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WebMD Announces Fourth Quarter Financial Results

NEW YORK Feb. 23, 2011 December 31, 2010

Wayne Gattinella

December 31, 2010

  • $168.5 million $138.1 million
  • $69.1 million $46.4 million
  • $33.8 million $63.6 million $17.1 million $29.3 million $12.2 million $8.3 million $(3.8) million $58.6 million $(6.6) million $(0.5) million
  • $36.6 million $0.59 $98.3 million $1.39 $17.1 million $29.3 million $12.2 million $8.3 million $(3.8) million $2.8 million $58.6 million $(6.6) million $34.7 million $(0.5) million

Revenue Highlights

$168.5 million $138.1 million

$147.0 million $114.9 million

$21.4 million $23.2 million

Balance Sheet Highlights

$6.4 million December 31, 2010

December 31, 2010 $401 million

January 11, 2011 $400 million $100 million $688 million

Financial Guidance  

The Company issued financial guidance for 2011 today.

“We enter 2011 strongly positioned to benefit as biopharma and consumer products companies continue to shift their marketing spend to online channels,” said Gattinella.

For 2011, WebMD expects:

  • $610 million to $640 million
  • $215 million to $230 million
  • $77 million to $89 million $1.22 to $1.40

For the first quarter of 2011, WebMD expects:

  • $125 million
  • Adjusted EBITDA to be approximately 27% of revenue.
  • Income from continuing operations to be approximately 7% of revenue.

WebMD is providing a schedule (attached to this press release) with additional detail.

Analyst and Investor Conference Call  

4:45 p.m. www.wbmd.com

About WebMD

WebMD Health Corp. (Nasdaq: WBMD) is the leading provider of health information services, serving consumers, physicians, healthcare professionals, employers, and health plans through our public and private online portals, mobile platforms and health-focused publications. More than 80 million unique visitors access the WebMD Health Network each month.

The WebMD Health Network includes WebMD Health, Medscape, MedicineNet, emedicineHealth, RxList, theheart.org, drugs.com and Medscape Education.

All statements contained in this press release and the related analyst and investor conference call, other than statements of historical fact, are forward-looking statements, including those regarding:   guidance on our future financial results and other projections or measures of our future performance; market opportunities and our ability to capitalize on them; and the benefits expected from new or updated products or services and from other potential sources of additional revenue. These statements speak only as of the date of this press release, are based on our current plans and expectations, and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements.  These risks and uncertainties include those relating to:  market acceptance of our products and services; our relationships with customers and strategic partners; and changes in economic, political or regulatory conditions or other trends affecting the healthcare, Internet and information technology industries.  Further information about these matters can be found in our Securities and Exchange Commission filings. Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.

the United States of America

WebMD®, Medscape®, eMedicine®, MedicineNet®, RxList®, Subimo®, Medsite®, Summex® and Medscape® Mobile are trademarks of WebMD Health Corp. or its subsidiaries.

WEBMD HEALTH CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data, unaudited)

Three Months Ended

Years Ended

December 31,

December 31,

2010

2009

2010

2009

Revenue

$ 168,477

$ 138,073

$ 534,519

$ 438,536

Cost of operations

51,859

47,994

187,831

165,753

Sales and marketing

34,085

31,478

120,874

112,101

General and administrative

23,146

23,802

85,496

89,620

Depreciation and amortization

7,310

6,992

27,578

28,185

Interest income

99

3,089

3,949

9,149

Interest expense

1,347

5,657

11,453

23,515

(Loss) gain on convertible notes

(6,362)

(23,332)

10,120

Gain (loss) on investments

13,460

(9,517)

Severance and other transaction expenses

11,066

11,066

Other income (expense), net

20

(425)

(72)

(1,369)

Income from continuing operations before income

tax provision (benefit)

57,947

13,748

72,315

26,196

Income tax provision (benefit)

24,183

(50,413)

20,043

(45,491)

Consolidated income from continuing operations

33,764

64,161

52,272

71,687

Consolidated income from discontinued operations, net of tax

2,824

34,659

1,800

49,354

Consolidated net income inclusive of noncontrolling interest

36,588

98,820

54,072

121,041

Income attributable to noncontrolling interest

(524)

(3,705)

Net income attributable to Company stockholders

$   36,588

$   98,296

$   54,072

$ 117,336

Amounts attributable to Company stockholders:

Income from continuing operations

$   33,764

$   63,637

$   52,272

$   67,018

Income from discontinued operations

2,824

34,659

1,800

50,318

Net income attributable to Company stockholders

$   36,588

$   98,296

$   54,072

$ 117,336

Basic income per common share:

Income from continuing operations

$       0.58

$       1.19

$       0.93

$       1.40

Income from discontinued operations

0.05

0.65

0.04

1.05

Net income attributable to Company stockholders

$       0.63

$       1.84

$       0.97

$       2.45

Diluted income per common share:

Income from continuing operations

$       0.55

$       0.92

$       0.85

$       1.21

Income from discontinued operations

0.04

0.47

0.03

0.86

Net income attributable to Company stockholders

$       0.59

$       1.39

$       0.88

$       2.07

Weighted-average shares outstanding used in

computing  income per common share:

     Basic

57,505

52,688

55,328

47,400

     Diluted

62,330

71,945

62,228

57,740

WEBMD HEALTH CORP.

CONSOLIDATED SUPPLEMENTAL FINANCIAL INFORMATION

(In thousands, unaudited)

Three Months Ended

Years Ended

December 31,

December 31,

2010

2009

2010

2009

Revenue

Public portal advertising and sponsorship

$ 147,042

$ 114,875

$ 446,969

$ 347,570

Private portal services

21,435

23,198

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