Costs Result in Loss for Emdeon
Claims clearinghouse and revenue cycle management software vendor Emdeon Business Services increased revenue during the third quarter of 2009, but various costs put it in the red.
Claims clearinghouse and revenue cycle management software vendor Emdeon Business Services increased revenue during the third quarter of 2009, but various costs put it in the red.
The Nashville, Tenn.-based vendor had a net loss of $7.2 million for the quarter following equity compensation expenses of $12.6 million, primarily related to its August initial public offering of stock, and a modest income tax expense related to its capital structure and valuation allowances. That compares with a $1.2 million loss during the same period a year ago. Absent the expenses, Emdeon had adjusted net income of 21 cents per share, beating investment analyst expectations of 19 cents.
Third quarter revenue increased 10.6% to $235.5 million. Revenue in each business segment was: patient statements, $69.8 million; payment services, $53.3 million; medical claims management, $46.1 million; revenue cycle management, $39 million; pharmacy claims, $19.2 million; and dental claims, $8 million.
For the first nine months of 2009, Emdeon had net income of $6.4 million, up 25%, as revenue rose 7% to $679.9 million. The company's stock price fell more than 5% in morning trading on Nov. 11. More information is available at emdeon.com.
--Joseph Goedert
The Nashville, Tenn.-based vendor had a net loss of $7.2 million for the quarter following equity compensation expenses of $12.6 million, primarily related to its August initial public offering of stock, and a modest income tax expense related to its capital structure and valuation allowances. That compares with a $1.2 million loss during the same period a year ago. Absent the expenses, Emdeon had adjusted net income of 21 cents per share, beating investment analyst expectations of 19 cents.
Third quarter revenue increased 10.6% to $235.5 million. Revenue in each business segment was: patient statements, $69.8 million; payment services, $53.3 million; medical claims management, $46.1 million; revenue cycle management, $39 million; pharmacy claims, $19.2 million; and dental claims, $8 million.
For the first nine months of 2009, Emdeon had net income of $6.4 million, up 25%, as revenue rose 7% to $679.9 million. The company's stock price fell more than 5% in morning trading on Nov. 11. More information is available at emdeon.com.
--Joseph Goedert