Some key factors of the report
Net services revenues for the second quarter of 2010 was $151.9 million, an increase of $26.2 million, or 21% over the second quarter of 2009.
Operating margin for the second quarter of 2010 was $33.9 million, an increase of $11.2 million, or 49% over the second quarter of 2009.
Income from operations for the second quarter of 2010 was $7.4 million, an increase of $4.5 million, or 155% over the second quarter of 2009.
Net income attributable to common shareholders for the second quarter of 2010 was $3.9 million, an increase of $1.3 million, or 48% over the second quarter of 2009.
Non-GAAP adjusted EBITDA was $12.3 million for the second quarter of 2010, an increase of $6.3 million, or 105% over the second quarter of 2009.
Non-GAAP adjusted net income per diluted common share was $0.07 for the quarter ended June 30, 2010.
Diluted earnings per common share was $0.04 for the quarter ended June 30, 2010.
The Company’s projected contracted annual revenue run rate at June 30, 2010 was $614 million to $626 million compared to $483 million to $493 million at June 30, 2009. The midpoint of the range at June 30, 2010 increased by $132 million, or 27%, from the midpoint of the range at June 30, 2009.
Mary Tolan, Accretive Health’s Co-Founder and Chief Executive Officer said, “We are very pleased with our results for the second quarter, our continuing top-line growth, our margin expansion and our increasing profitability. These results are driven by the increasing level of value we deliver to our customers through both net revenue yield improvements and operating efficiencies.
Management estimates that the company’s projected contracted annual run rate of revenue at the end of 2010 will exceed $710 million, an increase of at least 38% from the $510 million to $519 million (midpoint of $514 million) projected contracted annual revenue run rate at the end of 2009.
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