March 4, 2010 / 12:14 PM / 8 years ago

UPDATE 2-SXC Health Q4 profit tops Street, sees strong '10 rev

* Q4 EPS 49 cents vs. est 41 cents

* Q4 revenue $443.3 mln vs. est $413.7 mln

* Sees 2010 revenue above market estimates

* Shares rise 4 pct in pre-market trade (Adds contract details, stock movement)

March 4 (Reuters) - SXC Health Solutions Corp SXCI.O SXC.TO posted a better-than-expected quarterly profit, helped by a strong growth in its pharmacy benefit management revenue, and forecast 2010 revenue above analysts’ estimates.

In a separate statement, the company said its unit won a contract from managed care firm HealthSpring Inc HS.N, with an initial term of three years with provisions for two one-year extensions.

SXC will provide HealthSpring pharmacy benefit management services like mail order pharmacy, specialty pharmacy, retail network management, Medicare compliance services and patient-care clinical services.

SXC’s fourth-quarter net income rose to $15.2 million, or 49 cents per share, from $5.0 million, or 20 cents a share, in the year-ago period. [ID:nWNAB5186]

Revenue for the quarter rose 51 percent to $443.3 million, with pharmacy benefit management revenue rising 55 percent.

Analysts on average had expected earnings of 41 cents a share, on revenue of $413.7 million, according to Thomson Reuters I/B/E/S.

For 2010, the company expects to earn $1.79 to $1.87 a share including items, and $1.92 to $2.00 a share excluding items.

Revenue is expected to be between $1.9 billion and $2.0 billion, above market estimates of $1.84 billion.

Shares of the company were up 4 percent at $53.00 in pre-market trade. They closed at $50.91 Wednesday on Nasdaq. (Reporting by Esha Dey in Bangalore; Editing by Gopakumar Warrier, Anne Pallivathuckal)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below