BOWIE, Md. (AP) _ Inovalon Holdings Inc. (INOV) on Wednesday reported third-quarter net income of $6.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Bowie, Maryland-based company said it had net income of 4 cents. Earnings, adjusted for one-time gains and costs, were 15 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.
The health technology company posted revenue of $166.5 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $164.8 million.
For the current quarter ending in December, Inovalon Holdings expects its per-share earnings to range from 12 cents to 15 cents.
The company said it expects revenue in the range of $169 million to $174 million for the fiscal fourth quarter.
Inovalon Holdings expects full-year earnings in the range of 57 cents to 61 cents per share, with revenue ranging from $698 million to $718 million.
Inovalon Holdings shares have dropped slightly since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $14.13, a rise of 44% in the last 12 months.