FRAMINGHAM (03/06/2000) - Atlanta-based Internet health care company Healtheon/WebMD Corp. reported that its fourth-quarter revenue more than doubled from the same period a year ago. However, the company's losses also widened to $234.7 million for the period ended Dec. 31, 1999, following a series of one-time charges associated with recent acquisitions.
Fourth-quarter revenue totaled $33.2 million vs. $15.6 million a year earlier.
Losses rose from $18.2 million in the fourth quarter of 1998, or 34 cents per share to $234.7 million in the fourth quarter of 1999, or $1.98 per diluted share. Analysts predicted that the company would post a loss of 55 cents per share for the quarter, according to First Call/Thomson Financial.
Healtheon attributes the widened losses to acquisitions and marketing expenditures. The company's merger with WebMD and the acquisitions of MedE America and Medcast were completed during the fourth quarter and were accounted for as purchase transactions.