HMS first-quarter revenue up 30.1% to $65.0 million

HMS today announced financial results for its first quarter ended March 31, 2010.

“We continue to see increased adoption of our cost containment solutions with new clients as well as the expansion of opportunities within our existing base. We will continue to innovate in providing market-leading solutions and position ourselves strategically to assist clients with the interpretation and rollout of healthcare reform.”

For the first quarter of 2010, revenue increased 30.1% to $65.0 million, compared with $49.9 million for the same period a year ago. Net income for the quarter was $7.6 million or $0.27 per fully diluted share compared to net income of $5.7 million or $0.21 per fully diluted share for the same period a year ago.

The Company is increasing its 2010 guidance from $280.5 million in revenue and $1.34 in fully diluted EPS to $290 million (+26.5% y/y) in revenue and $1.38 (+26.6% y/y) in fully diluted EPS.

"This quarter represents the best first fiscal quarter in the company's history, and gives us the confidence to raise our full year revenue and earnings guidance for 2010," said Bill Lucia, Chief Executive Officer of HMS. "We continue to see increased adoption of our cost containment solutions with new clients as well as the expansion of opportunities within our existing base. We will continue to innovate in providing market-leading solutions and position ourselves strategically to assist clients with the interpretation and rollout of healthcare reform."