October 20, 2011 / 8:25 PM / 8 years ago

UPDATE 1-Athenahealth Q3 profit tops est, ups FY outlook

* Raises 2011 adj EPS to $0.78-$0.85 from $0.70-$0.83

* Q3 adj EPS $0.24 beats Street by 3 cents

* Q3 rev $83.7 mln vs est $82.8 mln

Oct 20 (Reuters) - Athenahealth Inc posted a better-than-expected quarterly profit as more physicians used its Internet-based billing and other services, and raised its full-year earnings outlook.

The company forecast fiscal 2011 adjusted earnings of $0.78-$0.85 a share, on sales of $320-$325 million. It had earlier forecast earnings of $0.70-$0.83 a share, on revenue of $315-325 million.

Analysts on average were expecting earnings of $0.84 a share, on revenue of $321.4 million, according to Thomson Reuters I/B/E/S.

Third-quarter net income rose to $5.3 million, or 15 cents a share, from $3.8, or 11 cents a share, a year ago.

Excluding items, it earned 24 cents a share.

Revenue of Athenhealth, which competes with Allscripts Healthcare Solutions Inc and McKesson Corp , rose 33 percent to $83.7 million.

Analysts on average had expected earnings of 21 cents a share, excluding special items, on revenue of $82.8 million.

Shares of the Watertown, Massachusetts-based company closed at $63.07 on Thursday on Nasdaq.

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