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Athenahealth beats 3Q earnings estimates

Thu, 10/20/2011 - 2:45pm
The Associated Press

Medical software maker Athenahealth Inc. reported better-than-expected earnings Thursday on higher sales of its practice management and electronic medical records.

For the third quarter ended Sept. 30, the company posted net income of $5.3 million, or 15 cents per share, up from $3.8 million, or 11 cents per share. When one-time expenses are excluded the company earned $8.7 million, or 24 cents per share.

That was better than the 22 cents per share predicted by analysts polled by FactSet.

Company shares rose $1.89, or 3 percent, to close at $63.07, then added 8 cents to $63.15 in after-hours trading.

The company's revenue rose 33 percent to $83.7 million. That was just above analyst estimates of $83.1 million.

Athenahealth attributed the sales growth to the company's online payment programs that help users complete insurance paperwork.

For full-year 2011, Athenahealth now expects adjusted earnings per share between 78 and 85 cents on revenue between $320 million and $325 million.

In July, the company forecast a full-year profit of 70 cents to 83 cents per share on revenue between $315 million and $325 million.

Analysts expect the company to earn 85 cents per share in 2011 on revenue of $321.4 million.

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