Allscripts-Misys beats 4Q analyst expectations
Allscripts-Misys Healthcare Solutions beats Wall Street expectations for fiscal 4th quarter
On Monday July 20, 2009, 5:27 pm EDT
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Companies:Allscripts-misys healthcare solutions, inc.
CHICAGO (AP) -- Allscripts-Misys Healthcare Solutions Inc. on Monday reported better-than-expected profit for the fiscal fourth quarter as revenue surged 71 percent.
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{"s" : "mdrx","k" : "c10,l10,p20,t10","o" : "","j" : ""} The company provides health care organizations with electronic health records services, which are expected to see strong demand given the Obama administration's focus on streamlining medical paperwork to cut costs. In October, Allscripts merged with Misys Healthcare Systems, a software firm based in the U.K.
The company said it earned $13.4 million, or 9 cents per share, in the quarter that ended May 31, compared with $10.9 million, or 13 cents per share, in the same quarter last year when the company had fewer shares outstanding.
Adjusted earnings totaled 16 cents per share, and revenue jumped to $166.2 million from $97.1 million.
The results topped expectations of analysts polled by Thomson Reuters, who expected, on average, earnings of 15 cents per share on $160.2 million in revenue. The company said its gross margin rose to 55.5 percent from 52.5 percent a year earlier.
The company reported net income of $26 million, or 21 cents per share, for the year ended May 31 on $548.4 million in revenue.
"Allscripts is ideally positioned in 2009 and beyond to help our nation's physicians take advantage of the electronic health record stimulus funding that becomes available from the federal government in 2011," said Glen Tullman, CEO of Allscripts, in a statement.
Shares of Allscripts-Misys rose 2 percent to $16.62 in after-hours trading, having closed the regular session up 29 cents at $16.29.
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