U.S. Markets close in 1 hr 7 mins

Inovalon Holdings: 1Q Earnings Snapshot

BOWIE, Md. (AP) _ Inovalon Holdings Inc. (INOV) on Wednesday reported a loss of $8.3 million in its first quarter.

The Bowie, Maryland-based company said it had a loss of 6 cents per share. Earnings, adjusted for one-time gains and costs, came to 10 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.

The health technology company posted revenue of $145.5 million in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $144 million.

For the current quarter ending in July, Inovalon Holdings expects its per-share earnings to range from 9 cents to 11 cents.

The company said it expects revenue in the range of $154 million to $158 million for the fiscal second quarter.

Inovalon Holdings expects full-year earnings in the range of 42 cents to 48 cents per share, with revenue ranging from $637 million to $657 million.

Inovalon Holdings shares have decreased 6% since the beginning of the year. The stock has increased 24% in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INOV at https://www.zacks.com/ap/INOV