating income 6,600 10,800
Non-cash stock compensation expense 2,500 2,500
Depreciation and amortization 7,400 7,400
Adjusted EBITDA $16,500 $20,700

SOURCE AMICAS, Inc.

Colleen McCormick, Investor Relations, +1-617-779-7892, cmccormick@amicas.com