April 30, 2009 / 11:46 AM / 10 years ago

UPDATE 1-Magellan Health Q1 misses Street, backs '09 profit view

* Q1 EPS 37 cents vs est 51 cents

* Q1 revenue $619.5 mln vs est $606.7 mln

* Reaffirms ‘09 profit view

April 30 (Reuters) - Magellan Health Services Inc (MGLN.O), which provides a network of doctors and hospitals to its members, reported a lower quarterly profit that also missed market expectations, but backed its 2009 earnings view.

Net income for the first quarter was $13.6 million, or 37 cents a share, compared with $17.2 million, or 43 cents a share, in the year-ago period.

The radiology business and public sector behavioral health business were in line with the company’s expectations, while the commercial behavioral health business experienced higher-than-expected cost of care in a large risk contract, Chief Executive Rene Lerer said in a statement.

Shares of the company closed at $33.40 Wednesday on Nasdaq.

For the alerts, please click [ID:nWNAB0899] (Reporting by Esha Dey in Bangalore; Editing by Anil D’Silva)

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