WebMD Announces First Quarter Financial Results

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NEW YORK, May 4, 2016 /PRNewswire/ -- WebMD Health Corp. (NASDAQ: WBMD), the leading source of health information, today announced financial results for the three months ended March 31, 2016.

"WebMD continues to attract larger, higher-quality and more deeply engaged audiences than any of our competitors. Our strong first quarter results reflect our market leadership and position as a key digital partner to leading health advertisers," said David Schlanger, Chief Executive Officer, WebMD. "We are pleased to be making a modest increase to our financial expectations for the full year 2016 as the positive momentum we are experiencing with our advertisers continues."

Financial Highlights 
For the three months ended March 31, 2016:

  • Revenue was $158.6 million, compared to $143.3 million in the prior year period, an increase of 11%. Advertising and sponsorship revenue was $122.4 millioncompared to $105.8 million in the prior year period. Private portal services revenue was $28.3 million compared to $29.3 million in the prior year period. Information services revenue was $7.9 million compared to $8.2 million in the prior year period.  
  • Earnings before interest, taxes, non-cash and other items ("Adjusted EBITDA") increased 21% to $47.1 million, or 30% of revenue, compared to $38.9 million, or 27% of revenue, in the prior year period.  
  • Net income was $15.7 million or $0.36 per diluted share, compared to $10.0 million, or $0.25 per diluted share in the prior year period.

Traffic Highlights
Traffic to the WebMD Health Network during the first quarter of 2016 reached an average of 210.8 million unique users per month generating 4.40 billion page views for the quarter, increases of 1% and 4%, respectively, from the prior year period.

Balance Sheet Highlights
As of March 31, 2016, WebMD had: approximately $593 million in cash and cash equivalents; $700 million in aggregate principal amount of convertible notes outstanding; and approximately 38.6 million shares of its common stock outstanding (including approximately 0.8 million unvested shares of restricted stock).

As of March 31, 2016, approximately $34 million remained available for repurchases under WebMD's stock repurchase program. Under its stock 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 increased its financial guidance for 2016.

For the full year ending December 31, 2016, WebMD expects:

  • Revenue to be approximately $695 million to $708 million, an increase of 9% to 11% from the prior year.
    • $559 million to $570 million of revenue is expected to be from advertising and sponsorship, an increase of 12% to 14% from the prior year. Growth in advertising and sponsorship revenue is expected to be driven by growth in revenue from biopharma customers of approximately 15% to 17%.
    • $109 million to $110 million of revenue is expected to be from private portals services, compared to $110.4 million in 2015.
    • $27 million to $28 million of revenue is expected to be from information services, compared to $26.9 million in 2015.
  • Adjusted EBITDA to be approximately $224 million to $232 million, an increase of 16% to 20% from the prior year. Adjusted EBITDA, as a percentage of revenue, is expected to be approximately 32% to 33%, compared to 30% in the prior year.
  • Net income to be approximately $83 million to $91 million, or $1.81 to $1.93 per diluted share, compared to $64 million, or $1.48 per diluted share, in 2015.

For the second quarter of 2016, WebMD expects:

  • Revenue to be approximately $163 million to $166 million, an increase of 10% to 12% from the prior year period.
  • Adjusted EBITDA to be approximately $48 million to $50 million, an increase of approximately 18% to 23% from the prior year period.
  • Net income to be approximately $16.5 million to $18 million, an increase of approximately 23% to 35% from the prior year period.

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.

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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, 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 other factors affecting their use of our services and the timing of entry into and implementation of specific contracts with customers, 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.

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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. 

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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,

 

2016

 

2015

       

Revenue

$     158,553

 

$     143,343

Cost of operations

62,513

 

57,877

Sales and marketing

33,756

 

32,476

General and administrative

23,756

 

21,453

Depreciation and amortization

7,487

 

8,245

Interest income

206

 

17

Interest expense

5,100

 

6,172

       
       

Income before income tax provision

26,147

 

17,137

 

Income tax provision

10,429

 

7,133

Net income

$       15,718

 

$       10,004

       
       

Net income per common share:

     
 

Basic

$           0.42

 

$           0.27

 

Diluted

$           0.36

 

$           0.25

       

Weighted-average shares outstanding used in

     
 

computing income per common share:

     
 

Basic

 

37,267

 

36,393

 

Diluted

 

52,335

 

43,465

             

 

WEBMD HEALTH CORP.

CONSOLIDATED SUPPLEMENTAL FINANCIAL INFORMATION

 (In thousands, unaudited)

         
         
   

Three Months Ended

   

March 31,

   

2016

 

2015

Revenue

       

Advertising and sponsorship

       
 

Biopharma and medical device

$        88,685

 

$        75,845

 

OTC, CPG and other

33,754

 

29,948

 

122,439

 

105,793

Private portal services

28,255

 

29,322

Information services

7,859

 

8,228

 

$      158,553

 

$      143,343

       

Earnings before interest, taxes, non-cash

     
 

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

$        47,056

 

$        38,918

       

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

     
 

Interest income

206

 

17

 

Interest expense

(5,100)

 

(6,172)

 

Income tax provision

(10,429)

 

(7,133)

 

Depreciation and amortization

(7,487)

 

(8,245)

 

Non-cash stock-based compensation

(8,528)

 

(7,381)

       

 Net income

$        15,718

 

$        10,004

       

(a)

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

(b)

Reconciliation of Adjusted EBITDA to net income.

             

 

WEBMD HEALTH CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

 (In thousands)

           
     

March 31,

 

December 31,

     

2016

 

2015

     

(unaudited)

   

Assets

       

Cash and cash equivalents

 

$          592,871

 

$        641,165

Accounts receivable, net

 

177,383

 

174,313

Prepaid expenses and other current assets

 

20,505

 

18,998

 

Total current assets

 

790,759

 

834,476

           

Property and equipment,  net

 

86,835

 

81,027

Goodwill

 

202,980

 

202,980

Intangible assets, net

 

10,114

 

10,894

Deferred tax assets, net

 

14,591

 

15,694

Other assets

 

10,631

 

10,852

Total Assets

 

$       1,115,910

 

$     1,155,923

           

Liabilities and Stockholders' Equity

       

Accrued expenses

 

$            63,540

 

$          80,664

Deferred revenue

 

116,313

 

102,715

2.25% convertible notes due 2016, net

 

-

 

102,523

 

Total current liabilities

 

179,853

 

285,902

           

2.50% convertible notes due 2018, net

 

396,727

 

396,281

1.50% convertible notes due 2020, net

 

294,558

 

294,266

Other long-term liabilities

 

23,909

 

23,246

           

Stockholders' equity

 

220,863

 

156,228

           

Total Liabilities and Stockholders' Equity

 

$       1,115,910

 

$     1,155,923

           

 

WEBMD HEALTH CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

                 
             
           

Three Months Ended

           

March 31,

           

2016

 

2015

Cash flows from operating activities:

       
 

Net income

 

$           15,718

 

$        10,004

 

Adjustments to reconcile net income to net cash provided by

       
 

  operating activities:

       
   

Depreciation and amortization

 

7,487

 

8,245

   

Non-cash interest, net

 

897

 

1,128

   

Non-cash stock-based compensation

 

8,528

 

7,381

   

Deferred income taxes

 

1,177

 

(1,535)

   

Changes in operating assets and liabilities:

       
     

Accounts receivable

 

(3,070)

 

6,425

     

Prepaid expenses and other, net

 

1,731

 

(4,587)

     

Accrued expenses and other long-term liabilities

 

(20,147)

 

(17,515)

     

Deferred revenue

 

13,598

 

14,831

       

Net cash provided by operating activities

 

25,919

 

24,377

                 

Cash flows from investing activities:

       
 

Purchases of property and equipment

 

(9,229)

 

(3,670)

 

Partial redemption of cost-method investment

 

526

 

-

       

Net cash used in investing activities

 

(8,703)

 

(3,670)

                 

Cash flows from financing activities:

       
 

Proceeds from exercise of stock options

 

30,165

 

4,488

 

Cash used for withholding taxes due on stock-based awards

 

(890)

 

(1,044)

 

Maturity of convertible notes

 

(102,682)

 

-

 

Purchases of treasury stock

 

-

 

(3,219)

 

Excess tax benefit on stock-based awards

 

7,897

 

7,584

       

Net cash (used in) provided by financing activities

 

(65,510)

 

7,809

Net (decrease) increase in cash and cash equivalents

 

(48,294)

 

28,516

Cash and cash equivalents at beginning of period

 

641,165

 

706,776

Cash and cash equivalents at end of period

 

$         592,871

 

$      735,292

                 

 

WEBMD HEALTH CORP.

NET INCOME PER COMMON SHARE

 (In thousands, except per share data, unaudited)

             
             
       

Three Months Ended

       

March 31,

       

2016

 

2015

             
 

Numerator:

       
 

Net income - Basic

 

$        15,718

 

$        10,004

   

Interest expense on 1.50% convertible notes, net of tax

 

878

 

864

   

Interest expense on 2.50% convertible notes, net of tax

 

1,827

 

-

   

Interest expense on 2.25% convertible notes, net of tax

 

457

 

-

 

Net income - Diluted

 

$        18,880

 

$        10,868

             
             
 

Denominator:

       
 

Weighted-average shares - Basic

 

37,267

 

36,393

   

Stock options and restricted stock

 

1,755

 

1,378

   

1.50% convertible notes

 

5,694

 

5,694

   

2.50% convertible notes

 

6,205

 

-

   

2.25% convertible notes

 

1,414

 

-

 

Adjusted weighted-average shares after assumed conversions - Diluted

52,335

 

43,465

             
             
 

Net income per common share:

       
   

Basic

 

$            0.42

 

$            0.27

   

Diluted

 

$            0.36

 

$            0.25

             

 

 

WEBMD HEALTH CORP.

FINANCIAL GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2016

(In millions, except per share amounts)

           
           
     

Guidance Range

Revenue

       
 

Advertising and sponsorship

       
 

Biopharma and medical device

 

$    428.0

 

$    436.0

 

OTC, CPG and other

 

131.0

 

134.0

     

559.0

 

570.0

 

Private portal services

 

109.0

 

110.0

 

Information services

 

27.0

 

28.0

     

$    695.0

 

$    708.0

           

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

$    224.0

 

$    232.0

           

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

       

Interest expense, net

 

(17.5)

 

(17.5)

Depreciation and amortization

 

(34.0)

 

(32.0)

Non-cash stock-based compensation

 

(36.0)

 

(33.0)

Income before income tax provision

 

136.5

 

149.5

Income tax provision

 

(53.5)

 

(58.5)

Net income

 

$      83.0

 

$      91.0

           

Income per share:

       

     Basic

 

$      2.17

 

$      2.36

     Diluted (c)

 

$      1.81

 

$      1.93

           

Calculation of income per share:

       
 

Net income (numerator for basic income per share)

 

$      83.0

 

$      91.0

 

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

       
 

   1.50% convertible notes

 

3.5

 

3.5

 

   2.50% convertible notes

 

7.3

 

7.3

 

   2.25% convertible notes

 

0.5

 

0.5

 

Numerator for diluted income per share

 

$      94.3

 

$    102.3

           
 

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

38.3

 

38.6

 

Stock options and restricted stock

 

1.5

 

2.0

 

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

 

0.4

 

0.4

 

Denominator for diluted income per share

 

52.1

 

52.9

           
           
           

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

       

(b) Reconciliation of Adjusted EBITDA to net income

       

(c) See Supplemental 2016 Guidance for Income Per Share Calculation below

       
           

Additional information regarding forecast for the quarter ending June 30, 2016:

       

     -     Revenue is forecasted to be between $163 million to $166 million

       

     -     Revenue distribution is forecasted to be approximately 60.5% from Biopharma and medical device;

18% from OTC, CPG and other; 17% from private portal services and 4.5% from information services

     -     Adjusted EBITDA is forecasted to be between $48 million to $50 million

       

     -     Net income is forecasted to be between $16.5 million to $18 million

       
           

The above guidance does not include the impact if any, of future deployment of capital for items such as share

repurchases, convertible note repurchases or acquisitions, any future gains or losses from discontinued operations,

any future gains or losses on investments, and other future non-recurring, one-time or unusual items.

           

 

 

 

WEBMD HEALTH CORP.

SUPPLEMENTAL 2016 GUIDANCE FOR INCOME PER SHARE CALCULATION

 

Based on the Company's Financial Guidance for the Year Ending December 31, 2016, the 1.50% convertible notes, the 2.50% convertible notes and the 2.25% convertible notes are expected to be dilutive to net income on both the low end and high end of the full year guidance range.  Additionally, the 1.50% convertible notes and the 2.50% convertible notes may be dilutive in certain future quarters, depending on the amount of net income for such quarter.  The following tablecontains the approximate level of net income for an individual future quarter and for the full year 2016 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.

                   
 

Quarterly Amounts

 

Annual Amounts

All amounts in millions

1.50% 
Convertible
Notes

 

2.50% 
Convertible
Notes

 

1.50% 
Convertible
Notes

 

2.50% 
Convertible
Notes

 

2.25% 
Convertible
Notes  (a)

                   

Approximate net income at which 
convertible notes  become dilutive  (b)

$       6.1

 

$     12.5

 

$     24.6

 

$     50.1

 

$     56.0

                   

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

$       0.9

 

$       1.8

 

$       3.5

 

$       7.3

 

$       0.5

                   

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

5.7

 

6.2

 

5.7

 

6.2

 

0.4

                   
                   
 

(a)  Since the 2.25% convertible notes matured on March 31, 2016, amounts for the 2.25% convertible notes are only

       shown in the Annual Amounts column and reflect the impact of the additional shares for the 2.25% convertible

       notes, weighted for the period that they will be outstanding during the year ending December 31, 2016.

                   

(b)  These net income amounts assume a weighted-average diluted share count of  39.8 million shares attributable to

       common shares, stock options and restricted stock (prior to the effect of convertible notes) and are subject to

       change as such weighted-average share count changes.

           
                   

 

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").  The attachments to the press release include reconciliations of non-GAAP financial measures to GAAP financial measures. 

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.  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, 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 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, 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.  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.

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

  • 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:
                 

Three Months Ended

 
                 

March 31,

 
                 

2016

2015

 
                 
       

Non-cash stock-based compensation included in:

     
         

Cost of operations

 

$    1,290

$    1,389

 
         

Sales and marketing

 

$    1,562

$    1,448

 
         

General and administrative

 

$    5,676

$    4,544

 
                         

 

  • 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,

 
                 

2016

2015

 
                 
       

Non-cash interest expense

     
         

2.25% Convertible Notes

 

$         159

$       390

 
         

2.50% Convertible Notes

 

$         446

$       446

 
         

1.50% Convertible Notes

 

$         292

$       292

 
                 
       

Cash interest expense

       
         

2.25% Convertible Notes

 

$        577

$   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.
  • Other Items.   We engage in other activities and transactions that can impact our net income.  In recent periods, these other items included, but were not limited to:  (i) gain on investments; (ii) settlements of litigation or claims; (iii) loss on repurchases of our convertible notes; and (iv) 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-300262988.html

SOURCE WebMD Health Corp.

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