ExamWorks Group, Inc
) posted loss of 4 cents per share in the fourth quarter of 2013,
narrower than the Zacks Consensus Estimate loss of 7 cents and
the year-ago loss of 8 cents per share.
An improved top line drove the outperformance at the company.
Behind the Headlines
Total revenue of ExamWorks grossed nearly $160.1 million in the
quarter, increasing 11.2% year over year. Both organic and
inorganic sources contributed to the improvement. Results
comfortably outpaced the Zacks Consensus Estimate of $152
Cost of revenues increased 13.4% year over year to $105.0
million, attributable to increased medical panel fees resulting
from higher revenues. Total costs and expenses increased 12.2% to
Adjusted earnings before income taxes, interest expenses,
interest income, depreciation and amortization (EBITDA) improved
26.1% year over year to $25.6 million.
Full Year Highlights
ExamWorks incurred loss of 29 cents per share for full year 2013,
improving from loss of 44 cents per share incurred in 2012.
Full-year revenues of $616 million improved 18% over 2012.
ExamWorks exited 2013 with cash and cash equivalents of $12.8
million, increasing substantially from $8.6 million as of Dec 31,
Cash flow from operating activities was $36.4 million in 2013, up
from 24.8% in 2012.
Long-term debt was $343.5 million at the end of 2013. The company
paid back $51.8 million in debt in 2013 and total leverage stood
at 3.43x as on Dec 31, 2013.
ExamWorks expects to generate revenues of $165 million to $170
million in first quarter of 2014, which translates into to a
year-over-year increase of 11-14% on a reported basis and 5-7% on
an organic basis.
Adjusted EBITDA margin for the quarter has been estimated at
For 2014, revenues are expected to increase by 13.5%-15.5% on a
reported basis and 6.5%-8.5% on an organic basis.
Adjusted EBITDA margin for the year has been estimated at around
ExamWorks announced the acquisition of Assess Medical, an IME
business based in Sydney, Australia.
The company also completed six acquisitions in the last three
months for a total consideration of $100 million. The
acquisitions have grossed annualized revenues of $53.0 million
and adjusted EBITDA of $15.0 million.
ExamWorks presently holds a Zacks Rank #3 (Hold).
Performances of Other Business Service Providers
SouFun Holdings Ltd
) reported fourth-quarter operating earnings of $1.41 per share
which exceeded the Zacks Consensus Estimate by 34.5%. Results
also surged 86% year over year.
) delivered fourth-quarter 2013 operating loss of 3 cents per
share, narrower than the Zacks Consensus Estimate loss of 13
cents and year-ago loss of 15 cents per share.
) posted fourth-quarter loss per share of 20 cents, wider than
the Zacks Consensus Estimate loss of 17 cents but narrower than
the year-ago quarter loss of 34 cents per share.
EXAMWORKS GROUP (EXAM): Free Stock Analysis
RENTRAK CORP (RENT): Free Stock Analysis
SOUFUN HLDG-ADR (SFUN): Free Stock Analysis
VIAD CORP (VVI): Free Stock Analysis Report
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