Healthcare services and information technology developer WebMD reported fiscal 2004 first-quarter revenues of $271.2 million, a solid 22.4% gain from the $221.5 million posted in the same period last year.
For the quarter (end-March 31), the Elmwood Park, NJ-based company had net income of $5.7 million, a robust turnaround compared with a net loss of $7.4 million reported for the first quarter last year.
The firm’s WebMD Practice Services segment in Van Nuys, CA, which includes the company’s RIS operations, posted revenues of $71 million for the quarter, a slight downturn compared with the $72 million posted for the first quarter of 2003.
Practice Services segment revenues, particularly in March, were impacted by lower system sales resulting from longer and more complex sales cycles, HIPAA, and other transition challenges related to Network Services product offerings, the company said.
Practice Services’ income before taxes, non-cash, and other expenses was $1.4 million, compared with the $6.3 million recognized for the segment in the same period last year. WebMD said the results reflected its lower system sales and continued spending necessary to support its all-payor network services infrastructure.
By AuntMinnie.com staff writersMay 7, 2004
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