) posted adjusted loss of $3.0 million or 8 cents per share in
the first quarter of 2014 in stark contrast to earnings of $6.0
million or 16 cents per share in the same quarter of 2013. The
loss per share was broader than the Zacks Consensus Estimate of a
loss of a penny for the quarter.
Reported loss was $8.1 million, or 21 cents per share compared
with earnings of $0.7 million, or 2 cents per share, in the first
quarter of 2013.
Revenues in the quarter rose 29.8% to $163.0 million but lagged
the Zacks Consensus Estimate of $170 million. Excluding the
Epocrates and other revenues (consisting of third-party tenant
revenues) totaling $14.8 million, core athenahealth revenues rose
23% to $148.2 million in the quarter.
On a segment-wise basis, revenues from
rose 26.8% year over year to $154.5 million while
Implementation and Other
revenues more than doubled to $8.5 million from $4.1 million in
the first quarter of 2013.
Adjusted gross profits escalated 27.9% to $94.8 million but
adjusted gross margin fell 80 basis points to 58.2% from 59.0% in
the 2012-quarter. Adjusted operating loss was $3.6 million or
2.2% of sales in the quarter versus $4.3 million or 3.4% of sales
in the prior-year quarter.
athenahealth had cash and cash equivalents of $51.3 million as of
Mar 31, 2014, significantly down from $65.0 million as of Dec 31,
2013. Long-term debt stood at $185.0 million as of Mar 31, 2014
compared with $188.75 million as of Dec 31, 2013.
In the quarter, cash flow from operating activities was $14.1
million compared with an outflow of $5.5 million in the first
quarter of 2013. Capital expenditure dipped 51.6% to $5.3 million
from $11.0 million in 2013-quarter.
Currently, athenahealth carries a Zacks Rank #3 (Hold). The Zacks
Consensus Estimates for 2014 revenues and earnings per share
stand at $752 million and 33 cents.
Some better-ranked stocks in the medical products industry at
this moment include
Edwards Lifesciences Corp.
St. Jude Medical Inc.
). Enzymotec sports a Zacks Rank #1 (Strong Buy), while both
Edwards Lifesciences Corp. and St. Jude Medical retain a Zacks
Rank #2 (Buy).
ATHENAHEALTH IN (ATHN): Free Stock Analysis
ENZYMOTEC LTD (ENZY): Free Stock Analysis
EDWARDS LIFESCI (EW): Free Stock Analysis
ST JUDE MEDICAL (STJ): Free Stock Analysis
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