HMS Holdings Corp. (NASDAQ: HMSY) today announced its financial and operating results for the second quarter of 2013.
Q2 2013 Financial Summary
For the quarter ended June 30, 2013, HMS reported revenue of $125.8 million, an increase of 4.8% compared to revenue of $120.1 million for the same period a year ago. Net income for the quarter was $10.4 million or $0.12 per fully diluted share compared to net income of $13.0 million or $0.15 per fully diluted share for the same period a year ago. Adjusted EPS decreased 13.0% year over year to $0.20.
For the first half of 2013, HMS reported revenue of $242.4 million, an increase of 6.6% compared to revenue of $227.4 million for the same period a year ago. Net income for the first half was $17.4 million or $0.20 per fully diluted share compared to net income of $20.0 million or $0.23 per fully diluted share for the same period a year ago. Adjusted EPS decreased 8.0% year over year to $0.35.“Our financial results for the quarter were in line with our revised guidance, and we are affirming our full year 2013 guidance,” said Bill Lucia, Chief Executive Officer of HMS. “We are in a dynamic healthcare environment,” Lucia remarked, “as Medicaid lives shift rapidly to managed care and implementation of the Affordable Care Act proves increasingly complex. For HMS, healthcare reform serves as a significant growth driver for our business because we can help our clients maneuver through the changing landscape. We are leveraging our leadership position in Medicaid and Medicare payment integrity and adapting our proven tools to meet the needs of commercial clients with multiple lines of business.” Lucia added, “As HMS adapts to the demands of the changing industry, we are reshaping our underlying cost structure both to ensure our ability to respond to market needs with agility and flexibility, and to improve margins.”