Greenway Medical Technologies, Inc. (NYSE: GWAY), reported results from operations for the three months and year ended June 30, 2013, that reflect the ongoing shift in revenue from recurring sources as more providers adopt the Company’s cloud-based subscription services and clinically driven revenue cycle management solutions. Greenway® delivers innovative software and business service solutions to healthcare providers through its PrimeSUITE® platform.
“Our results for the fourth quarter and full year reflect an organization that is successfully reducing its reliance on one-time sales and increasing revenue from more predictable recurring sources while introducing a platform that is gaining increased acceptance among those providers we serve,” said Tee Green, president and chief executive officer of Greenway. “We are encouraged by the continued strong growth of revenue from recurring sources of 28% during our fiscal fourth quarter, when compared to the prior year, and the substantial improvement in overall revenue mix from predictable sources.”
During the 2013 fiscal fourth quarter, Greenway added more than 790 providers to its PrimeSUITE platform, which compares with 425 providers added during the 2013 fiscal third quarter. The number of providers on the Company’s clinically driven revenue cycle management platform grew by nearly 50% sequentially, from the 2013 third quarter to the 2013 fourth quarter, to more than 550.
Greenway generated quarterly revenue of $35.5 million for the three months ended June 30, 2013, which compares with $36.4 million for the prior-year period. For the year ended June 30, 2013, total revenue increased by 9% to $134.8 million from $124.0 million for the year-ago period.
Throughout fiscal 2013, Greenway’s results from operations have been impacted by a shift toward a higher percentage of revenue derived from recurring services such as cloud-based subscription services as well as electronic data interchange and business services including the Company’s rapidly growing clinically driven revenue cycle management solution.