Key Developments For SXC Health Solutions Corp.
SXC Health Solutions Corp. (SXCI.O) (Nasdaq)
SXC Health Solutions, Corp. Raises FY 2009 Guidance
SXC Health Solutions, Corp. revised fiscal 2009 guidance and expects revenue of $1.375-$1.425 billion versus prior estimate of $1.35-$1.4 billion, fully-diluted GAAP earnings per share (EPS) (including all transaction-related amortization) of $1.57-$1.62 versus prior estimate of $1.42-$1.50, adjusted EBITDA of $87-$89 million versus prior estimate of $78-$81 million and fully-diluted non-GAAP adjusted EPS (excluding the NMHC transaction-related amortization) of $1.76-$1.81 versus prior estimate of $1.62-$1.70. According to Reuters Estimates, analysts were expecting the Company to report revenues of $1.382 billion, EBITDA of $79 million and GAAP EPS o $1.48 for the same period.
SXC Health Solutions, Corp.'s InformedRx PBM Unit Announces $50 Million PBM Contract With Spectral Solutions, LLC
SXC Health Solutions, Corp. announced that its informedRx PBM unit has been awarded a four year contract to provide PBM services to Spectral Solutions LLC (Spectral), a Pharmacy Benefit Administrator that manages an annual drug spend of more than $50 million.
SXC Health Solutions, Corp. Announces Closing Of Public Offering Of Common Shares And Exercise Of Underwriters' Over-allotment Option
SXC Health Solutions, Corp. announced that it completed its public offering of 5,175,000 of its common shares at a price to the public of $41.50 per share, which includes 675,000 shares sold pursuant to the exercise of the underwriters' over-allotment option. The net proceeds to SXC from the offering are approximately $203.3 million, after deducting the underwriting discounts and commissions and estimated offering expenses. SXC intends to use the net proceeds from the offering for general corporate purposes, which may include financing potential acquisitions and strategic transactions, funding capital expenditures and providing working capital to enhance capital and maintain financial flexibility. The offering was conducted as a public offering pursuant to an effective shelf registration statement under the Securities Act of 1933 and, in Canada, pursuant to a prospectus supplement to the Company's base shelf prospectus dated September 14, 2009 (the Canadian Prospectus). J.P. Morgan Securities Inc. acted as the sole book-running manager for the offering. The lead managers of the offering were Dougherty Company LLC, SunTrust Robinson Humphrey, Inc. and Versant Partners Inc., and the co-managers were Oppenheimer Co. Inc. and Paradigm Capital U.S. Inc.
SXC Health Solutions, Corp. Announces Pricing Of Upsized Public Offering Of Common Shares
SXC Health Solutions, Corp. announced the pricing of its previously announced public offering of common shares. Under the offering, SXC will sell 4,500,000 common shares at a price to the public of $41.50 per share. The offering was increased from the previously announced offering size of 3,500,000 common shares. In connection with the offering, SXC has granted the underwriters a 30 day option to purchase up to an additional 675,000 of its common shares at the public offering price to cover over allotments, if any. The offering is expected to close on September 23, 2009. SXC expects to receive net proceeds from the offering of approximately $176.6 million (or approximately $203.3 million if the underwriters exercise their over allotment option in full), after deducting the underwriting discounts and commissions and estimated offering expenses. SXC intends to use the net proceeds from the offering for general corporate purposes, which may include financing potential acquisitions and strategic transactions, funding capital expenditures and providing working capital to enhance capital and maintain financial flexibility. J.P. Morgan Securities Inc. is acting as the sole book running manager for the offering. The lead managers of the offering are Dougherty & Company LLC, SunTrust Robinson Humphrey, Inc. and Versant Partners Inc..
SXC Health Solutions, Corp. Announces Public Offering Of Common Shares
SXC Health Solutions, Corp. announced that it has commenced an underwritten public offering of 3,500,000 of its common shares. In connection with the offering, SXC will grant the underwriters a 30-day option to purchase up to an additional 525,000 of its common shares to cover over-allotments, if any. The offering is being conducted as a public offering pursuant to an effective shelf registration statement under the Securities Act of 1933 and, in Canada, pursuant to a draft prospectus supplement to a base shelf prospectus filed with certain of the Canadian securities commissions J.P. Morgan Securities Inc. is acting as the sole book-running manager for the offering.
