WebMD Announces Second Quarter Financial Results
* Reuters is not responsible for the content in this press release.
Total Revenue Increased 15%; Advertising Revenue Increased 18%
NEW YORK, July 30 /PRNewswire-FirstCall/ -- WebMD Health Corp. (Nasdaq: WBMD)
today announced financial results for the three months ended June 30, 2009.
"We are pleased to deliver strong results again this quarter. WebMD's
advertising revenue grew by 18% as we see continuing demand from both
pharmaceutical as well as consumer products companies in the health and
wellness markets," said Wayne Gattinella, President and CEO. "I am
enthusiastic about the momentum we are gaining in our business as our
customers are shifting more of their marketing spend online."
Financial Summary
Revenue for the second quarter was $98.6 million, compared to $86.0 million in
the prior year period, an increase of 15%. Earnings before interest, taxes,
non-cash and other items ("Adjusted EBITDA") for the second quarter was $23.2
million or $0.40 per share, compared to $18.4 million or $0.31 per share in
the prior year period, an increase of 26%.
Income from continuing operations for the second quarter was $7.0 million or
$0.12 per share, compared to $5.7 million or $0.10 per share in the prior year
period. Loss from discontinued operations was $(4.9) million in the second
quarter, compared to income from discontinued operations of $663 thousand in
the prior year. Net income for the second quarter was $2.1 million or $0.04
per share, compared to $6.4 million or $0.11 per share in the prior year
period.
WebMD's financial results present Little Blue Book, its print directory
business, as discontinued operations for current and prior periods reflecting
the ongoing process to divest Little Blue Book. The loss from discontinued
operations and net income for the second quarter of 2009 include a non-cash,
after-tax impairment charge of $5 million or $0.09 per share related to the
carrying value of WebMD's Little Blue Book physician directory business.
WebMD had approximately $373 million in cash and investments at June 30, 2009.
Operating Highlights
Public portal advertising and sponsorship revenue was $76.0 million for the
second quarter, compared to $64.1 million in the prior year period, an
increase of 18%. Traffic to the WebMD Health Network continued to grow
strongly, reaching an average of 59.8 million unique users per month and total
traffic of 1.4 billion page views during the second quarter, increases of 24%
and 31%, respectively, from a year ago. In the second quarter, 1.6 million
continuing medical education (CME) programs were completed on the WebMD
Professional Network, an increase of 25% from the prior year period.
Private portal services revenue was $22.6 million for the second quarter
compared to $21.9 million in the prior year period, an increase of 4%. The
base of large employers and health plans utilizing WebMD's private Health and
Benefits portals during the second quarter was 137 as compared to 123 a year
ago. During the quarter, WebMD launched integrated platform services for Blue
Cross and Blue Shield of Florida, Inc.
Merger with HLTH Corporation
As previously announced, HLTH and WebMD entered into a definitive merger
agreement on June 17, 2009. On July 10, 2009, WebMD filed a Registration
Statement with the SEC containing a preliminary joint proxy
statement/prospectus relating to the merger. HLTH and WebMD have scheduled
stockholders meetings for September 25, 2009 to seek the necessary stockholder
approvals.
Financial Guidance
WebMD reaffirmed its financial guidance for 2009 today and narrowed the ranges
for its anticipated revenue and Adjusted EBITDA by raising the low end of
those ranges.
For 2009, WebMD expects:
-- Total revenue to be $420 million to $440 million, an increase of 12%
to
18% over 2008;
-- Adjusted EBITDA to be $110 million to $120 million, an increase of 17%
to 28% over 2008;
-- Income from continuing operations to be approximately $31 million to
$41
million, or $0.51 to $0.66 per share, an increase of 21% to 58% over
2008.
For the quarter ending September 30, 2009, WebMD expects revenue to be in the
range of $109 million to $112 million with Adjusted EBITDA representing
approximately 28% of revenue. These amounts represent growth of approximately
18% to 19% in public portal advertising and sponsorship revenue and 4% in
private portal services revenue. Income from continuing operations is
estimated to be 10% of revenue for the third quarter of 2009.
Additional detail is provided in a schedule attached to this release.
Analyst and Investor Conference Call
As previously announced, WebMD will hold a conference call with investors and
analysts to discuss its second quarter results at 4:45 pm (eastern) today. The
call can be accessed at www.wbmd.com (in the Investor Relations section). A
replay of the audio webcast will be available at the same web address.
About WebMD
WebMD Health Corp. (Nasdaq: WBMD) is the leading provider of health
information services, serving consumers, physicians, healthcare professionals,
employers and health plans through our public and private online portals and
health-focused publications. WebMD Health Corp. is a subsidiary of HLTH
Corporation (Nasdaq: HLTH).
The WebMD Health Network includes WebMD Health, Medscape, MedicineNet,
eMedicine, eMedicine Health, RxList and theHeart.org.
All statements contained in this press release and the related analyst and
investor conference call, other than statements of historical fact, are
forward-looking statements, including those regarding: guidance on WebMD's
future financial results and other projections or measures of WebMD's future
performance; market opportunities and WebMD's ability to capitalize on them;
the benefits expected from new or updated products or services and from other
potential sources of additional revenue; expectations regarding the market
for WebMD's investments in auction rate securities (ARS); the merger
transaction between HLTH and WebMD (the "Merger Transaction"); and the
potential sale of Porex by HLTH (the "Potential Sale Transaction"). These
statements speak only as of the date of this press release, are based on our
current plans and expectations, and involve risks and uncertainties that could
cause actual future events or results to be different than those described in
or implied by such forward-looking statements. These risks and uncertainties
include those relating to: market acceptance of WebMD's products and
services; WebMD's relationships with customers and strategic partners; changes
in the markets for ARS; and changes in economic, political or regulatory
conditions or other trends affecting the healthcare, Internet and information
technology industries. Further information about these matters can be found
in our Securities and Exchange Commission filings. In addition, there can be
no assurances regarding: whether HLTH and WebMD will be able to complete the
Merger Transaction or as to the timing of such transaction; or whether HLTH
will be able to complete the Potential Sale Transaction or as to the timing or
terms of such transaction. Except as required by applicable law or
regulation, we do not undertake any obligation to update our forward-looking
statements to reflect future events or circumstances.
This press release, and the accompanying tables, include both financial
measures in accordance with accounting principles generally accepted in the
United States of America, or GAAP, as well as certain non-GAAP financial
measures. The tables attached to this press release include reconciliations
of these non-GAAP financial measures to GAAP financial measures. In addition,
an "Explanation of Non-GAAP Financial Measures" is attached to this press
release as Annex A.
WebMD(R), Medscape(R), eMedicine(R), MedicineNet(R), RxList(R), Subimo(R),
Medsite(R), The Little Blue Book(R) and Summex(R), are trademarks of WebMD
Health Corp. or its subsidiaries.
WEBMD HEALTH CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data, unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
-------- --------
2009 2008 2009 2008
------- ------- ------- -------
Revenue $98,631 $86,004 $188,895 $166,654
Cost of operations 39,229 31,968 75,794 62,895
Sales and marketing 26,797 24,898 54,358 50,047
General and
administrative 15,139 14,211 29,865 27,691
Depreciation and
amortization 6,804 7,087 13,741 13,759
Interest income 924 2,350 1,899 5,803
Impairment of auction
rate securities - - - 27,406
------- ------- ------- -------
Income (loss) from
continuing operations
before income tax
provision 11,586 10,190 17,036 (9,341)
Income tax provision 4,636 4,501 6,847 7,933
------- ------- ------- -------
Income (loss) from
continuing operations 6,950 5,689 10,189 (17,274)
(Loss) income from
discontinued
operations, net of tax (4,867) 663 (5,290) 291
------- ------- ------- -------
Net income (loss) $2,083 $6,352 $4,899 $(16,983)
======= ======= ======= =======
Basic income (loss) per common share:
Income (loss) from
continuing operations $0.12 $0.10 $0.18 $(0.30)
(Loss) income from
discontinued
operations (0.08) 0.01 (0.09) 0.01
------- ------- ------- -------
Net income (loss) $0.04 $0.11 $0.09 $(0.29)
======= ======= ======= =======
Diluted income (loss) per common share:
Income (loss) from
continuing operations $0.12 $0.10 $0.17 $(0.30)
(Loss) income from
discontinued
operations (0.08) 0.01 (0.09) 0.01
------- ------- ------- -------
Net income (loss) $0.04 $0.11 $0.08 $(0.29)
======= ======= ======= =======
Weighted-average shares outstanding used in computing
basic and diluted net income (loss) per common share:
Basic 57,675 57,693 57,625 57,664
======= ======= ======= =======
Diluted 58,632 59,061 58,370 57,664
======= ======= ======= =======
WEBMD HEALTH CORP.
CONSOLIDATED SUPPLEMENTAL FINANCIAL INFORMATION
(In thousands, except per share data, unaudited)
Three Months
Ended Six Months Ended
June 30, June 30,
-------- --------
2009 2008 2009 2008
---- ---- ---- ----
Revenue
Public portal advertising and
sponsorship $75,992 $64,138 $143,281 $122,865
Private portal services 22,639 21,866 45,614 43,789
------- ------- ------- -------
$98,631 $86,004 $188,895 $166,654
======= ======= ======= =======
Earnings before interest,
taxes, non-cash and other items
("Adjusted EBITDA") (a) $23,218 $18,392 $41,906 $34,724
------- ------- ------- -------
Adjusted EBITDA per basic
common share $0.40 $0.32 $0.73 $0.60
------- ------- ------- -------
Adjusted EBITDA per diluted
common share $0.40 $0.31 $0.72 $0.60
------- ------- ------- -------
Interest, taxes, non-cash and
other items (b)
Interest income 924 2,350 1,899 5,803
Depreciation and amortization (6,804) (7,087) (13,741) (13,759)
Non-cash advertising - - (1,753) (1,558)
Non-cash stock-based
compensation (5,752) (3,465) (11,275) (7,145)
Impairment of auction rate
securities - - - (27,406)
Income tax provision (4,636) (4,501) (6,847) (7,933)
------- ------- ------- -------
Income (loss) from continuing
operations 6,950 5,689 10,189 (17,274)
(Loss) income from discontinued
operations, net of tax (4,867) 663 (5,290) 291
------- ------- ------- -------
Net income (loss) $2,083 $6,352 $4,899 $(16,983)
======= ======= ======= =======
Basic income (loss) per common share:
Income (loss) from
continuing operations $0.12 $0.10 $0.18 $(0.30)
(Loss) income from
discontinued operations (0.08) 0.01 (0.09) 0.01
------- ------- ------- -------
Net income (loss) $0.04 $0.11 $0.09 $(0.29)
======= ======= ======= =======
Diluted income (loss) per common share:
Income (loss) from
continuing operations $0.12 $0.10 $0.17 $(0.30)
(Loss) income from
discontinued operations (0.08) 0.01 (0.09) 0.01
------- ------- ------- -------
Net income (loss) $0.04 $0.11 $0.08 $(0.29)
======= ======= ======= =======
Weighted-average shares outstanding
used in computing per share amounts:
Basic 57,675 57,693 57,625 57,664
======= ======= ======= =======
Diluted 58,632 59,061 58,370 57,664
======= ======= ======= =======
(a) See Annex A - Explanation of Non-GAAP Financial Measures
(b) Reconciliation of Adjusted EBITDA to net income (loss)
WEBMD HEALTH CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
June 30, 2009 December 31, 2008
------------- -----------------
ASSETS
Current assets:
Cash and cash equivalents $246,878 $191,659
Accounts receivable, net 78,674 93,082
Current portion of prepaid
advertising - 1,753
Other current assets 11,147 11,358
Assets of discontinued
operations 5,111 12,575
----- ------
Total current assets 341,810 310,427
Investments 126,330 133,563
Property and equipment, net 54,513 54,165
Goodwill 208,967 208,967
Intangible assets, net 22,878 26,237
Other assets 17,956 22,573
------ ------
$772,454 $755,932
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses $29,273 $31,241
Deferred revenue 86,261 79,613
Due to HLTH 736 427
Liabilities of discontinued
operations 792 2,599
--- -----
Total current liabilities 117,062 113,880
Other long-term liabilities 7,803 8,334
Stockholders' equity 647,589 633,718
------- -------
$772,454 $755,932
======== ========
WEBMD HEALTH CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
Six Months Ended
June 30,
-----------------
2009 2008
------- -------
Cash flows from operating activities:
Net income (loss) $4,899 $(16,983)
Adjustments to reconcile net income (loss) to
net cash provided by
operating activities:
Loss (income) from discontinued operations,
net of tax 5,290 (291)
Depreciation and amortization 13,741 13,759
Non-cash advertising 1,753 1,558
Non-cash stock-based
compensation 11,275 7,145
Deferred and other income taxes 6,545 6,568
Impairment of auction rate
securities - 27,406
Changes in operating assets and liabilities:
Accounts receivable 14,408 15,249
Other assets (1,139) (1,393)
Accrued expenses and other
long-term liabilities (2,499) (5,056)
Due to HLTH 309 1,246
Deferred revenue 6,648 10,195
------- -------
Net cash provided by
continuing operations 61,230 59,403
Net cash provided by
discontinued operations 506 3,355
------- -------
Net cash provided by
operating activities 61,736 62,758
Cash flows from investing activities:
Proceeds from maturities and
sales of available-for-sale securities 900 41,300
Purchases of available-for-sale
securities - (127,900)
Purchases of property and equipment (10,833) (6,906)
Cash received from sale of
business, net of fees 250 1,133
------- -------
Net cash used in continuing
operations (9,683) (92,373)
Net cash used in discontinued
operations (7) (40)
------- -------
Net cash used in investing
activities (9,690) (92,413)
Cash flows from financing activities:
Proceeds from issuance of common stock 3,173 2,392
------- -------
Net cash provided by
financing activities 3,173 2,392
Net increase (decrease) in cash
and cash equivalents 55,219 (27,263)
Cash and cash equivalents at
beginning of period 191,659 213,753
------- -------
Cash and cash equivalents at end
of period $246,878 $186,490
======= =======
FINANCIAL GUIDANCE SUMMARY
WEBMD HEALTH CORP.
2009 Financial Guidance
(in millions, except per share amounts)
Year Ending
December 31, 2009
Range (c)
---------
Revenue $420.0 $440.0
======= =======
Earnings before interest, taxes, non-
cash and other items ("Adjusted
EBITDA") (a) $110.0 $120.0
Adjusted EBITDA per diluted common share $1.77 $1.94
------- -------
Interest, taxes, non-cash and other
items (b)
Interest income 4.0 4.0
Depreciation and amortization (33.0) (30.0)
Non-cash advertising (1.8) (1.8)
Non-cash stock-based compensation (26.0) (23.0)
Impairment of auction rate securities - -
Restructuring - -
Income tax provision (21.8) (28.4)
------- -------
Income from continuing operations $31.4 $40.8
======= =======
Income from continuing operations per
common share:
Basic $0.53 $0.69
======= =======
Diluted $0.51 $0.66
======= =======
Weighted-average shares outstanding used
in computing income from continuing
operations per common share:
Basic 59.0 59.0
Diluted 62.0 62.0
(a) See Annex A - Explanation of Non-GAAP Financial Measures.
(b) Reconciliation of Adjusted EBITDA to income from continuing
operations.
(c) The guidance for the year ending December 31, 2009 has been
adjusted to exclude the discontinued operations of the Little
Blue Book print directory business.
Additional information regarding guidance for third quarter of 2009:
- Revenue is forecasted to be approximately $109 to $112 in the
quarter ending September 30, 2009
- Adjusted EBITDA as a percentage of revenue is forecasted to be
approximately 28% in the quarter ending September 30, 2009
- Income from continuing operations as a percentage of revenue is
forecasted to be approximately 10% in the quarter ending
September 30, 2009
Additional information regarding full year guidance:
- Income tax rate for 2009 is forecasted to be approximately 41% of
pretax income. The income tax provision excludes any benefit
relating to any reversal in 2009 of the valuation allowance
against deferred tax assets.
- The distribution of the annual revenue is expected to be
approximately 78.5% public portal advertising and sponsorship and
21.5% private portal services. Quarterly revenue distributions
may vary from this annual estimate.
- Excludes the impact of the pending merger of WebMD and HLTH.
ANNEX A
Explanation of Non-GAAP Financial Measures
(All dollar amounts in thousands)
The accompanying WebMD Health Corp. press release and financial tables include
both financial measures in accordance with U.S. generally accepted accounting
principles, or GAAP, as well as non-GAAP financial measures. The non-GAAP
financial measures represent earnings before interest, taxes, non-cash and
other items (which we refer to as "Adjusted EBITDA") and related per share
amounts. Adjusted EBITDA should be viewed as supplemental to, and not as an
alternative for, "income (loss) from continuing operations" or "net income
(loss)" calculated in accordance with GAAP. The tables attached to the
accompanying press release include reconciliations of non-GAAP financial
measures to GAAP financial measures.
Adjusted EBITDA is used by WebMD's management as an additional measure of
WebMD's performance for purposes of business decision-making, including
developing budgets, managing expenditures, and evaluating potential
acquisitions or divestitures. Period-to-period comparisons of Adjusted EBITDA
help WebMD's management identify additional trends in WebMD's financial
results that may not be shown solely by period-to-period comparisons of income
(loss) from continuing operations or net income (loss). In addition, WebMD
uses Adjusted EBITDA in the incentive compensation programs applicable to many
of its employees in order to evaluate WebMD's performance. WebMD management
recognizes that Adjusted EBITDA has inherent limitations because of the
excluded items, particularly those items that are recurring in nature. In
order to compensate for those limitations, management also reviews the
specific items that are excluded from Adjusted EBITDA, but included in income
(loss) from continuing operations or net income (loss), as well as trends in
those items. The amounts of those items are set forth, for the applicable
periods, in the reconciliations of Adjusted EBITDA to income (loss) from
continuing operations or to net income (loss) that accompany our press
releases containing non-GAAP financial measures, including the reconciliations
contained in the tables attached to the accompanying press release.
WebMD believes that the presentation of Adjusted EBITDA is useful to investors
in their analysis of WebMD's results for reasons similar to the reasons why
WebMD's management finds it useful and because it helps facilitate investor
understanding of decisions made by WebMD's management in light of the
performance metrics used in making those decisions. In addition, as more
fully described below, WebMD believes that providing Adjusted EBITDA, together
with a reconciliation of Adjusted EBITDA to income (loss) from continuing
operations or to net income (loss), helps investors make comparisons between
WebMD and other companies that may have different capital structures,
different effective income tax rates and tax attributes, different capitalized
asset values and/or different forms of employee compensation. However,
Adjusted EBITDA is intended to provide a supplemental way of comparing WebMD
with other public companies and is not intended as a substitute for
comparisons based on "income (loss) from continuing operations" or "net income
(loss)" calculated in accordance with GAAP. In making any comparisons to
other companies, investors need to be aware that companies use different
non-GAAP measures to evaluate their financial performance. Investors should
pay close attention to the specific definition being used and to the
reconciliation between such measures and the corresponding GAAP measures
provided by each company under applicable SEC rules.
The following is an explanation of the items excluded by WebMD from Adjusted
EBITDA but included in income (loss) from continuing operations:
-- Depreciation and Amortization. Depreciation and amortization expense
is
a non-cash expense relating to capital expenditures and intangible
assets arising from acquisitions that are expensed on a straight-line
basis over the estimated useful life of the related assets. WebMD
excludes depreciation and amortization expense from Adjusted EBITDA
because it believes (i) the amount of such expenses in any specific
period may not directly correlate to the underlying performance of
WebMD's business operations and (ii) such expenses can vary
significantly between periods as a result of new acquisitions and full
amortization of previously acquired tangible and intangible assets.
Accordingly, WebMD believes this exclusion assists management and
investors in making period-to-period comparisons of operating
performance. Investors should note that use of tangible and
intangible
assets contributed to revenue in the periods presented and will
contribute to future revenue generation and should also note that such
expenses will recur in future periods
-- Stock-Based Compensation Expense. Stock-based compensation expense is
a
non-cash expense arising from the grant of stock-based awards to
employees. WebMD believes that excluding the effect of stock-based
compensation from Adjusted EBITDA assists management and investors in
making period-to-period comparisons in its operating performance
because
it believes (i) the amount of such expenses in any specific period may
not directly correlate to the underlying performance of WebMD's
business operations and (ii) such expenses can vary significantly
between periods as a result of the timing of grants of new stock-based
awards, including grants in connection with acquisitions.
Additionally,
WebMD believes that excluding stock-based compensation from Adjusted
EBITDA assists management and investors in making meaningful
comparisons
between WebMD's operating performance and the operating performance
of other companies that may use different forms of employee
compensation
or different valuation methodologies for their stock-based
compensation.
Investors should note that stock-based compensation is a key incentive
offered to employees whose efforts contributed to the operating
results
in the periods presented and are expected to contribute to operating
results in future periods. Investors should also note that such
expenses will recur in the future. Stock-based compensation expenses
included in the Statement of Operations are summarized as follows:
Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
Non-cash stock-based
compensation included in:
Cost of operations $(1,555) $(817) $(3,178) $(1,933)
Sales and marketing $(2,001) $(1,261) $(3,551) $(2,387)
General and
administrative $(2,196) $(1,387) $(4,546) $(2,825)
(Loss) income from
discontinued
operations $(43) $(23) $(174) $(55)
-- Non-Cash Advertising Expense. This expense relates to the usage of
non-cash advertising obtained from News Corporation
("Newscorp") in exchange for equity securities issued by our
parent, HLTH Corporation in 2000. The advertising was available only
on
various Newscorp properties, primarily its television network and
cable
channels, without any cash cost to WebMD and expired this year. WebMD
excludes this expense from Adjusted EBITDA (i) because it is a
non-cash
expense, (ii) because it is incremental to other non-television cash
advertising expense that WebMD otherwise incurs and (iii) to assist
management and investors in comparing its operating results over
multiple periods. Investors should note that it is likely that WebMD
derives some benefit from such advertising. Non-cash advertising
expenses included in the Consolidated Statement of Operations in Sales
and Marketing expense were $1,753 and $1,558 for the six months ended
June 30, 2009 and 2008, respectively. There were no non-cash
advertising expenses for the three months ended June 30, 2009 and
2008.
-- Interest Income. Interest income is associated with the level of
marketable debt securities and other interest bearing accounts in
which
WebMD invests. Interest income varies over time due to varying levels
of securities available for investment. Transactions that WebMD has
entered into in recent periods that have impacted securities available
for investment include the initial public offering of equity in WebMD
and acquisitions of other companies for varying amounts of cash since
our initial public offering. Additional financing transactions as
well
as potential acquisitions that WebMD may enter into in the future
could
impact the levels and timing of securities available for investment.
WebMD excludes interest income from Adjusted EBITDA (i) because it is
not directly attributable to the performance of WebMD's business
operations and, accordingly, its exclusion assists management and
investors in making period-to-period comparisons of operating
performance and (ii) to assist management and investors in making
comparisons to companies with different capital structures. Investors
should note that interest income will recur in future periods.
-- Income Tax Provision (Benefit). WebMD maintains a valuation allowance
on a portion of its net operating loss carryforwards, the amount of
which may change from quarter to quarter based on factors that are not
directly related to WebMD's results for the quarter. The valuation
allowance is either reversed through the statement of operations or
additional paid-in capital. The timing of such reversals has not been
consistent and as a result, WebMD's income tax expense can
fluctuate significantly from period to period in a manner not directly
related to WebMD's operating performance. WebMD excludes the
income tax provision (benefit) from Adjusted EBITDA (i) because it
believes that the income tax provision (benefit) is not directly
attributable to the underlying performance of WebMD's business
operations and, accordingly, its exclusion assists management and
investors in making period-to-period comparisons of operating
performance and (ii) to assist management and investors in making
comparisons to companies with different tax attributes. Investors
should note that income tax provision (benefit) will recur in future
periods.
-- Other Items. WebMD engages in other activities and transactions that
can impact WebMD's overall income (loss) from continuing
operations. WebMD excludes these other items from Adjusted EBITDA
when
it believes these activities or transactions are not directly
attributable to the performance of WebMD's business operations and,
accordingly, their exclusion assists management and investors in
making
period-to-period comparisons of operating performance. Investors
should
note that these other items may recur in future periods. In the
accompanying press release and financial tables, WebMD has excluded
loss
on the impairment of auction rate securities from Adjusted EBITDA.
SOURCE WebMD
Investors, Risa Fisher, rfisher@webmd.net, +1-212-624-3817, or Media, Kate
Hahn, khahn@webmd.net, +1-212-624-3760
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