WebMD Announces First Quarter Financial Results

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NEW YORK, May 6, 2015 /PRNewswire/ -- WebMD Health Corp. (NASDAQ: WBMD), the leading source of health information, today announced financial results for the three months ended March 31, 2015.

"During the quarter, WebMD continued to deliver innovative products and strong traffic growth and achieved financial results at the high end of our expectations," said David Schlanger, Chief Executive Officer, WebMD.  "The external environment for biopharma companies is healthy and is translating into positive momentum for WebMD. We are well positioned to continue to grow revenue and build on our leadership." 

Financial Highlights 
For the three months ended March 31, 2015:

Revenue was $143.3 million, compared to $133.8 million in the prior year period, an increase of 7%. Advertising and sponsorship revenue was $105.8 millioncompared to $103.0 million in the prior year period. Private portal services revenue was $29.3 million compared to $24.6 million in the prior year period. Information services revenue was $8.2 million compared to $6.2 million in the prior year period. 
 

Earnings before interest, taxes, non-cash and other items ("Adjusted EBITDA") was $38.9 million, compared to $33.3 million in the prior year period, an increase of 17%. 
 

Net income was $10.0 million or $0.25 per diluted share, compared to $6.3 million, or $0.15 per diluted share in the prior year period.

Traffic Highlights
Traffic to the WebMD Health Network during the first quarter reached an average of 210 million unique users per month generating 4.25 billion page views for the quarter, increases of 21% for both, from the prior year period.

Balance Sheet Highlights 
During the quarter, WebMD used: $3.2 million in cash to repurchase 84 thousand shares of its common stock under its stock repurchase program.

As of March 31, 2015, WebMD had: approximately $735 million in cash and cash equivalents; $952 million in aggregate principal amount of convertible notes outstanding; and approximately 37.8 million shares of its common stock outstanding (including approximately 1.2 million unvested shares of restricted stock).

Continued

As of today, approximately $32 million remains available for repurchases under WebMD's stock repurchase program. Under the repurchase program, WebMD may repurchase shares from time to time in the open market, through block trades or in private transactions, depending on market conditions and other factors.

Financial Guidance 
Today, WebMD reaffirmed its guidance for 2015 that was previously provided on February 24, 2015.

For the full year ending December 31, 2015, WebMD continues to expect:

Revenue to be approximately $615 million to $635 million, an increase of approximately 6% to 9% from the prior year.

Approximately $486 million to $502 million of revenue is expected to be from advertising and sponsorship, an increase of 7% to 11% from the prior year. Growth in advertising and sponsorship will be driven by growth in revenue from biopharma and medical device customers of approximately 12% to 15% in 2015.

Approximately $105 million to $108 million of revenue is expected to be from private portals services, an increase of 2% to 5% from the prior year.

Approximately $24 million to $25 million of revenue is expected to be from information services, an increase of 3% to 7% from the prior year. 
 

Adjusted EBITDA to be approximately $180 million to $190 million, an increase of approximately 13% to 20% from the prior year. 
 

Net income to be approximately $50.5 million to $59.5 million.

For the second quarter of 2015, WebMD expects:

Revenue to be approximately $145 million to $148 million, an increase of approximately 3% to 5% from the prior year period. 
 

Adjusted EBITDA is expected to be approximately $38 million to $39.5 million, an increase of approximately 0% to 4% from the prior year period. 
 

Net income to be approximately $8.5 million to $9.5 million.

"Today, we are reaffirming our full year 2015 guidance," said Mr. Schlanger. "We believe that the variations in growth rates implied in our guidance from quarter to quarter are being driven by the timing of customer implementations and do not appear to be a reflection of any external trend or other factor. Taking our backlog and current level of sales activity into consideration, we continue to anticipate revenue from our biopharma and medical device customers will grow 12% to 15% in 2015."

Continued

A schedule summarizing the Company's financial guidance is attached to this press release.

Analyst and Investor Conference Call                                    
WebMD will hold a conference call with investors and analysts at 4:45 p.m.(Eastern) today. The call can be accessed at www.wbmd.com (in the Investor Relations section). A replay of the audio webcast will be available at the same web address.

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.

The WebMD Health Network includes WebMD.comMedscape.comMedicineNet.comeMedicineHealth.comRxList.com, Medscape Education (Medscape.org) and other WebMD owned sites and apps.

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 or momentum and our ability to capitalize on them; and the benefits expected from new or expected contracts with customers, 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 other factors affecting their use of our services, including regulatory matters affecting their products and services; our ability to deploy new or updated services and to create new or enhanced revenue streams from those services; our ability to attract and retain qualified personnel; 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 and this press release is intended to be read in conjunction with information contained in those 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.

Continued

This press release, and the accompanying tables, include both financial measures in accordance with accounting principles generally accepted in the United States of America, or GAAP, as well as certain non-GAAP financial measures.  The tables attached to this press release include reconciliations of these non-GAAP financial measures to GAAP financial measures. In addition, an "Explanation of Non-GAAP Financial Measures" is attached to this press release as Annex A. 

WebMD®, Medscape®, CME Circle®, Medpulse®, eMedicine®, MedicineNet®, theheart.org® and RxList® are among the 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

 
   

March 31,

 
   

2015

 

2014

 
           

Revenue

 

$       143,343

 

$       133,832

 

Cost of operations

 

57,877

 

52,564

 

Sales and marketing

 

32,476

 

32,911

 

General and administrative

 

21,453

 

23,781

 

Depreciation and amortization

 

8,245

 

7,328

 

Interest income

 

17

 

15

 

Interest expense

 

6,172

 

6,172

 
           
           

Income before income tax provision

 

17,137

 

11,091

 
 

Income tax provision

 

7,133

 

4,825

 

Net income

 

$         10,004

 

$           6,266

 
           
           

Net income per common share:

         
 

Basic

 

$             0.27

 

$             0.16

 
 

Diluted

 

$             0.25

 

$             0.15

 
           

Weighted-average shares outstanding used in computing income per common share: 

         
 

Basic

 

36,393

 

39,268

 
 

Diluted 

 

43,465

 

41,852

 
           

 

 

 

WEBMD HEALTH CORP.

CONSOLIDATED SUPPLEMENTAL FINANCIAL INFORMATION

 (In thousands, unaudited)

               
           
       

Three Months Ended

 
       

March 31,

 
       

2015

 

2014

 

Revenue

         

Advertising and sponsorship

         
 

Biopharma and medical device

 

$        75,845

 

$        68,488

 
 

OTC, CPG and other

 

29,948

 

34,469

 
       

105,793

 

102,957

 

Private portal services

 

29,322

 

24,629

 

Information services

 

8,228

 

6,246

 
       

$      143,343

 

$      133,832

 
               

Earnings before interest, taxes, non-cash

         
 

 and other items ("Adjusted EBITDA") (a)

 

$        38,918

 

$        33,266

 
               

Interest, taxes, non-cash and other items  (b)

         
 

Interest income

 

17

 

15

 
 

Interest expense

 

(6,172)

 

(6,172)

 
 

Income tax provision

 

(7,133)

 

(4,825)

 
 

Depreciation and amortization 

 

(8,245)

 

(7,328)

 
 

Non-cash stock-based compensation

 

(7,381)

 

(8,690)

 
               

 Net income 

 

$        10,004

 

$          6,266

 
               

(a)

See Annex A-Explanation of Non-GAAP Financial Measures.

(b)

Reconciliation of Adjusted EBITDA to net income.

Continued

 

 

 

WEBMD HEALTH CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

 (In thousands)

           
           
     

March 31, 2015

 

December 31, 2014

     

(unaudited)

   

Assets

       

Cash and cash equivalents

 

$            735,292

 

$                   706,776

Accounts receivable, net

 

130,381

 

136,806

Prepaid expenses and other current assets

 

17,413

 

13,877

Deferred tax assets

 

18,453

 

18,147

        Total current assets

 

901,539

 

875,606

           

Property and equipment,  net

 

55,790

 

59,573

Goodwill

 

202,980

 

202,980

Intangible assets, net

 

13,382

 

14,215

Deferred tax assets

 

20,083

 

18,947

Other assets

 

26,509

 

26,236

Total Assets

 

$         1,220,283

 

$                1,197,557

           

Liabilities and Stockholders' Equity

       

Accrued expenses

 

$              55,615

 

$                     72,658

Deferred revenue

 

104,616

 

89,785

2.25% convertible notes due 2016

 

252,232

 

-

      Total current liabilities

 

412,463

 

162,443

           

2.25% convertible notes due 2016

 

-

 

252,232

2.50% convertible notes due 2018

 

400,000

 

400,000

1.50% convertible notes due 2020

 

300,000

 

300,000

Other long-term liabilities

 

20,823

 

21,293

           

Stockholders' equity

 

86,997

 

61,589

           

Total Liabilities and Stockholders' Equity

 

$         1,220,283

 

$                1,197,557

           

 

 

WEBMD HEALTH CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

                 
             
           

Three Months Ended

           

March 31,

           

2015

 

2014

Cash flows from operating activities:

       
 

Net income

 

$           10,004

 

$          6,266

 

Adjustments to reconcile net income to net cash provided by

       
 

  operating activities:

       
   

Depreciation and amortization

 

8,245

 

7,328

   

Non-cash interest, net

 

1,128

 

1,128

   

Non-cash stock-based compensation

 

7,381

 

8,690

   

Deferred income taxes

 

(1,535)

 

201

   

Changes in operating assets and liabilities:

       
     

Accounts receivable

 

6,425

 

(10,009)

     

Prepaid expenses and other, net

 

(4,587)

 

210

     

Accrued expenses and other long-term liabilities

 

(17,515)

 

(20,401)

     

Deferred revenue

 

14,831

 

14,490

       

Net cash provided by operating activities

 

24,377

 

7,903

                 

Cash flows from investing activities:

       
 

Purchases of property and equipment

 

(3,670)

 

(5,533)

       

Net cash used in investing activities

 

(3,670)

 

(5,533)

                 

Cash flows from financing activities:

       
 

Proceeds from exercise of stock options

 

4,488

 

17,482

 

Cash used for withholding taxes due on stock-based awards

 

(1,044)

 

(5,326)

 

Purchases of treasury stock 

 

(3,219)

 

(65,052)

 

Excess tax benefit on stock-based awards

 

7,584

 

4,047

       

Net cash provided by (used in) financing activities

 

7,809

 

(48,849)

Net increase (decrease) in cash and cash equivalents

 

28,516

 

(46,479)

Cash and cash equivalents at beginning of period

 

706,776

 

824,880

Cash and cash equivalents at end of period

 

$         735,292

 

$      778,401

                 

Continued

 

 

WEBMD HEALTH CORP.

NET INCOME PER COMMON SHARE

 (In thousands, except per share data, unaudited)

             
             
       

Three Months Ended

       

March 31,

       

2015

 

2014

             
 

Numerator:

       
 

Net income — Basic

 

$        10,004

 

$             6,266

   

Interest expense on 1.50% convertible notes, net of tax

 

864

 

-

 

Net income — Diluted

 

$        10,868

 

$             6,266

             
             
 

Denominator:

       
 

Weighted-average shares — Basic

 

36,393

 

39,268

   

Stock options and restricted stock

 

1,378

 

2,584

   

1.50% convertible notes

 

5,694

 

-

 

Adjusted weighted-average shares after assumed conversions — Diluted

 

43,465

 

41,852

             
             
 

Net income per common share:

       
   

Basic

 

$            0.27

 

$               0.16

   

Diluted

 

$            0.25

 

$               0.15

             

 

 

WEBMD HEALTH CORP.

FINANCIAL GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2015

(in millions, except per share amounts)

           
           
     

Guidance Range

Revenue

       
 

Advertising and sponsorship

       
 

Biopharma and medical device

 

$          369.0

 

$          380.0

 

OTC, CPG and other

 

117.0

 

122.0

     

486.0

 

502.0

 

Private portal services

 

105.0

 

108.0

 

Information services

 

24.0

 

25.0

     

$          615.0

 

$          635.0

           

Earnings before interest, taxes, non-cash and other items ("Adjusted EBITDA") (a)

 

$          180.0

 

$          190.0

           

Interest, taxes, non-cash and other items (b)

       

Interest expense, net

 

(25.0)

 

(25.0)

Depreciation and amortization

 

(33.0)

 

(31.0)

Non-cash stock-based compensation

 

(37.0)

 

(34.0)

Income before income tax provision

 

85.0

 

100.0

           

Income tax provision

 

(34.5)

 

(40.5)

           

Net income

 

$            50.5

 

$            59.5

           

Income per share:

       

     Basic

 

$            1.38

 

$            1.59

     Diluted (c)

 

$            1.23

 

$            1.35

           

Calculation of income per share:

       
 

Net income (numerator for basic income per share)

 

$            50.5

 

$            59.5

 

Add-back of interest expense, net of tax, related to:

       
 

   1.50% convertible notes

 

3.5

 

3.5

 

   2.50% convertible notes

 

7.2

 

7.2

 

   2.25% convertible notes

 

-

 

4.4

 

Numerator for diluted income per share

 

$            61.2

 

$            74.6

           
 

Weighted average shares outstanding (denominator for basic income per share)

 

36.5

 

37.5

 

Stock options and restricted stock

 

1.5

 

2.5

 

Weighted average shares issuable upon conversion of:

       
 

   1.50% convertible notes

 

5.7

 

5.7

 

   2.50% convertible notes

 

6.2

 

6.2

 

   2.25% convertible notes

 

-

 

3.5

 

Denominator for diluted income per share

 

49.9

 

55.4

           
           
           

(a) See Annex A - Explanation of Non-GAAP Financial Measures

       
           

(b) Reconciliation of Adjusted EBITDA to net income

       
           

(c) See Supplemental 2015 Guidance for Income Per Share Calculation below

       
           

Additional information regarding forecast for the quarter ending June 30, 2015:

       

     -     Revenue is forecasted to be between $145 million to $148 million

       

     -     Revenue distribution is forecasted to be approximately 59.5% to Biopharma and medical device;

 

19.5% to OTC, CPG and other; 17.5% to private portal services and 3.5% to information services

 

     -     Adjusted EBITDA is forecasted to be between $38 million to $39.5 million

     

     -     Net income is forecasted to be between $8.5 million to $9.5 million

       
           

The above guidance does not include the impact if any, of future deployment of capital for items such as share 
repurchases, acquisitions, any future gains or losses from discontinued operations, and other future non-recurring,
one-time or unusual items.

           

Continued

 

 

 

WEBMD HEALTH CORP.

SUPPLEMENTAL 2015 GUIDANCE FOR INCOME PER SHARE CALCULATION

 

Based on the Company's Financial Guidance for the Year Ending December 31, 2015, the 1.50% convertible notes and 2.50% convertible notes are expected to be dilutive to net income on both the low end and high end of the full year guidance range. The 2.25% convertible notes are expected to be dilutive to net income on the high end of the full year guidance range. Additionally, each of the series of convertible notes may be dilutive in certain quarters, depending on the amount of net income for such quarter.  The following table contains the approximate level of net income for an individual quarter and for the full year 2015 at which each of the series of convertible notes would become dilutive to income per share.  To the extent this net income is exceeded for any such period, the table also includes the amounts by which the numerator and denominator should each be adjusted for purposes of the diluted income per share calculation.  The amounts below assume a weighted-average diluted share count of 38.0 million shares (prior to the effect of convertible notes) and the amounts are subject to change as such weighted-average share count changes.

                         
 

Quarterly Amounts

 

Annual Amounts

 

All amounts in millions

1.50% Convertible Notes

 

2.50% Convertible Notes

 

2.25% Convertible Notes

 

1.50% Convertible Notes

 

2.50% Convertible Notes

 

2.25% Convertible Notes

 
                         

Approximate net income at which convertible notes  become dilutive:

$               5.8

 

$             11.8

 

$             13.0

 

$            23.1

 

$            47.2

 

$            52.1

 
                         

Interest expense, net of tax to add-back to net income (numerator):

$               0.9

 

$               1.8

 

$               1.1

 

$               3.5

 

$               7.2

 

$               4.4

 
                         

Additional shares to include in weighted-average diluted share count (denominator):

5.7

 

6.2

 

3.5

 

5.7

 

6.2

 

3.5

 
                         

 

             

ANNEX A

Explanation of Non-GAAP Financial Measures

The accompanying WebMD Health Corp. press release and attachments include both financial measures in accordance with U.S. generally accepted accounting principles, or GAAP, as well as non-GAAP financial measures.  The non-GAAP financial measures represent earnings before interest, taxes, non-cash and other items (which we refer to as "Adjusted EBITDA") and related per share amounts.  Adjusted EBITDA should be viewed as supplemental to, and not as an alternative for net income or loss calculated in accordance with GAAP (referred to below as "net income") or income or loss from continuing operations calculated in accordance with GAAP (referred to below as "income from continuing operations").  The attachments to the press release include reconciliations of non-GAAP financial measures to GAAP financial measures. 

Continued

Adjusted EBITDA is used by our management as an additional measure of our company's performance for purposes of business decision-making, including developing budgets, managing expenditures, and evaluating potential acquisitions or divestitures.  Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our company's financial results that may not be shown solely by period-to-period comparisons of net income or income from continuing operations.  In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees in order to evaluate our company's performance.  Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items, particularly those items that are recurring in nature.  In order to compensate for those limitations, management also reviews the specific items that are excluded from Adjusted EBITDA, but included in net income or income from continuing operations, as well as trends in those items.  The amounts of those items are set forth, for the applicable periods, in the reconciliations of Adjusted EBITDA to net income or income from continuing operations that accompany our press releases and disclosure documents containing non-GAAP financial measures, including the reconciliations contained in the accompanying press release attachments.

We believe that the presentation of Adjusted EBITDA is useful to investors in their analysis of our results for reasons similar to the reasons why our management finds it useful and because it helps facilitate investor understanding of decisions made by management in light of the performance metrics used in making those decisions.  In addition, as more fully described below, we believe that providing Adjusted EBITDA, together with a reconciliation of Adjusted EBITDA to net income or income from continuing operations, helps investors make comparisons between our company and other companies that may have different capital structures, different effective income tax rates and tax attributes, different capitalized asset values and/or different forms of employee compensation.  However, Adjusted EBITDA is intended to provide a supplemental way of comparing our company with other public companies and is not intended as a substitute for comparisons based on net income or income from continuing operations.  In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance.  Investors should pay close attention to the specific definition being used and to the reconciliation between such measures and the corresponding GAAP measures provided by each company under applicable SEC rules.

Continued

The following is an explanation of the items excluded by us from Adjusted EBITDA but included in net income and income from continuing operations:

Depreciation and Amortization . Depreciation and amortization expense is a non-cash expense relating to capital expenditures and intangible assets arising from acquisitions that are expensed on a straight-line basis over the estimated useful life of the related assets. We exclude depreciation and amortization expense from Adjusted EBITDA because we believe that (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired tangible and intangible assets. Accordingly, we believe that this exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that the use of tangible and intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation and should also note that such expense will recur in future periods. 
 

Stock-Based Compensation Expense . Stock-based compensation expense is a non-cash expense arising from the grant of stock-based awards to employees. We believe that excluding the effect of stock-based compensation from Adjusted EBITDA assists management and investors in making period-to-period comparisons in our company's operating performance because (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations and (ii) such expenses can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Additionally, we believe that excluding stock-based compensation from Adjusted EBITDA assists management and investors in making meaningful comparisons between our company's operating performance and the operating performance of other companies that may use different forms of employee compensation or different valuation methodologies for their stock-based compensation. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods. Investors should also note that such expenses will recur in the future. Stock-based compensation expenses included in the Consolidated Statement of Operations are summarized as follows:

Continued

 

         

Three Months Ended

 
         

March 31,

 
         

2015

2014

 
         

Non-cash stock-based compensation included in:

     
 

Cost of operations

 

$    1,389

$   1,464

 
 

Sales and marketing

 

$    1,448

$   2,105

 
 

General and administrative

 

$    4,544

$   5,121

 
                 

 

Interest Income and Expense.   Interest income is associated with the level of marketable debt securities and other interest bearing accounts in which we invest, and interest expense is related to our company's capital structure (including non-cash interest expense relating to our convertible notes).  Interest income and expense varies over time due to a variety of financing transactions and due to acquisitions and divestitures that we have entered into or may enter into in the future.  We have, in the past, issued convertible debentures, repurchased shares in cash tender offers and repurchased shares and convertible debentures through other repurchase transactions, and completed the divestiture of certain businesses.  We exclude interest income and interest expense from Adjusted EBITDA (i) because these items are not directly attributable to the performance of our business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different capital structures.  Investors should note that interest income and expense will recur in future periods.  The following provides detail regarding the components of interest expense of our convertible notes:

 

         

Three Months Ended

 
         

March 31,

 
         

2015

2014

 
         

Non-cash interest expense

     
 

2.25% convertible notes

 

$         390

$       390

 
 

2.50% convertible notes

 

$         446

$       446

 
 

1.50% convertible notes

 

$         292

$       292

 

 

Cash interest expense

       
 

2.25% convertible notes

 

$     1,419

$   1,419

 
 

2.50% convertible notes

 

$     2,500

$   2,500

 
 

1.50% convertible notes

 

$     1,125

$   1,125

 
                 

 

Income Tax Provision (Benefit).  We maintain a valuation allowance on a portion of our net deferred tax assets (including our net operating loss carryforwards), the amount of which may change from quarter to quarter based on factors that are not directly related to our results for the quarter. The valuation allowance is either adjusted through the statement of operations or additional paid-in capital. The timing of such adjustments has not been consistent and as a result, our income tax expense can fluctuate significantly from period to period in a manner not directly related to our operating performance. We exclude the income tax provision (benefit) from Adjusted EBITDA (i) because we believe that the income tax provision (benefit) is not directly attributable to the underlying performance of our business operations and, accordingly, its exclusion assists management and investors in making period-to-period comparisons of operating performance and (ii) to assist management and investors in making comparisons to companies with different tax attributes. Investors should note that income tax provision (benefit) will recur in future periods. 
 

Continued

Other Items.  We engage in other activities and transactions that can impact our net income or income from continuing operations. In recent periods, these other items included, but were not limited to: (i) loss on repurchases of our convertible notes; and (ii) severance expense. We exclude these other items from Adjusted EBITDA because we believe these activities or transactions are not directly attributable to the performance of our business operations and, accordingly, their exclusion assists management and investors in making period-to-period comparisons of operating performance. Investors should note that some of these other items may recur in future periods.

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/webmd-announces-first-quarter-financial-results-300078932.html

SOURCE WebMD Health Corp.

 

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