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Athenahealth, Inc. Reports First Quarter Fiscal Year 2013 Results

Stocks in this article: ATHN

Q1 2013 Financial Results

  • 30% Revenue Growth Over First Quarter of 2012
  • 24% Revenue Growth Over First Quarter of 2012 Excluding Epocrates
  • Non-GAAP Adjusted EBITDA of $17.6 million
  • GAAP Net Income of $0.7 million or $0.02 Per Diluted Share
  • Non-GAAP Adjusted Net Income of $14.2 million, or $0.38 Per Diluted Share

WATERTOWN, Mass., May 2, 2013 (GLOBE NEWSWIRE) -- athenahealth, Inc. (Nasdaq:ATHN) (the "Company," "we," or "athenahealth"), a leading provider of cloud-based electronic health record ( EHR), practice management, and care coordination services to medical groups and health systems, today announced financial and operational results for the first quarter of fiscal year 2013. The Company will conduct a conference call tomorrow May 3, 2013, at 8:30 a.m. Eastern Time to discuss these results and management's outlook for future financial and operational performance.

Total revenue for the three months ended March 31, 2013, was $125.6 million, compared to $96.6 million in the same period last year, an increase of 30%. Total revenue for the three months ended March 31, 2013 includes Epocrates revenue of $5.5 million from the acquisition date of March 12, 2013 to the period ended March 31, 2013. Excluding the Epocrates revenue of $5.5 million, core athenahealth revenue was $120.1 million, an increase of 24% over Q1 2012.

"Delivering value by making health care work as it should is our focus. We're no longer just taking on administrative work. Our expanding set of services connects clients to non-clients across the cloud-based health information backbone we've built. We make it possible for historically incompatible systems to communicate and we're changing the game when it comes to access to influential clinical content," said Jonathan Bush, the Company's Chairman and Chief Executive Officer. "With the acquisition of mobile clinical app leader Epocrates, we're now front-and-center for caregivers across the country. And with our launch of athenaClarity, we've activated patient population surveillance and management. And our relationship with clients and prospects has matured as well. We're evolving from a disruptor into a known and trusted source - a partner that helps providers thrive through change."

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