Mixed Financial Results Drop Greenway Stock

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.


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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