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