- New 5 year $1.6 billion to $1.7 billion revenue Master Professional Services Agreement signed with Ascension Health.
- Settles lawsuit in Minnesota with no admission of wrongdoing.
- Net services revenue for the second quarter increased 29% to $236.7 million from $183.6 million in the second quarter of 2011.
- Due to lost operating margin and stranded personnel cost, the following matters had a negative financial impact of $14.6 million and include lost operating margin and stranded personnel costs arising from the Minnesota litigation and resulting contract terminations; and associated legal defense and crisis management costs which together aggregated $14.6 million, the Company had a net loss of $0.6 million as compared with a net income of $8.6 million in the second quarter of 2011.
- Diluted loss per share of $0.01 in the second quarter of 2012 as compared to diluted earnings per share of $0.08 in the second quarter of 2011.
- Non-GAAP adjusted EBITDA of $7.3 million in the second quarter of 2012 as compared to $20.7 million in the second quarter of 2011.
- Non-GAAP adjusted diluted earnings per share of $0.03 in the second quarter of 2012 as compared to $0.12 in the second quarter of 2011.
Accretive Health Reports Second Quarter 2012 Financial Results
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