Despite strong revenue growth, the stock price of physician software vendor Greenway Medical Technologies fell 8.2 percent to close at $15.16 per share to Aug. 30, following release of its fiscal 2012 financial results and guidance for revenue and earnings in 2013.
The company reported fourth quarter revenue of $36.4 million, up 24 percent from the same quarter a year ago, on net income of $2.2 million, down 15 percent. Adjusted quarterly earnings per share of seven cents missed investment analysts’ expectations by two cents. Annual revenue for the year ended June 30 rose 38 percent to $124 million, but annual net income of $2.9 million trailed the $3.8 million made last year absent a large tax benefit.
For fiscal 2013, Greenway expects revenue of $149 million to $156 million, up 20 to 26 percent and within analyst expectations. But its guidance of adjusted earnings per share of 27 to 31 cents is 2 to 3 cents below analyst expectations.
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