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| Adesso Healthcare Technology Services, Inc. |
| 2835 Zanker Road, San Jose, CA 95134 * (408) 894-7700 |
| Business Description | The Company provides proprietary applications designed to address problems facing healthcare payors by improving physician reimbursement systems and enabling more efficient management of healthcare resources. |
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Filing Information IPO has been | |||
| To Trade As | ADSO (NASNTL) | Industry | High-Tech (SIC 7374) |
| Type of Stock Offered | Common Shares | Filing Date | 7/20/00 |
| Domestic Shares Filed | 0 | Filing Price | - - |
| Foreign Shares Filed | 0 | Offering Amount | $50,000,000 |
| Company Shares | 0 | Est. Expenses | - - |
| Selling Shrhldrs Shares | 0 | Post-IPO Shares | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| UBS Warburg LLC | Lead Manager | |
| CIBC World Markets | Co-manager | (212) 667-7400 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 12/31/99 | 6/30/99 | 6/30/00 | ||
| Revenues | - | - | 0.861 | 1.828 | 1.987 | 0.903 | 1.799 |
| Income from Oper. | - | - | -6.893 | -7.701 | -6.083 | -1.927 | -6.161 |
| Net Income | - | - | -6.713 | -7.217 | -6.873 | -1.979 | -7.913 |
| E.P.S | - | - | -31.670 | -30.070 | -23.780 | -6.870 | -30.710 |
| Revenue Growth (%) | - | - | 112.31 | 8.698 | 99.22 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | -4.12 | -2.04 | -3.29 | ||||
| Cash Flow - Inv. | -0.45 | -0.23 | 0.25 | ||||
| Cash Flow - Fin. | 3.29 | 1.63 | 3.89 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/00 | Financial Ratios | ||||
| Total Assets | 24.24 | Current Assets | 3.55 | Current Ratio | 1.35 |
| Total Liab. | 44.11 | Current Liab. | 2.63 | Debt Ratio | 181.99% |
| Total Equity | -19.87 | Working Cap. | 0.92 | Debt to Equity Ratio | - |
| Cash | 1.94 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used to fund its operations, including sales and marketing expenditures, development of new products and services, investment in technology infrastructure, potential acquisitions, debt repayment, working capital and other general corporate purposes. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm | Dewey Ballantine |
| Auditor | Pricewaterhouse Coopers LLC |
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| Industry Competition |
The market for healthcare technology services is competitive, rapidly evolving and subject to rapid change. The Company provides proprietary applications that are integrated into the traditional applications of its customers through its ASP business model. The Company's products are marketed as two product lines: its ASAC payment application and its specialty physician and pharmacy profiling applications. Each of its product lines face different competitors, although the Company believes that its total solution as a whole has no single competitor. |
| Business Plan |
The key elements to the Company's strategy include the following: (i) expand sales of our payment application to existing customers; (ii) target new customers for our payment applications; (iii) promote our profiling applications; (iv) continue development and enhancement of our products; and (v) pursue strategic relationships and acquisitions. |
| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Technology Funding Venture Partners, funds associated with | 24.77 | |
| Sequoia Capital Associated Funds | 16.67 | |
| New Enterprise Associates Associated Funds | 14.64 | |
| InterWest Partners Associated Funds | 12.92 | |
| Note: represents ownership of 5% or more prior to the offering. | ||