Athenahealth's second quarter was strong, with the health IT and revenue cycle firm posting revenues of $323.3 million, a 10 percent year-over-year increase
Here's are five takeaways from athenahealth's second quarter 2018 report:
1. The company's GAAP Gross Margin was 53 percent, a year-over-year increase.
2. GAAP operating income represented 13.3 percent of the total revenue, at $43.1 million.
3. AthenaOne, athenahealth's ambulatory provider, had modest growth since the first quarter.
4. AthenaOne increased its number of collector providers from 114,265 to 115,724, its clinical providers from 62,631 to 64,317 and its communication providers from 71,972 to 74,333 in the second quarter.
5. Year-over-year, athenaOne experienced growth in collector, clinical and communication providers. The increases were 15 percent, 17 percent and 18 percent, respectively.
"We are pleased to deliver strong financial results during the second quarter. We achieved double digit top-line growth on a comparable basis and significantly improved profitability and operating cash flow year-over-year. As a result, we are raising our fiscal 2018 earnings guidance," said Marc Levine, athenahealth CFO. "We remain focused on executing against our product and technology initiatives, improving the customer experience, and delivering on our financial commitments."
Note: athenahealth implemented a new revenue recognition standard Jan. 1. Starting in 2019, the company will no longer present GAAP and non-GAAP financial results under the previous revenue recognition standard.