NextGen Healthcare Inc (NXGN) Reports 10.6% Increase in Total Revenue for Fiscal 2024 Second Quarter
Total revenue for the fiscal second quarter ending September 30, 2023, was $176.4 million, a 10.6% increase from the same period a year ago.
Recurring revenue for the quarter was $161.3 million, a 12.4% increase year over year.
Non-recurring revenue decreased by 5.3% to $15.1 million compared to the same period a year ago.
Fully diluted net income per share was $0.07, down from $0.20 for the same period a year ago.
NextGen Healthcare Inc (NASDAQ:NXGN), a leading provider of innovative, cloud-based healthcare technology solutions, announced its operating results for the fiscal second quarter ending September 30, 2023, on October 24, 2023. The company reported a 10.6% increase in total revenue and a 12.4% increase in recurring revenue compared to the same period a year ago.
Financial Highlights
NextGen Healthcare Inc (NASDAQ:NXGN) reported total revenue of $176.4 million for the fiscal second quarter, up from $159.4 million for the same period a year ago. Recurring revenue was $161.3 million, up from $143.5 million for the same period a year ago. Non-recurring revenue was $15.1 million, down from $15.9 million for the same period a year ago.
Fully diluted net income per share was $0.07, compared to $0.20 for the same period a year ago. On a non-GAAP basis, fully diluted earnings per share was $0.31, up from $0.25 for the same period a year ago. Adjusted EBITDA was $34.4 million, up from $28.6 million for the same period a year ago.
David Sides, president and chief executive officer of NextGen Healthcare, commented on the results, saying,
The team produced solid financial and operational results this quarter as we look forward to the next chapter in the companys history."
Financial Tables Summary
The company's condensed consolidated statements of income showed a net income of $5,055 for the three months ended September 30, 2023, compared to $13,623 for the same period in 2022. For the six months ended September 30, 2023, the net income was $11,211, compared to $14,771 for the same period in 2022.
The condensed consolidated balance sheets showed total assets of $857,750 as of September 30, 2023, compared to $896,101 as of March 31, 2023. Total liabilities were $434,475 as of September 30, 2023, compared to $495,666 as of March 31, 2023.
Company's Performance Analysis
The increase in total and recurring revenue indicates a positive trend in the company's financial performance. However, the decrease in non-recurring revenue and fully diluted net income per share compared to the same period a year ago suggests areas that the company needs to improve upon. The company's ability to maintain a steady increase in recurring revenue is a positive sign for potential investors.
NextGen Healthcare Inc (NASDAQ:NXGN) continues to be a leading provider in the healthcare technology sector, and its financial results reflect its commitment to growth and innovation. The company's focus on increasing recurring revenue and improving its financial performance is a positive sign for future growth.
This article first appeared on GuruFocus.
