athenahealth rings in strong Q3
athenahealth, a developer of cloud-based practice management, EHR and patient communication services to medical groups, has announced an increase in net income and revenue for the third quarter of fiscal year 2011, ending Sept. 30.
For the third fiscal quarter, the net income, using generally accepted accounting principles (GAAP), was $5.28 million, compared with $3.83 million in the previous year’s third quarter.
The Watertown, Mass.-based company also reported that its total revenue for the three months ending Sept. 30, was $83.74 million, compared with $63.14 million in the same period last year, an increase of 33 percent.
“During Q3, athenahealth made significant progress toward our vision of an information infrastructure,” said Jonathan Bush, the company’s chairman, president and CEO. He added that athenahealth enhanced its cloud-based services by completing the acquisition of Proxsys and launching athenaCoordinator this past quarter.
Total expenses for the 2011 third fiscal quarter were $75.24 million, compared with $55.68 million in the third quarter of last year.
For the fiscal year ending Dec. 31, the company is predicting GAAP total revenue between $320 million and $325 million.
As of Sept. 30, athenahealth said it had cash, cash equivalents, short and long-term investments of $122.2 million. The company noted that it does not have any outstanding debt obligations. Subsequent to the end of the 2011 third fiscal quarter, athenahealth entered into a five-year $100 million revolving credit facility. The credit agreement replaces a $15 million credit facility that expired Sept. 30.
For the third fiscal quarter, the net income, using generally accepted accounting principles (GAAP), was $5.28 million, compared with $3.83 million in the previous year’s third quarter.
The Watertown, Mass.-based company also reported that its total revenue for the three months ending Sept. 30, was $83.74 million, compared with $63.14 million in the same period last year, an increase of 33 percent.
“During Q3, athenahealth made significant progress toward our vision of an information infrastructure,” said Jonathan Bush, the company’s chairman, president and CEO. He added that athenahealth enhanced its cloud-based services by completing the acquisition of Proxsys and launching athenaCoordinator this past quarter.
Total expenses for the 2011 third fiscal quarter were $75.24 million, compared with $55.68 million in the third quarter of last year.
For the fiscal year ending Dec. 31, the company is predicting GAAP total revenue between $320 million and $325 million.
As of Sept. 30, athenahealth said it had cash, cash equivalents, short and long-term investments of $122.2 million. The company noted that it does not have any outstanding debt obligations. Subsequent to the end of the 2011 third fiscal quarter, athenahealth entered into a five-year $100 million revolving credit facility. The credit agreement replaces a $15 million credit facility that expired Sept. 30.