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Accretive Health 4th-quarter profit surges

Wed, 03/02/2011 - 7:45am
The Associated Press

Accretive Health Inc., which helps hospital systems manage their revenue cycles, said Wednesday its fourth-quarter profit more than doubled on higher services revenue.

Accretive said its net income rose to $5.5 million, or 6 cents per share, up from $2.3 million, or 5 cents per share, during the same period a year prior. The company more than doubled its shares outstanding during the most recent period.

Revenue rose 24 percent to $170 million from $137.5 million.

Excluding charges, the company said it earned 9 cents per share. Analysts polled by FactSet expected 9 cents per share in profit on $167.4 million in revenue.

Accretive Health completed its initial public offering in May. For the full year, the company earned $12.6 million, or 13 cents per share, up from $6.5 million, or 15 cents per share, in 2009. Revenue rose to $606.3 million from $510.2 million.

Looking ahead, the company expects 2011 profit between 31 cents and 33 cents per share on revenue between $835 million and $850 million. Analysts expect profit of 45 cents per share on $846.9 million in revenue.

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