Tech Industry

Healtheon/WebMD revenue climbs

The Internet company that links physicians and consumers to the health care industry reports that its fourth-quarter revenue rose 113 percent while its net loss widened.

Healtheon/WebMD, an Internet company that links physicians and consumers to the health care industry, today reported that its fourth-quarter revenue rose 113 percent while its net loss widened.

The company's net loss for the period widened to $234.75 million, or $1.98 per share, on revenues of $33.24 million. That compares with a loss of $18.2 million, or 34 cents per share, on revenues of $15.6 million in the same period in 1998.

Healtheon/WebMD reported its earnings before the opening of the market today. The stock closed 50 cents lower yesterday at $58.50.

The company made three acquisitions last year--WebMD, MedE America and Medcast--to position itself in the sector. The acquisitions were completed in the middle of the fourth quarter and were accounted for as purchase transactions, the company said.

"With the necessary assets and resources in place to deliver on our vision, we are focused on executing with our customers and partners the realization of an improved health care delivery system," Mike Long, Healtheon/WebMD's chief operating officer, said in a statement.

The acquisition of Kinetra and a transaction with News Corp. were completed in January 2000, and reported results do not include these transactions.