Speech recognition and transcription technology provider MedQuist of Mount Laurel, NJ, blamed lower average pricing for a decline in net revenues in the third quarter (end-September 30).
Net revenues slipped to $81.3 million, compared with $82.5 million in the third quarter of 2007. MedQuist's net loss lessened to $5.8 million, compared with a net loss of $8.9 million in the year-ago quarter.
The third-quarter net loss includes a charge of $5.9 million related to a tentative settlement of the U.S. Department of Justice's (DOJ) investigation of the company. The DOJ and the company have reached a tentative agreement to settle the DOJ's civil investigation for a payment of $6.8 million, of which $900,000 was previously recorded.
For the nine-month period, MedQuist's net revenues declined 5% to $247.5 million, compared with $260.3 million in the same period of 2007. The firm's net loss increased to $8.3 million, compared with a net loss of $4.9 million in the same nine months of 2007.
Related Reading
Road to RSNA, Speech Recognition & Reporting, MedQuist, October 24, 2008
MedQuist taps new CEO, September 5, 2008
MedQuist launches PhysAssist IQ Web, September 1, 2008
MedQuist revenues dip in Q2, August 11, 2008
Philips completes MedQuist sale, August 6, 2008
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