Accretive Health, Inc. (NYSE: AH), today reported financial results for the quarter ended September 30, 2012.
Highlights for Third Quarter 2012
- New Quality and Total Cost of Care Agreement with Cancer Clinics of Excellence.
- PCARR, as of today, $907 million to $925 million.
- Net services revenue of $223.1 million as compared to $218.9 million in the third quarter of 2011.
- Net income of $2.8 million as compared to $7.3 million in the third quarter of 2011.
- Diluted earnings per share of $0.03 as compared to $0.07 in the third quarter of 2011.
- Non-GAAP adjusted EBITDA of $15.4 million as compared to $21.7 million in the third quarter of 2011.
- Non-GAAP adjusted diluted earnings per share of $0.06 as compared to $0.11 in the third quarter of 2011.
Mary Tolan, Accretive Health's Founder and Chief Executive Officer, said, “We recently announced our strategic relationship with Cancer Centers of Excellence to develop an innovative end-to-end oncology care management offering focused on enabling their member physician practices to deliver better outcomes for patients while containing costs. We are delighted to partner with a leading healthcare organization in this innovative effort.”
“The expansion of our service offerings with the launch of our new Intra-Stay Quality solution, and the signing of the inaugural client, creates a strategic collaboration that will enable our client to improve the overall patient experience and the quality of care while reducing inefficiencies and redundancies in healthcare costs.”“PCARR, our projected contracted annual revenue run rate, increased by 26 percent at the end of the third quarter of 2012 compared with the third quarter of 2011, excluding PCARR associated with terminated client contracts associated with our litigation settlement in Minnesota in July of this year. Going forward our pipeline is strong and we are currently in conversations with several large health systems. We believe this is a clear indication that healthcare innovators recognize the value we can contribute toward helping them fulfill their missions of bringing quality and affordable care to the communities they serve.”