The stock price of revenue cycle management vendor athenahealth Inc. fell nearly 18 percent at the opening of heavy trading on April 30 after the company badly missed investment analysts' expectations for the first quarter of fiscal 2010.
Watertown, Mass.-based athenahealth had net income of $277,000 during the quarter, compared with $1.538 million profit during the same period last year. Adjusted earnings per share that excluded special items totaled six cents while investors expected 13 cents. Quarterly revenue rose 33 percent to $54.5 million, but still below expectations of $55.8 million.
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