CLINICAL COMPUTING PLC 2009 PRELIMINARY RESULTS

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1 CLINICAL COMPUTING PLC 2009 PRELIMINARY RESULTS Clinical Computing Plc (the Company or the Group ), the international developer of clinical information systems and project and resource management software, announces its preliminary results for the year ended 31 December During 2009 the Group traded through four operating subsidiaries: Clinical Computing UK Limited in the United Kingdom and Europe, Clinical Computing, Inc. in the United States, Clinical Computing Pty Limited in Australia and Hydra Management Limited ( Hydra ) in the United Kingdom and Europe. Financial Overview Total revenue increased 12.5% to 3,179,365 (2008: 2,825,032) Recurring maintenance revenues increased to 1,716,862 (2008: 1,515,615) Operating costs decreased 6.6% to 3,399,050 (2008: 3,637,376) Loss from operations reduced to 219,685 (2008: 812,344) EBITDA loss of 61,118 (2008: loss of 737,384) Profit after tax of 220,394 (2008: loss 731,477) principally as a result of receiving 453,026 in research and development tax credits for development project undertaken in 2006, 2007 and 2008 Earnings per share of 0.2p (2008: loss 0.7p) Operations generated 219,502 of cash (2008: operations used 742,523) Second half 2009 results showed a profit before tax of 14,771 Business Review Clinicalvision V web-based clinical information live in Canadian market Clinicalvision iphone application in beta testing Six customers currently implementing Clinicalvision V one of which is a French Canadian system Clinical business delivering a clinical analytics module Hydra secured seven new customers during 2009 Hydra released new reporting solution in version 6.1 Significant developments efforts have been completed in both businesses Commenting on Outlook, Howard Kitchner, Chairman of Clinical Computing, said: The Group is in a position with both of its business units where it has completed the majority of the significant development efforts for its primary product lines. The Clinical business will be impacted by its ability to meet the evolving government initiatives in its key geographic markets which its customers will be required to comply with over the coming years. The Hydra business is expected to continue to deliver stable results as companies continue to require tools to manage projects effectively and show accountability to management. The Group will continue to manage its cost structure in line with opportunities across both business lines. Contacts: Clinical Computing plc Joe Marlovits, Chief Executive Cairn Financial Advisers Limited Simon Sacerdoti James Caithie Chairman s Statement Business overview We are pleased to report that the positive trends announced with our first half results continued through the second half of The following are some of the key improvements for the year under review:

2 Revenue for the full year 2009 of 3,179,365 has increased 12.5% over 2008 ( 2,825,032) Operating results improved in the second half over what we reported in the first half with revenues increasing 8% and operating costs decreasing 7% when comparing the consecutive six month periods A first half loss of 234,356 and an operating profit of 14,771 in the second half resulted in a full year operating loss of 219,685 (2008: loss 812,344) Full Year EBITDA loss of 61,118 ( 2008: loss of 737,384) Full year after tax profit of 220,394 (2008: loss 731,477) Operations generated 219,502 of cash (2008: operations used 742,523) Implementation and upgrade projects for clinicalvision V are underway in our three primary geographic markets: United States, Canada and United Kingdom Hydra secured seven new customer projects during the year under review Clinical business 2009 was the first twelve month period following the release of our web-enabled clinicalvision electronic medical record system. With this release the Clinical business realigned its resources to focus on project delivery and securing new business for this product. From a marketing perspective the business continues to focus its efforts in the United Kingdom, United States, Canada and Australia with the sales efforts in the Canadian and Australia markets being delivered through a partner organisation was the first year in which the Clinical business generated revenues from the Canadian market. During the year under review the Clinical business generated revenues from 85 customers of which seven are currently using or implementing the latest version of the clinicalvision product. We are now beta testing our clinicalvision iphone application and plan to release a clinical analytics module during This will provide clinical dashboard capabilities allowing customers to track and analyse key clinical performance indictors by patient, by location or care provider. This new module will permit our customers to easily isolate risks in the care process and monitor the quality of care against local and national standards. We continue to add data exchange protocols to support interaction with other clinical and administrative systems to ensure that the clinicalvision system is the primary clinical information system used by our customers. There are a number of government initiatives in the United States, Canada and the United Kingdom that are driving innovation in the electronic medical record market. These initiatives require specific clinical data to be collected and reported to governmental entities to determine quality of care and future reimbursement and funding levels. This creates both risk and opportunity for our business and we believe that our investment in clinicalvision will enable us to respond accordingly. Hydra business As businesses continue to focus on driving efficiencies and optimising resource utilisation, Hydra has secured a number of new opportunities from current and new customers. During 2009 Hydra version 6.1 and Hydra Reporter, which provides comprehensive management information regarding programmes, projects and resources were released to all Hydra users and have been well received by customers and assisted in securing new sales during the year. During the year under review Hydra retained nearly all existing customers under maintenance agreements and secured revenue from 53 customers. Results Group revenue increased by 12.5% to 3,179,365 (2008: 2,825,032) with the revenue mix by business as follows: - Clinical Business 76% of Group revenue at 2,428,354 ( 2008: 69.1% and 1,951,743) - Hydra Business 24% of Group revenue at 751,011 (2008: 31.9% and 873,289) Group Operating costs have decreased 6.6% from the prior year to 3,399,050 (2008: 3,637,376). The costs were attributed as follows:

3 - Clinical Business 76% of Group operating costs at 2,596,642 (2008: 73% and 2,581,530) - Hydra Business 18% of Group operating costs at 616,619 (2008: 21% and 770,868) - Parent Company costs of 6% of Group operating costs at 185,789 (2008: 8% and 284,978) Loss from operations reduced by 592,659 to 219,685 (2008: 812,344). - Clinical business operating loss 168,288 (2008: loss 629,792) - Hydra business operating profit 134,392 (2008: profit 102,421) - Parent Company operating loss 185,789 (2008: loss 284,978) The Group is reporting a profit after tax of 220,394 which has arisen principally as a result of receiving 453,026 in research and development tax credits covering development undertaken in 2006, 2007 and The after tax profit of 220,394 equates to an earnings per share for the year of 0.2p (2008: loss after tax of 731,477 or 0.7p per share). Products and product development During 2009 the Group focused its development efforts around three main areas for its clinicalvision technology: - localising clinicalvision V for the Canadian market including localised English and French versions; - developing new interfaces to load information electronically into clinicalvision V or send information to other systems, thus aiding the workflow process of our customers; and - enhancing the clinicalvision V reporting and analytical capabilities to extend the products ability to deliver relevant operating information to support both clinical and business decisions. Likewise, the Hydra product was updated to simplify its deployment and use and in the second half of the year we released an upgraded reporting solution to improve the management information and reporting capabilities available to customers. Our development efforts for both product lines were focused on improving specific competitive advantages which we hope to exploit with new opportunities, particularly in the areas of data analysis and ad hoc reporting. The Group is not anticipating any increases to its development costs in 2010 with the majority of development activities focused on specific project requirements and changing market requirements based on government regulations. Registered Office The Company moved its corporate headquarters to Bedford Street, London WC2E 9HP. Going concern The Group forecasts and projections, which take into account of reasonably possible changes in trading performance, show that the Group should be able to operate within the level of its current banking facilities which have both been renewed for a further twelve month period. As a consequence, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and thus continue to adopt the going concern basis of accounting in preparing the annual financial statements. Outlook The Group is in a position with both of its business units where it has completed the majority of the significant development efforts for its primary product lines. The Clinical business will be impacted by its ability to meet evolving government initiatives in its key geographic markets which its customers will be required to comply with over the coming years. The directors believe that the investment made in our new clinicalvision technology will permit this business to win new business and migrate current customers forward to this technology while meeting these regional requirements. The Hydra business is expected to continue to deliver stable results as companies continue to require tools to manage projects effectively and show

4 accountability to management. The Group will continue to manage its cost structure in line with opportunities across both business lines. H Kitchner Chairman 20 April 2010 Finance Review Results for the year The Group derived its revenue from approximately 85 healthcare organisations that license one of the following products: PROTON, di-proton, RENLStar and clinicalvision and 53 organisations licensing the Hydra software. Total revenues for 2009 increased 12.5% to 3,179,365 (2008: 2,825,032). The revenues from the Clinical business generated 76% of the Group s revenues and 24% are derived from the Hydra business. Across the Group maintenance revenues for the year was 1,716,862 or 54% of revenue (2008: 1,515,615 or 53.6%). The increase in maintenance revenue for the year was generated from owning the Hydra business for 12 months in 2009 compared to 10 months in 2008 and the effect of Sterling weakening against the US dollar. Of the 12.5% increase in Group revenue for the year, 3.3% was from increased sales and 9.2% was from the weakening of Sterling against the other currencies in which the Group transacts business, primarily the US and Australian dollar. 72.0% of the Clinical business revenues were derived from the US market (2008: 69.3%) and across the Group 55.0% of revenues was derived from the US market (2008: 47.9%). The Group s total operating costs for the year were 3,399,050 (2008: 3,637,376) or a reduction of 6.6%. The costs for the Clinical business were 76% of the total operating costs with the Hydra business accounting for 18% of the costs and the parent company accounting for 6% of the operating costs of the Group. Costs across the Group, on a constant exchange rate with the prior year, would have decreased by a further 5.6% when compared to the prior year. The Group EBITDA improved from a loss of 737,384 in 2008 to a loss of 61,118 primarily due to the increases in revenue and the reduction to costs noted above. Operations generated a loss of 219,685 (2008: loss 812,344). The loss before tax and tax credits improved to a loss of 232,632 (2008: loss 773,386). The Group is reporting a profit for the year after tax of 220,394 or 0.2p per share (2008: loss of 731,477 or 0.7p per share). Cash flow and debt During the year cash generated by operations was 219,502 (2008: 742,523 used by operations). The Group actively uses one of its two working capital facilities and is reporting an increase in borrowings for the year of 53,909. Outstanding debt at the end of the year is 726,755 (2007: 672,755). At 31 December 2009 the Group had two debt facilities which in total provided approximately 956,000 of working capital facilities with 726,755 borrowed. The larger of the two facilities ( 800,000) is provided by Brown Shipley on normal commercial terms, and is backed by personal guarantees from the chairman and two shareholders. A further 156,000 facility ($250,000) is provided by Fifth Third Bank in the US and is secured by the assets of the Company. The Fifth Third facility has been extended to 29 April 2011 and the Brown Shipley facility extended to 31 October Capital structure and finance The Group s consolidated equity position at 31 December 2009 was a deficit of 282,959 (2008: deficit 507,925). The change to the equity position was impacted primarily by the Group s results for the year and the impact of foreign currency translation of foreign owned subsidiaries. The Company s current issued shares and voting capital consists of 110,883,694 1p ordinary shares.

5 Software development During the year under review the development teams delivered a number of projects to enhance our current technologies. None of the costs associated with these projects were capitalised during the year as the projects were specific to new markets or general enhancements to the products which would not be separately licensed to customers or identified as separate assets. The Company has previously capitalised development costs associated with its clinicalvision V web based chronic disease product and the clinicalvision transplant module. The amortisation expense for previously capitalised development costs during the year was 93,871, (2008: 15,609) which is included in the Group s research and development expense for the year of 1,341,838 (2008: 1,444,404). Group risk factors As with all businesses, the Group is affected by certain risks, not wholly within its control, which could have a material impact on its performance or could cause actual results to differ materially from historic results. Some of the risk factors affecting the Group are inherent risks based on the type of businesses we operate as well as other external factors predominately beyond our control. Likewise, risks also impact non-financial aspects such as reputation and time to market. Below are the principal inherent risks that the Group faces International factors As an international organisation, the Group faces challenges from economic, political and business factors unique to the differing healthcare systems in the countries in which its potential customers are based. The Group has operations in the United States and United Kingdom to mitigate the majority of this risk, however, the variety of local regulatory requirements and changes to healthcare policies are examples of specific risks associated with managing this business. Any failure to maintain compliance with changes in local regulations or failure to adapt to market local requirements could have a material, adverse impact on our business. As we expand our geographical coverage, we continually review all relevant requirements to ensure appropriate policies are developed for each market. Competitive environment The market for healthcare applications and business management software solutions are both highly competitive. Competition continues to increase, particularly in the SME market where barriers to entry are relatively low, which attracts more companies on a local level into the market. Companies with which we compete may have greater local knowledge, more human resources, a stronger financial position or more marketing resources than we do. The Group mitigates this risk through a commitment to customer service and strategic partnering to meet local market requirements. Technology change Technology in the software industry is constantly changing and in order to be successful, companies and its employees must be able to adapt to changing technologies. Changing technology also creates unexpected demands and new market requirements. The Group s ability to develop new products and stay up to date with new technologies is determined by the quality of its employees and their ability to work with industry partners. We encourage our staff to experiment with new technologies and seek to maintain an up to date knowledge of our industries and technology in general to ensure, where possible, a proactive response to the market. Intellectual property The Group relies on intellectual property laws, including laws on copyright, trade secrets and trademarks, to protect its products. Measures are in place to ensure that our product source code is secure and only available to a limited number of staff throughout the Group. Foreign currency risk The Company s US trading subsidiary trades in its local currency, the US dollar, and no hedging activity between sterling and the US dollar is undertaken. This subsidiary generated 55.0% of the Group s total revenue or 1,747,973 against 25.3% of its operating costs or 859,575 in US dollars. During the year this subsidiary was cash generative, and this surplus is subject to foreign currency risk.

6 Additionally, the Company has a subsidiary in Australia. Receipts and payments are in the local currency and no hedging activity is undertaken. During the year this subsidiary was also cash generative, and this surplus is subject to foreign currency risk. Administrative expenses are offset by positive effects of foreign currency transactions which for the year were 34,715 (2008: 83,072). Going Concern Risk The borrowing facilities are subject to annual renewals and there are risks associated with generating sufficient cash from operations if these facilities are not renewed. Taxation The Company and all subsidiaries have sufficient tax losses such that no income tax expense has been recognised during the year. For the year under review, the Group, through its two UK trading subsidiaries has filed research and development ( R&D ) tax credit claims with respect to activities undertaken in 2008 on various components of the clinicalvision and Hydra products. An election was made, under the terms of the current United Kingdom R&D tax credit regime, for a percentage of the R&D expenditure to be settled in cash. A tax credit in the amount of 260,056 has been reported in 2009 based on 2008 activities. Also during the year under review the Group filed amended R&D claims for tax years 2006 and 2007 which resulted in a further cash settlement of 192,970. Total cash settlements for R&D tax credits in 2008 were 453,026 (2008: 41,909). Consistent with prior years, R&D tax credit/claims for activities undertaken in 2009 will be accounted for when received in J Marlovits Director 20 April 2010 Consolidated Income Statement For the year ended 31 December 2009 Continuing Operations Notes Unaudited Audited Total revenue 2 3,179,365 2,825,032 Cost of sales 805,487 (834,691) Gross profit 2,373,878 1,990,341 Distribution costs (330,578) (328,705) Administrative expenses Research and development (1,341,838) (1,444,404) Other (921,147) (1,029,576) Total administrative expenses (2,262,985) (2,473,980) Loss from operations (219,685) (812,344) Finance income 1,506 66,489 Finance expense (14,453) (27,531) Loss before tax (232,632) (773,386)

7 Income tax credit 453,026 41,909 Loss for the year attributable to equity holders of the company 220,394 (731,477) Basic earnings/(loss) per share 3 0.2p (0.7p) Diluted earnings/(loss) per share 3 0.2p (0.7p) Consolidated Statement of Comprehensive Income For the year ended 31 December 2009 Unaudited Audited Profit/(loss) for the year 220,394 (731,477) Other comprehensive income: Exchange difference on translating foreign operations (22,522) (130,699) (22,522) (130,699) Total comprehensive income for the year (197,872) (862,176) Consolidated Balance Sheet As at 31 December 2009 Unaudited Audited Non-current assets Intangible assets 309, ,466 Goodwill 157, ,658 Property, plant and equipment 78, , , ,112 Current assets Trade and other receivables 450, ,149 Cash and cash equivalents 551, ,188 1,001, ,337 Total assets 1,547,331 1,433,449 Current liabilities

8 Trade and other payables (1,103,626) (1,268,619) Borrowings (726,664) (672,755) (1,830,290) (1,941,374) Net liabilities (282,959) (507,925) Equity Share capital (2,433,251) 2,433,251 Share premium account 7,750,957 7,750,957 Share option reserve 124,661 97,588 Translation reserve 5,623 28,144 Retained earnings (10,597,471) (10,817,865) Shareholders funds - deficit (282,959) (507,925) Consolidated Cash Flow Statement For the year ended 31 December 2009 Notes Unaudited Audited Net cash outflow from operating activities 4 219,502 (742,523) Investing activities Interest received 1,506 66,489 Acquisition of business operations - (56,750) Expenditure on intangible assets - (171,541) Proceeds from sale of property, plant and equipment Purchases of property, plant and equipment (12,203) (38,353) Net cash used in investing activities (10,697) (199,549) Financing activities VAT recovery from equity issue - 89,037 Proceeds from equity issue - 545,000 Costs of equity issue - (34,813)) Increase in bank loan 53, ,075 Net cash from financing activities 53,909 1,050,299 Net increase in cash and cash equivalents 262, ,227 Cash and cash equivalents at beginning of year 299, ,365 Effect of foreign exchange rate changes (10,498) 26,596 Cash and cash equivalents at end of year 551, ,188

9 Consolidated Statement of Changes in Equity For the year ended 31 December 2009 Share capital Share premium account Share option reserve Translation reserve Retained earnings Shareholder s funds At 1 January ,258,851 7,326,133 71, ,843 (10,086,388) (271,186) Share option charge Exchange difference on translation - - of foreign operations , ,213 (130,699) - (130,699) Issue of equity shares 174, , ,000 Expenses from issue of equity shares - (34,813) (34,813) Recovery of VAT 89,037 89,037 Loss for the year (731,477) (731,477) At 31 December ,433,251 7,750,957 97,588 28,144 (10,817,865) (507,925) Share option charge Exchange difference on translation of foreign operations , , (22,521) - (22,521) Profit for the year , ,394 At 31 December 2009 Unaudited 2,433,251 7,750, ,681 5,623 (10,597,471) (282,959) Notes 1. Basis of preparation The unaudited preliminary announcement has been prepared under the historical cost convention, on a going concern basis and consistent with applicable International Financial Reporting Standards and IFRIC interpretations ( IFRS ) as adopted by the EU. The preliminary announcement has been prepared on the basis of the same accounting policies as published in the statutory accounts for the year ended 31 December The financial information set out in this preliminary announcement was approved by the board on 20 April 2010 and does not constitute statutory financial statements as defined by the Companies Act The statutory accounts for the year ended 31 December 2009 have not yet been delivered to the Registrar of Companies and no audit report has yet been given on the statutory financials statements. Statutory accounts for the year ended 31 December 2008 have been delivered to the Registrar of Companies. The audit report on these statutory accounts was unqualified and did not contain a statement either under section 237(2) or 237 (3) of the Companies Act. The Annual Report and Accounts for the year ended 31 December 2009 will be posted to shareholders in due course and will be available at the Company s registered office and on the Company s website simultaneously with posting.

10 2. Revenue An analysis of the Group s revenue is as follows: Unaudited Audited Software licenses 1,016, ,155 Maintenance 1,716,862 1,515,615 Services and other revenue ,262 Revenue 3,179,365 2,825, Earnings per share The calculation of the basic and diluted earnings per share is based on the following data: Unaudited Audited Earnings Earnings/(loss) for the purposes of basic and diluted earnings per share 220,394 (731,477) Number of shares Number Number Weighted average number of ordinary shares for the purposes of basic and diluted earnings/(loss) per share 110,883, ,446,872 Dilutive share options for the purpose of diluted earnings per share 1,149,833 - Earnings per share Basic earnings per share 0.2p (0.7p) Diluted earnings per share 0.2p (0.7p) The calculations of basic and diluted losses per share for 2008 does not include share options because the effect of including share options would be anti-dilutive and are excluded from the calculation per IAS Notes to the cash flow statement Unaudited Audited Loss from operations (219,685) (812,344) Adjustments for: Depreciation of property, plant and equipment 54,527 58,780 Amortisation of intangible assets 104,040 16,180 Share option charges 27,093 26,213 Operating cash flows before movements in working capital (34,025) (711,171) Increase in receivables (23,828) (42,408) Decrease in payables (161,218) (3,322) Cash used by operations (219,071) (756,901) Interest paid (14,453) (27,531)

11 Tax credit received 453,026 41,909 Net cash from operating activities 219,502 (742,523) 5. Business and geographical segments For management and legal purposes, the Group consists of four operating companies and the parent company. These companies are the basis on which the Group reports its primary segment information. The operating companies provide software, maintenance and related services to around the clinical and programme management software products. There is no significant difference between risk and return on the software and services offered between the operating companies. The geographic segmental information presented below excludes any intra-group revenue or expense. Clinical Clinical Clinical Hydra Parent US UK Australia UK UK Total 2009 Unaudited Revenue Total Revenue 1,747, ,916 77, ,011-3,179,365 Segment result Operating profit/(loss) 888,398 (1,114,943) 58, ,392 (185,789) (219,685) Finance income 1,506 Finance expense (14,453) Loss before tax (232,632) Income tax credit 453,026 Income for the year attributable to equity holders of the company 220,394 Balance Sheet Segment assets 328, ,854 8, ,899 63,534 1,547,331 Segment liabilities 280, ,385 6, ,545 71,075 1,103,626 Current borrowings - 726, ,664 Total liabilities 1,830,290 Other Information Capital Expenditure 7,941 4, ,203 Depreciation 22,405 31, ,527 Amortisation - 93,871-10, ,040 Clinical Clinical Clinical US UK Australia Hydra Parent Total 2008 Revenue Total Revenue 1,351, ,508 31, ,289-2,825,032

12 Segment result Operating profit/(loss) 427,346 (1,147,089) 14, ,421 (209,978) (812,344) Finance income 66,489 Finance expense (27,531) Loss before tax (773,386) Income tax credit Loss for the year attributable to equity holders of the company 41,909 (731,477) Balance Sheet Segment assets 280,496 1,033,182 4, , ,560 1,433,449 Segment liabilities (476,558) (712,960) (2,026) (258,870) (77,075) (1,268,619) Current borrowings - (672,755) (672,755) Total liabilities Other Information (1,941,374) Capital Expenditure 27, , ,894 Depreciation 23,554 35, ,780 Amortisation - 15, ,180

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