23rd Mar 2016 08:06
LONDON (Alliance News) - Constellation Healthcare Technologies PLC Wednesday said 2015 was a "successful year across all metrics" as the company's profit soared during the year following a substantial rise in revenue.
The company, which provides suite of practice management support services to hospitals and medical practices in the US, said its pretax profit amounted to USD11.4 million in 2015 as it rose from the USD2.5 million profit booked in 2014.
The huge rise in profit came as a result of a 40% lift in revenue in the period to USD76.7 million from USD54.6 million, leading its income from operations to increase by 76% to USD19.2 million from USD10.9 million.
Earnings before interest, tax, depreciation and amortisation was up 68% to USD23.9 million from USD14.2 million the year before.
Constellation said revenue from its revenue cycle management offering was up 76% to USD50.1 million from USD28.4 million, whilst Ebitda from thos activities more than doubled to USD16.1 million from USD7.5 million.
Overall cash from operations was up 91% to USD15.5 million from USD8.1 million in 2014.
Partly causing the material rises in revenue and earnings was the company's acquisition of Physicians Practice Plus Inc, Phoenix Healthcare LLC and Northstar First Health LLC in the year.
"[We] enjoyed a successful year across all metrics. We increased our revenue base and more importantly, significantly increased our profitability for the year. Our acquisition and integration strategy is proven and we are quickly becoming one of the largest healthcare and technology services businesses in the US, serving the billing requirements of 9,000 plus doctors," said Chief Executive Paul Parmar.
Constellation shares were up 0.6% to 147.30 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.