HMS Holdings Corp. Announces Q2 2009 Results and Raises 200...( ...),Health

NEW YORK, July 31 /PRNewswire-FirstCall/ -- HMS (Nasdaq: HMSY) today announced its financial results for the second quarter of 2009.

For the quarter ended June 30, 2009 revenue increased 21.8% to $53.8 million, compared with $44.2 million for the same period a year ago. Net income for the quarter was $6.6 million or $0.24 per diluted share compared to net income of $5.0 million or $0.19 per diluted share for the same period a year ago. Adjusted EBITDA for the quarter increased 32.7% to $16.4 million versus $12.4 million for the same period a year ago.

For the first half of 2009, revenue increased 24.8% to $103.8 million versus $83.1 million for the prior year. Net income for the first half was $12.3 million or $0.45 per diluted share versus net income of $8.2 million or $0.31 per diluted share for the prior year. Adjusted EBITDA for the first half of 2009 increased 42.3% to $30.9 million versus $21.7 million for the prior year.

"HMS closed the first half of 2009 strongly, growing in each of our markets," said William Lucia, HMS CEO. "In addition to benefiting from growth in the programs we serve, we've seen increased adoption of our cost containment services, with two new State Medicaid agencies procuring coordination of benefits services for the first time. With the addition of these states, we have won nine consecutive procurements in Medicaid coordination of benefits. We also added 13 new Medicaid managed care plans to our portfolio."

As a result of its performance over the past two quarters, HMS is raising annual 2009 guidance to $222 million in revenue and $1.05 earnings per diluted share. Compared with 2008, the guidance represents revenue growth of 20.3% and earnings growth of 31.3%.

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