MedAssets posts 2nd-quarter profit of $2.2 million as acquisition boosts revenue
By APTuesday, August 4, 2009
MedAssets posts 2Q profit on sales boost
ATLANTA — Hospital software company MedAssets Inc. said Monday it posted a second-quarter profit, compared with a year-ago loss, as an acquisition boosted sales.
Profit for the quarter ended June 30 was $2.2 million, or 4 cents per share, compared with a loss of $1.6 million, or a loss of 3 cents per share, a year ago.
Excluding acquisition-related intangible amortization, stock-based compensation and nonrecurring expenses, adjusted earnings were 17 cents per share, compared with 15 cents in earnings a year ago.
Revenue rose 38 percent to $84.2 million from $61.2 million, helped by an acquisition.
Analysts surveyed by Thomson Reuters expected earnings of 11 cents per share and revenue of $81.2 million.
Operating expenses rose 37 percent to $75.9 million.
For 2009, adjusted earnings are expected between 76 cents and 84 cents per share, up from a prior projection of profit between 74 cents and 82 cents per share.
Revenue is expected between $346 million and $354 million.
Analysts predict a 61-cent profit and sales of $350.3 million.
