HMS Holdings Corp. (NASDAQ:HMSY) reported net income of $ 6.39 million or per share of $ 0.07 for the first quarter.
The company delivered revenue of $ 141.43 million for the same period representing year-over-year growth of 24 percent that exceeded street analysts expectation by $ 11 million.
However, on an adjusted basis, HMS Holdings Corp. reported adjusted net income of $ 0.22 a share for the same period that exceeded market expectations.
Analysts polled by Thomson Reuters expected HMS Holdings Corp. to report income of $ 0.15 per share on revenue of $ 130.40 million for the first quarter. Analysts estimate normally exclude one time gain or loss.
Our first quarter financial performance exceeded our expectations and represents a solid beginning to the new year. The sequential and year-over-year growth in payment integrity (PI) revenue is particularly encouraging and further indication that the enhanced analytics implemented in the back half of last year are having a sustained impact on throughput in our PI business, said Bill Lucia, Chairman and CEO.