MedAssets 2nd-qtr results beat; sees FY above estimates

Wed Aug 1, 2012 5:39pm EDT

* Sees FY adj earnings per share $1.05-$1.13 vs est $1.06

* Sees FY revenue $620 mln-$630 mln vs est $608.2 mln

* Q2 adj earnings per share $0.28 vs est $0.22

* Q2 revenue $163 mln vs est $151.5 mln

Aug 1 (Reuters) - Healthcare IT company MedAssets Inc posted quarterly results that comfortably beat analysts' estimates and forecast a strong full year, buoyed by continued growth across all its segments and earlier-than-expected recognition of some performance fees.

MedAssets expect to report an adjusted profit between $1.05 per share and $1.13 per share, and revenue of $620 million to $630 million for the full year.

Analysts on average are expecting earnings of $1.06 on revenue of $608.2 million, according to Thomson Reuters I/B/E/S.

April-June net income was $2.3 million, or 4 cents per share, compared with a net loss of $2.5 million, or a loss of 4 cents per share, a year earlier.

Adjusted for some one-time items, MedAssets reported a profit of 28 cents per share, while analysts were expecting a profit of 22 cents per share.

Revenue rose about 11 percent to $163 million, exceeding analsyts' estimates of $151.5 million. Contributing to the rise was improved revenue from its spend and clinical resource management segment, which helps healthcare providers cut hospital supply chain expenses.

Shares of the Alpharetta, Georgia-based company, which have gained nearly 21 percent in the last two months, closed down about 3 percent at $12.85 on Wednesday on the Nasdaq.

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Comments (1)
Making your numbers by cutting staff is one way to keep the street happy….but losing customers due to no new development and poor service will catch up to JB!

Aug 01, 2012 7:45pm EDT  --  Report as abuse
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