Premier Inc. Reports Fiscal 2017 First-Quarter Results

Premier Inc. (NASDAQ: PINC) today reported financial results for the fiscal 2017 first quarter ended September 30, 2016.

First-Quarter Highlights:
  • Net revenue increased 16% to $313.3 million from the same period last year; Supply Chain Services segment revenue rose 19% and Performance Services segment revenue increased 7%.
  • Net income rose 11% to $58.1 million from the same period a year ago. Diluted earnings per share totaled $0.26, compared with $0.24 in the prior year.
  • Non-GAAP adjusted EBITDA* of $110.8 million increased 6% from the same period last year.
  • Non-GAAP adjusted fully distributed net income* increased to $58.9 million, representing $0.41 per diluted share, an increase of 8% over $0.38 per diluted share from a year ago.
  • Guidance raised to new range of $1.76 to $1.87 per diluted share for non-GAAP fully distributed EPS, based on an approximately 3.0 million reduction in fully distributed shares outstanding resulting from cash settlement associated with October 31, 2016 share exchange and North Carolina's statutory one percent reduction in its corporate income tax rate.

* Descriptions of adjusted EBITDA, adjusted fully distributed net income and other non-GAAP financial measures are provided in "Use and Definition of Non-GAAP Measures," and reconciliations are provided in the tables at the end of this release.

"Premier is a provider-centric healthcare performance improvement company that we believe is uniquely positioned to transform healthcare in partnership with our member health systems," said Susan DeVore, president and chief executive officer, Premier. "Our fiscal 2017 first-quarter performance and full-year outlook reflects continuing demand for our supply chain, analytics and advisory solutions to help our members address the growing cost, quality, safety and population health challenges of this rapidly evolving market. We affirm our current full-year revenue and adjusted EBITDA financial guidance and are increasing our non-GAAP adjusted fully distributed earnings per share guidance. We continue to believe Premier remains well-positioned strategically given the market's evolution to a value-based care environment.

If you liked this article you might like

Why the World Isn't Ending: Market Recon

Future Fuel, Premier, Sturm Ruger: 3 Bargain Stocks Private Equity Should Grab

Here are 3 Stocks That Private Equity Would Consider Bargains

Healthcare Company Premier's CEOon Challenges of Repealing Obamacare

Analysts' Actions -- Biogen, GoPro, L Brands, Time Warner and More