Accretive Health, Inc. (AH) Wednesday released the financial results for the second quarter ended 30 June 20-12, reporting net loss for the quarter compared with profit in the same quarter previous year, despite rise in Net service revenues, negatively impacted by lower operating margins and higher personnel costs as well as rise in legal defense and crisis management costs. Adjusted net income for the second quarter, on non-GAAP basis, declined for the second quarter from the year-ago period.
The company reported net loss for the second quarter ended 30 June 2012 of $0.6 million, or $0.01 per diluted share, compared with net profit of $8.6 million, r $0.08 per diluted share, reported for the corresponding period last year.
After adjusting for non-cash employee stock-based compensation expenses, adjusted net income for the second quarter were $2.98 million, or $0.03 per diluted share, lower than adjusted net income of $11.77 million, or $0.12 per diluted share reported for the year-ago quarter
On average, 9 analysts polled by Thomson Reuters expected earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.
Net services revenue for the second quarter increased 28.9 percent to $236.7 million from $183.59 million reported for the same quarter in 2011. Wall Street expected revenues of $234.64 million.
Looking ahead to 2012, the company revised downward its forecast and now expects adjusted earnings per share in the range of $0.23 to $0.27. Analysts expect earnings of $0.41 per share for 2012.
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