EX-99.2 5 g81296exv99w2.txt EX-99.2 BALANCE SHEET OF PROXYMED . . . EXHIBIT 99.2 PROXYMED, INC. UNAUDITED PRO FORMA COMBINED BALANCE SHEET DECEMBER 31, 2002
Pro Forma Adjustments ---------------------- Pro Form ProxyMed, Inc.(a) MedUnite, Inc.(b) Total # Dr. (Cr.) Combined ------------- ---------------- ------------- ---------------------- ------------- ASSETS Current assets: Cash and cash equivalents $ 25,499,000 $ 879,000 $ 26,378,000 (1) (10,000,000) $ 16,378,000 Accounts receivable, net 6,919,000 3,141,000 10,060,000 10,060,000 Notes and other receivables 503,000 -- 503,000 503,000 Inventory 2,758,000 -- 2,758,000 2,758,000 Other current assets 375,000 664,000 1,039,000 1,039,000 ------------- ------------- ------------- ------------- Total current assets 36,054,000 4,684,000 40,738,000 30,738,000 Property and equipment, net 3,926,000 9,977,000 13,903,000 (2) (3,285,000) 5,818,000 (5) (4,800,000) Goodwill, net 10,437,000 5,555,000 15,992,000 (1) 23,535,000 33,596,000 (2) 3,285,000 (3) (4,000,000) (4) (5,216,000) Purchased technology, capitalized software and other intangibles, net 5,620,000 2,583,000 8,203,000 (4) 5,216,000 18,219,000 (5) 4,800,000 Long-term notes receivable 144,000 -- 144,000 144,000 Other assets, including restricted cash 54,000 1,033,000 1,087,000 1,087,000 ------------- ------------- ------------- ------------- Total assets $ 56,235,000 $ 23,832,000 $ 80,067,000 $ 89,602,000 ============= ============= ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Notes payable and current portion of long-term debt $ -- $ 25,443,000 $ 25,443,000 (1) 22,874,000 $ -- (3) 2,569,000 Current capital leases payable 127,000 314,000 441,000 441,000 Accounts payable and accrued expenses 4,453,000 9,517,000 13,970,000 (1) (9,220,000) 22,799,000 (1) 658,000 (1) 800,000 (3) (1,067,000) Deferred compensation payable -- 1,000,000 1,000,000 (1) 1,000,000 -- Deferred revenue and other current liabilities 694,000 74,000 768,000 768,000 ------------- ------------- ------------- ------------- Total current liabilities 5,274,000 36,348,000 41,622,000 24,008,000 4% Convertible Notes -- -- -- (1) (13,400,000) 13,400,000 Long-term debt, less current portion -- 2,139,000 2,139,000 (1) (161,000) -- (3) 2,300,000 Long-term capital leases payable, less current portion 188,000 194,000 382,000 382,000 Long-term deferred revenue and other long-term liabilities 39,000 1,237,000 1,276,000 (3) 198,000 1,078,000 ------------- ------------- ------------- ------------- Total liabilities 5,501,000 39,918,000 45,419,000 38,868,000 ------------- ------------- ------------- ------------- Stockholders' equity: Preferred stock -- 85,000 85,000 (1) 85,000 -- Common stock 7,000 -- 7,000 (1) 7,000 Additional paid-in capital 146,187,000 86,295,000 232,482,000 (1) 86,295,000 146,187,000 Accumulated deficit (95,274,000) (102,466,000) (197,740,000) (1) (102,466,000) (95,274,000) Note receivable from stockholder (186,000) -- (186,000) (186,000) ------------- ------------- ------------- ------------- Total stockholders' equity 50,734,000 (16,086,000) 34,648,000 50,734,000 ------------- ------------- ------------- ------------- Total liabilities and stockholders' equity $ 56,235,000 $ 23,832,000 $ 80,067,000 $ 89,602,000 ============= ============= ============= =============
------------- (1) To record acquisition of MedUnite. (2) To record adjustment of fixed assets acquired to fair market value. (3) To reflect obligations of MedUnite waived by NDCHealth. (4) To record adjustment of intangible assets acquired to fair market value. (5) To reclass certain intangible assets for presentation purposes. (a) This column is derived from the unaudited consolidated financial statements of ProxyMed, Inc. as of December 31, 2002 (before the consummation of the MedUnite acquisition). (b) This column is derived from the audited financial statements of MedUnite, Inc. as of December 31, 2002. Amounts have been rounded to the nearest $1,000.