Healthcare information technology provider IDX Systems said it would report third-quarter revenues of approximately $83 million to $87 million. The Burlington, VT-based vendor said it would a report a net loss of 27¢ to 36¢ per share, compared with consensus analyst expectations of a break-even performance.
In light of the disappointing results, IDX said it was no longer comfortable with prior guidance for 2001. The company remains comfortable with analyst projections of 40¢ per share for 2002, however.
IDX attributed the results to business disruptions following the terrorist attacks of September 11. The company is also implementing a restructuring program in a bid to achieve greater efficiencies and profitability. The restructuring, which will include workforce and expense reductions, is expected to result in annual cost savings of $20 million to $25 million in 2002, according to IDX.
By AuntMinnie.com staff writersSeptember 28, 2001
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