'We are thrilled with the progress.'
2014's second quarter brought with it a boost in earnings for cloud-based EHR company athenahealth, which reported gains this time around after disappointing numbers last quarter. Net losses were also down significantly, company officials announced last week.
Q2 revenue stood at $185.9 million, up 27 percent from Q2 2013, which was pegged at $146.3 million. Net income figures also beat out last year, reaching $12.2 million compared to $11.2 million in Q2 2013 and $4.4 million in the first quarter of 2014.
Net losses were also down, with the company reporting a GAAP net loss of $2.2 million in Q2 2014 compared with $12.4 million this time last year and a $8.1 million net loss in Q1.
[See also: athenahealth topples Epic on KLAS list.]
Now, more than 55,000 doctors are on athenahealth's cloud-based platform, Chief Executive Officer Jonathan Bush pointed out on an earnings call Friday morning. AthenaNet currently contains the medical records of 56.7 million patients, he added. To date, the company has built 127,000 interfaces.
Bush cited 30 percent year-over-year bookings growth, which he attributed to myriad factors.
One being athenahealth's partnership forged with one of the world's largest providers of healthcare products and services to medical practices, animal health and dental practices, Henry Schein.
The company, which has some 3,300 employees, also inked a deal with the 11-hospital Steward Health Care System back in April to roll out athenaCoordinator Enterprise across its organization. Steward is slated to go live by the end of the year, Bush said.
"We are thrilled with the progress," said Bush. "But we are no way paperless yet," he added, citing that some 51 percent of financial, clinical and patient data combined still have yet to be moved to the cloud.
[See also: Athenahealth data pegs effects of ACA.]
Athenahealth has, however, seen a year-to-year decline. One of the reasons, as Bush explained, can be attributed to a decline in sales, "related to a stagnation in sales force." The Epocrates product, for one, saw disappointing numbers. One of the platforms, for instance, has been "struggling," as the platform makes it difficult for physicians to enter their credit card data into the system. "We were hammered pretty hard by Epocrates," he said. But "we believe that is behind us."
