An income tax benefit boosted healthcare IT firm QuadraMed's fourth-quarter and year-end 2007 financial results, the company reported.
For the fourth quarter (end-December 31), the Reston, VA-based company posted revenues of $40.9 million, up 24% compared with $31.2 million for the same period of 2006. For the 12-month period, revenues were $137.4 million, compared with $125.2 million in 2006, an increase of 9.7%.
Included in both the 2007 fourth-quarter and year-end periods is $5.6 million in revenue recognized as a result of the integration during the fourth quarter of the assets of the Misys Computerized Patient Record (CPR) business, which QuadraMed bought in September 2007.
Net income for the three-month period was $53.6 million, compared with $4 million in the same quarter of 2006. For the 12-month period, net income was $59.9 million, compared with $11.9 million in 2006. Income results from both periods got a boost from an income tax benefit of $50 million, which included a deferred income tax expense of $4.5 million.
Related Reading
QuadraMed's Q3 revenues hold steady, November 14, 2007
QuadraMed debuts updated scheduling software, August 17, 2007
QuadraMed bids to buy Misys CPR assets, July 24, 2007
Misys awarded EMR contract, June 12, 2007
Misys teams up with Connecticut physician network, June 6, 2007
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