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BOWIE, Md. (AP) _ Inovalon Holdings Inc. (INOV) on Wednesday reported second-quarter net income of $4.4 million, after reporting a loss in the same period a year earlier.
The Bowie, Maryland-based company said it had profit of 3 cents per share. Earnings, adjusted for one-time gains and costs, were 13 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.
The health technology company posted revenue of $157 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $156.1 million.
For the current quarter ending in October, Inovalon Holdings expects its per-share earnings to range from 11 cents to 13 cents.
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The company expects full-year earnings in the range of 45 cents to 49 cents per share, with revenue ranging from $638 million to $648 million.
Inovalon Holdings shares have increased almost 6% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15, a climb of 41% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on INOV at https://www.zacks.com/ap/INOV
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