Teleradiology services provider NightHawk Radiology Services of Scottsdale, AZ, reported lower revenue in its second quarter (end-June 30).
Revenue from continuing operations totaled $33.6 million in the second quarter, down 10% compared to revenue of $36.8 million in the same quarter a year ago. NightHawk's net loss from continuing operations was $2.6 million, compared with net income of $2.1 million in the same quarter of 2009.
Combined revenue from continuing and discontinued operations in the second quarter was $38.8 million. NightHawk also reported a net loss of $1.6 million from discontinued operations, bringing the total net loss for the second quarter to $4.2 million.
For the six-month period, revenue from continuing operations totaled $65.2 million, down 7% compared to $70.3 million in the first half of 2009. The six-month net loss from continuing operations decreased to $23.4 million, compared with a net loss of $50.5 million in the same period a year ago.
On June 30, 2010, NightHawk completed its settlement transaction with St. Paul Radiology, which included the sale of certain operations. Those operations are listed as discontinued operations in the company's financial statements.
The settlement with St. Paul Radiology is expected to result in payments to the company totaling $26 million. NightHawk estimates that revenue for the third quarter of 2010 will be in the range of $32 to $33 million.
Related Reading
Cisco wins NightHawk install, July 28, 2010
NightHawk settles with St. Paul Radiology, July 1, 2010
NightHawk to close offices, cut 35 workers, June 22, 2010
NightHawk issues policy on 'predatory' telerad, May 19, 2010
NightHawk partners with Swiss firm, April 13, 2010
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