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BOWIE, Md. (AP) _ Inovalon Holdings Inc. (INOV) on Wednesday reported second-quarter profit of $2 million.
The Bowie, Maryland-based company said it had profit of 1 cent per share. Earnings, adjusted for one-time gains and costs, were 15 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The health technology company posted revenue of $162.2 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $159.3 million.
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For the current quarter ending in October, Inovalon Holdings expects its per-share earnings to range from 16 cents to 18 cents.
The company said it expects revenue in the range of $175 million to $185 million for the fiscal third quarter.
Inovalon Holdings expects full-year earnings in the range of 57 cents to 61 cents per share, with revenue ranging from $675 million to $698 million.
Inovalon Holdings shares have increased 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $22.54, an increase of 48% 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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