Greater sales in its Business Services line and the sale of its Practice Services unit bolstered Emdeon's third-quarter revenues and profit (end-September 30).
The Elmwood Park, NJ, healthcare services and IT provider grew third-quarter revenues to $299.7 million, compared with $261 million in the third quarter of 2005. Net income soared to $381.7 million, compared with $14.1 million in the same quarter a year ago. The steep increase in net income was due to a $352.3 million gain in Emdeon's September sale of Emdeon Practice Services to Sage Software.
Emdeon's third-quarter revenues include $66.6 million from its WebMD business segment, up from $45.1 million from the same quarter in 2005.
For the first nine months of 2006, revenues climbed to $792.5 million, compared with $690.6 million in the same period of 2005. Net income rose to $421.3 million on the divestiture of Emdeon Practice Services. Net income was $40.1 million in the same period a year ago.
By AuntMinnie.com staff writers
November 3, 2006
Related Reading
Emdeon sells majority interest in Business Services, September 26, 2006
Emdeon completes Practice Services sale to Sage, September 15, 2006
Emdeon sells Practice Services unit to Sage, August 9, 2006
Emdeon posts strong Q2, August 9, 2006
Emdeon delays strategic alternatives process, July 27, 2006
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