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BOWIE, Md. (AP) _ Inovalon Holdings Inc. (INOV) on Wednesday reported second-quarter profit of $9.3 million.
On a per-share basis, the Bowie, Maryland-based company said it had net income of 6 cents. Earnings, adjusted for one-time gains and costs, were 19 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The health technology company posted revenue of $190.4 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $183.9 million.
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For the current quarter ending in October, Inovalon Holdings expects its per-share earnings to range from 19 cents to 20 cents.
The company said it expects revenue in the range of $191 million to $197 million for the fiscal third quarter.
Inovalon Holdings expects full-year earnings in the range of 73 cents to 75 cents per share, with revenue ranging from $760 million to $778 million.
Inovalon Holdings shares have more than doubled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $36.80, an increase of 68% 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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