Press Release: November 20, 2001

WR Hambrecht + Co Initiates Coverage of Neoforma (NEOF) with a Strong Buy rating and $22 Target

San Francisco, CA, November 20, 2001—WR Hambrecht + Co today initiated research coverage on Neoforma (NEOF) with a Strong Buy rating and $22 target. WR Hambrecht’s Healthcare Services analyst Sean Wieland cites the company’s growth prospects, scalable business model and discounted relative valuation as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real time at www.wrhambrecht.com.

“We believe positive EBITDA is just around the corner, which should once again place Neoforma on the radar screen of institutional investors who are seeking high earnings growth at a reasonable valuation. With customers and infrastructure in place, and expense reduction initiatives behind them, we believe Neoforma is ready to return to the investor spotlight,” Wieland said.

WR Hambrecht + Co projects Neoforma to turn profitable in fiscal 2002 with an EPS of $0.27 on $71.1 million in revenues, and post an EPS of $0.90 on $97.5 million in revenues in fiscal 2003.

Neoforma, Inc., formerly Neoforma.com, Inc., is a healthcare supply chain solutions company.