Athenahealth 4Q income rises as sales pick up

Athenahealth 4th-qtr income grows on sales of billing, management, and communication software

Associated Press

WATERTOWN, Mass. (AP) -- Athenahealth Inc. said Thursday its net income grew in the fourth quarter as more medical providers started using its billing, practice management and communication products.

The electronic health record and medical practice management company said customers using its athenaCollector billing product grew more than 20 percent compared to a year ago. For its athenaClinicals practice management software, use rose 67 percent. At the end of 2012, almost three times as many practices were using its athenaCommunicator software.

The company said its net income rose to $5.9 million, or 16 cents per share, from $5.3 million, or 15 cents per share. Excluding one-time costs Athenahealth said it earned 29 cents per share in the latest quarter. Its revenue climbed 26 percent, to $116.3 million from $92.5 million.

Analysts were expecting net income of 28 cents per share and $117.2 million in revenue, according to FactSet.

The company said 39,752 medical providers were using athenaCollector at the end of 2012, while 10,926 were using athenaClinicals and 14,065 used athenaCommunicator.

In 2012, Athenahealth's net income slipped to $18.7 million, or 50 cents per share, from $19 million, or 53 cents per share. Revenue grew 30 percent, to $422.3 million from $324.1 million.

Athenahealth shares lost 61 cents to $88.37 during regular trading, then lost 88 cents to $87.49 in after-hours trading.

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