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MedAssets 2nd-qtr results beat; sees FY above estimates
August 1, 2012 / 9:40 PM / 5 years ago

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.

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