Strong revenue growth continued in the third quarter for athenahealth Inc., a vendor of outsourced physician billing services bundled with practice management/electronic health records software. Because the company was subjected to a higher tax rate this year, it had lower net income for the quarter and throughout the year.
Third quarter revenue increased 37% to $48.7 million. Net income fell 43% to $2.1 million and adjusted earnings per share of 14 cents missed investment analyst expectations by two cents. Still, investors liked what they saw in the third quarter, and the Watertown, Mass.-based vendor's stock price was up 4% in midday trading on Oct. 30.
For the first nine months of 2009, athenahealth had net income of $7.5 million, down 10%, as revenue rose 40% to $137.5 million. More information is available at athenahealth.com.
--Joseph Goedert
OCT 30, 2009 3:25pm ET
Tax Hike Cuts athenahealth Profit
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A major success factor for accountable care organizations will be linking caregivers across the spectrum of care delivery. If history is any indication, that's going to be an industrywide struggle.
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