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NightHawk revenues soar
Revenue at NightHawk Radiology Holdings jumped 79% in the third quarter, reflecting teleradiology acquisitions as well as a 24% growth in organic operations. Investors were nonplussed, however, by a drop in profit and lowered guidance for revenue and net for the full year 2007. This caused the share price to dip about $0.60 at the market open to $22.98.
Revenue at NightHawk Radiology Holdings jumped 79% in the third quarter, reflecting teleradiology acquisitions as well as a 24% growth in organic operations. Investors were nonplussed, however, by a drop in profit and lowered guidance for revenue and net for the full year 2007. This caused the share price to dip about $0.60 at the market open to $22.98.
Revenue grew to a record $45.2 million compared with $25.2 million in the third quarter 2006. Net income dropped, however, to $3.8 million from $5.6 million in the year earlier period on higher expenses associated with corporate acquisitions, stock compensation, and other liabilities. The company stood by its 2008 guidance of between $215 and $225 million in revenue and $1.31 to $1.36 in adjusted earnings per diluted share.