(RTTNews) - Healthcare information systems developer Quality Systems, Inc. (QSII:
News ) reported Friday an increase in second-quarter profit that came in line with the Street view, helped chiefly by higher revenues from Electronic data interchange, Revenue cycle management and other services.
For the second quarter, net income rose to $11.82 million or $0.41 per share from $10.50 million or $0.37 per share in the previous year. On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share in the second quarter. Analysts' estimates typically exclude special items.
The Irvine, California-based company recorded income from operations of $18.61 million, up from $16.13 million in the year-ago period.
Total revenue surged 22% to $71.69 million from $58.98 million. Twenty analysts were expecting revenue of $69.52 million in the second quarter.
Quality Systems's NextGen Healthcare Information Systems division posted quarterly revenue of $67.4 million, representing a 23% increase from the previous year.
Category-wise, System sales, includng Software, hardware and supplies, grew to $26.24 million from $24.78 million. Revenue from Maintenance, Electronic data interchange, Revenue cycle management and other services advanced year-over-year to $45.46 million from $34.19 million.
Commenting on the results, Steven Plochocki, chief executive of Quality Systems, said, "Since the stimulus bill was signed in February 2009, the healthcare community has had an opportunity to become more familiar with the specific details of the American Recovery and Reinvestment Act. As a result, there seems to be a heightened comfort level in purchasing decisions relating to electronic health records systems,"
For the first half of fiscal 2010, net income increased to $22.16 million from $21.61 million. On per share basis, earnings was $0.77, flat from the past year. Total revenue improved to $138.34 million from $114.20 million in the same period in fiscal 2009.
QSII closed Friday's regular trading hours at $58.88 on the NASDAQ.
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by RTT Staff Writer
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