U.S. Markets open in 7 hrs 33 mins

Inovalon Holdings beats Street 4Q forecasts

BOWIE, Md. (AP) _ Inovalon Holdings Inc. (INOV) on Wednesday reported fourth-quarter net income of $674,000.

The Bowie, Maryland-based company said it had net income of less than 1 cent on a per-share basis. Earnings, adjusted for one-time gains and costs, were 5 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.

The health technology company posted revenue of $96.1 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $94.9 million.

For the year, the company reported profit of $26.9 million, or 18 cents per share. Revenue was reported as $427.6 million.

Inovalon Holdings expects full-year earnings in the range of 28 cents to 31 cents per share, with revenue in the range of $440.5 million to $455 million.

Inovalon Holdings shares have increased nearly 9 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.20, a decline of 42 percent 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


Keywords: Inovalon Holdings, Earnings Report