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Neoforma’s Third Quarter Revenue Increases 95% Over Prior Quarter

EBITDA profitability remains on track for first quarter 2002


San Jose, Calif. - October 18, 2001 - Neoforma, Inc. (Nasdaq: NEOF), the leading healthcare supply chain solutions company, today announced record financial results for the third quarter ended September 30, 2001. Revenue grew 95% over the prior quarter, cash operating expenses declined 6% over the same period and the Company remains on track for EBITDA profitability in the first quarter of 2002.

Neoforma’s Results (in millions, except per share data):
Current Quarter Prior Quarters
Q3 2001 Q2 2001 Q1 2001 Q4 2000
Marketplace Volume: $395.9 $150.2 $80.8 $33.9
Net Revenue: $8.0 $4.1 $2.4 $0.6
Cash Operating Expenses: $15.6 $16.6 $18.8 $19.3
Cash Operating Income: ($7.6) ($12.5) ($16.4) ($18.7)
Cash EPS, Adjusted for Reverse Split: ($0.45) ($0.81) ($0.11) ($1.43)
* Numbers for prior quarters exclude the results of non-recurring operations.



"We had a very solid third quarter," says Bob Zollars, chairman and chief executive officer of Neoforma. "For the third consecutive quarter, we increased our revenue, decreased our cash operating expenses and, most importantly, continued to deliver valuable solutions to our customers. With our critical mass of trading partners, we’ve established the foundation for accelerated value delivery and steady growth, leading to EBITDA profitability in the first quarter of 2002. In addition to our operational successes, we had another strong quarter strategically, announcing an important alliance with GHX and deploying two new solutions in partnership with i2 Technologies."

Continues Zollars, "We are especially pleased with the growth in our acute care business, which continues to thrive and expand with the addition of trading partners and enhanced functionality."

Neoforma’s net revenue for the third quarter was $8.0 million, nearly twice the $4.1 million generated in the previous quarter. While a record high, total net revenue was slightly less than the $8.5 million target established by the Company in early 2001, due largely to less than anticipated growth in the Company’s alternate care marketplace.

Neoforma’s net revenue is comprised of two revenue streams: marketplace revenue and trading partner services revenue. Marketplace revenue increased 93% from $4.0 to $7.7 million during the third quarter, while trading partners services revenue increased from $51,000 to $295,000 over the same period. The figures from the second quarter exclude the results of the non-recurring operations that have now been divested by Neoforma.

Total marketplace volume grew 164% to $395.9 in the third quarter, more than doubling from $150.2 million in the second quarter.

Cash operating expenses for the third quarter of $15.6 million were favorable to the Company’s previously announced estimate of $17.0 million and declined for the third consecutive quarter. The third quarter cash operating expense results represent a decrease of $1.0 million, or 6%, from $16.6 million in the second quarter. The cash operating loss for the third quarter, representing the difference between total net revenue and cash operating expenses, was $7.6 million, favorable to the Company’s projection of $8.5 million and a significant improvement over the $12.5 million operating loss in the prior quarter. Neoforma’s numbers for the second quarter exclude the results of non-recurring operations that now have been divested by the Company.

During the third quarter, Neoforma connected an additional 89 hospitals to the largest supply chain marketplace that the Company operates, Marketplace@Novation™, bringing the total number of hospitals connected at quarter-end to 333. Approximately one year since the inception of Marketplace@Novation, Neoforma now processes more than 500,000 order documents, representing more than 1.5 million line items, per quarter. The Company has 563 hospitals, representing roughly 10% of the hospitals in the U.S., and 130 suppliers currently under contract.

The net loss for the third quarter, excluding non-cash and non-recurring charges, was $7.2 million, or, adjusted for the reverse stock split implemented during the quarter, $0.45 per share, compared to a net loss of $12.8 million, or, adjusted for the reverse stock split, $0.81 per share, for the prior quarter. The previous quarter results exclude the divested operations.

Absent the adjustment necessary due to Neoforma’s reverse stock split, the net loss per share for the quarter would have been $0.05, compared to a net loss of $0.08 per share for the prior quarter.

The total net loss for the third quarter, including all operations as well as non-cash and non-recurring charges, was $42.0 million, or $2.64 per share on a split-adjusted basis, compared to a total net loss of $47.7 million, or $3.02 per share on a split-adjusted basis, for the prior quarter. Neoforma’s total net loss for the third quarter includes a non-cash, non-recurring charge of $3.0 million related to the write-down of an investment that the Company made in a privately held healthcare Internet services company during fiscal year 2000 and a gain of $879,000 on the divestiture of the Company’s Auction operations.

As of September 30, 2001, Neoforma’s cash, cash equivalents and investments totaled $17.7 million. With the cash on hand and access to additional capital through its lines of credit, the Company has access to sufficient capital to meet its anticipated needs through projected EBITDA profitability in the first quarter of 2002.

Guidance
For the fourth quarter, Neoforma expects net revenue of $12 million to $13 million. Marketplace volume is expected to be between $600 million and $700 million. The Company anticipates cash operating expenses of $14.0 million to $14.5 million.

The Company’s cash operating loss in the fourth quarter, based on the revised revenue and expense estimates, is projected to be between $1 million and $2.5 million, consistent with or better than the Company’s previous guidance of a loss of $2.5 million.

Neoforma expects its weighted average share count for earnings per share purposes to be approximately 16 million in the fourth quarter. The resulting cash loss per share, excluding non-cash and non-recurring charges, is anticipated to be between $0.10 and $0.20, again consistent with or better than Neoforma’s previous guidance of a loss of $0.20 per share. The cash loss per share estimates have been adjusted for the impact of the Company’s reverse stock split.

In the first quarter of 2002, Neoforma anticipates continued growth in net revenue resulting from contracting and connecting additional healthcare trading partners and increasing sales of trading partner services. Based on the ability to generate this revenue growth while maintaining expenses at levels achieved in the fourth quarter of 2001, the Company is reiterating its goal of achieving positive cash operating income, or EBITDA profitability, in the first quarter of 2002. The Company has not changed this projected EBITDA profitability period since establishing it in May 2000.

"We remain confident in our ability to achieve EBITDA profitability in the first quarter of 2002 while continuing to deliver increasing value to our customers," confirms Andrew Guggenhime, chief financial officer of Neoforma.

Neoforma intends to provide more detailed fiscal year 2002 guidance, as well as summary 2003 guidance, by the end of this fiscal year.

Organizational Changes
To maintain its focus on delivering core customer solutions and to increase its resource commitment to its more scalable, higher return acute care business, Neoforma currently is exploring strategic alternatives for its Atlanta-based alternate care business unit, NeoMD™. Concurrently, Neoforma is streamlining its organizational structure to increase the Company’s operational efficiency while continuing to deliver world-class service to its customers. The impact of these operational and organizational changes is expected to reduce operating expenses by approximately $3 million on an annualized basis.

Milestones
During the third quarter, Neoforma enjoyed several strategic and operational milestones, including:

Signing a definitive agreement with GHX to provide an Integrated Solution for healthcare trading partners,
Contracting with major, industry-leading suppliers, including Johnson & Johnson, GE Medical Systems, C.R. Bard and Alliant Foodservice,
Entering into its first significant licensing agreement for proprietary technology,
Releasing new technology for connectivity, order management and reporting for hospitals and suppliers, and
Launching supply chain data services.
About Neoforma
Neoforma builds and operates Internet marketplaces that empower healthcare trading partners to optimize supply chain performance. Neoforma uses proven, scalable technologies to provide customized marketplace solutions and services that enable customers to maximize their existing technology and supply chain relationships. Healthcare providers, leading group purchasing organizations, manufacturers and distributors choose Neoforma as their e-commerce partner. For more information, visit the Company’s Web site at www.neoforma.com.
View Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheet in PDF Format

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements include statements related to future growth and success, the Company’s anticipated breakeven date, a planned divestiture, the fact the Company has access to sufficient capital, anticipated results of fourth quarter 2001 and first quarter 2002 operations and the Company’s focus on its core business. These forward-looking statements are based on current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. These risks include the volatility and unpredictability of the Company’s quarterly operating results; the ability of the Company to expand the breadth of products and services offered through its e-commerce marketplaces; the willingness of buyers and sellers of medical products to accept the Company’s business model of providing an e-commerce marketplace for the purchase and sale of medical products; the ability of the Company to manage its growth and related technological challenges; and the ability of the Company to successfully manage its changing relationships with its strategic partners, suppliers and customers. These risks and other risks are described in the Company`s periodic reports filed with the SEC including its Form 10-K for the year ended December 31, 2000, its Form 10-Q for the quarter ended June 30, 2001 and its Proxy Statement dated July 6, 2001. The Company assumes no obligation to update the forward-looking information contained in this news release.

Neoforma and Neoforma.com are trademarks of Neoforma, Inc. Other Neoforma logos, product names and service names are also trademarks of Neoforma, Inc., which may be registered in other countries. Other product and brand names are trademarks of their respective owners.

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