Catamaran Corporation Presents at 2014 Morgan Stanley Global Healthcare Conference, Sep-09-2014 02:55 PM
Aug 9 14
Catamaran Corporation Presents at 2014 Morgan Stanley Global Healthcare Conference, Sep-09-2014 02:55 PM. Venue: The Grand Hyatt Hotel, New York, New York, United States. Speakers: Jeffrey G. Park, Executive Vice President of Operations, Michael H. Shapiro, Chief Financial Officer and Senior Vice President.
Catamaran Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Revises Earnings Guidance for Full Year 2014
Aug 1 14
Catamaran Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenues of $5,385,808,000 against $3,417,430,000 a year ago. Operating income was $135,108,000 against $106,671,000 a year ago. Income before income taxes was $119,482,000 against $95,764,000 a year ago. Net income attributable to the company was $71,432,000 or $0.34 per diluted share against $63,421,000 or $0.31 per diluted share a year ago. Net cash provided by operating activities was $57,206,000 against $172,983,000 a year ago. Adjusted EBITDA was $196,943,000 against $131,148,000 a year ago. Purchases of property and equipment were $20,091,000 against $46,892,000 a year ago. Non-GAAP net income attributable to the company was $111,125,000 or $0.54 per diluted share against $100,639,000 or $0.49 per diluted share a year ago. EBITDA was $188,504,000 against $158,063,000 a year ago.
For the six months, the company reported total revenues of $10,300,287,000 against $6,637,147,000 a year ago. Operating income was $251,897,000 against $197,520,000 a year ago. The increases in both periods are mainly due to organic growth driven by increased claim volume added through new customer implementations, including the continued implementation of the Cigna contract, as well as additional claim volume related to the Restat acquisition. Additionally, revenues have increased in both periods as a result of increased specialty claim volume, which carries a higher revenue per claim rate compared to the Company's general book of business. Income before income taxes was $224,935,000 against $175,574,000 a year ago. Net income attributable to the company was $134,877,000 or $0.65 per basic and diluted share against $114,826,000 or $0.56 per basic and diluted share a year ago. Net cash provided by operating activities was $192,886,000 against $236,253,000 a year ago. Adjusted EBITDA was $376,875,000 against $255,503,000 a year ago. Purchases of property and equipment were $32,873,000 against $72,135,000 a year ago. Non-GAAP net income attributable to the company was $214,820,000 or $1.04 per diluted share against $187,834,000 or $0.91 per diluted share a year ago. EBITDA was $359,353,000 against $301,602,000 a year ago.
The company updated its 2014 full year financial guidance. For the year, the company expected adjusted diluted EPS in the range of $2.12 to $2.22 from the prior range of $2.10 to $2.22. Revenues are now estimated to be $20.5 to $21.0 billion versus the previous guidance of $20 to $21 billion. And GAAP diluted EPS is now expected to be $1.40 to $1.50 from $1.38 to $1.50 previously. EBITDA is expected to be between $770 million and $800 million and effective tax rate is expected to be closer to 28% for the full year of 2014.