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.
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