Accretive Health, Inc. (OTCMKTS:ACHI) reported results for the fiscal ended December 31, 2014. On a GAAP basis, the net services revenue came at $2.10 billion in FY2014 against $5.04 billion in FY2013. On a non-GAAP basis, the gross cash from customer contracting activities stood at $2.33 billion in FY2014 compared to $2.51 billion in FY2013. The net cash from customer contracting activities came at $7.8 million against $15.6 million in FY2013.
The net loss came at $79.6 million in FY2014 versus net income of $1.30 billion in FY2013. On a non-GAAP basis, the adjusted EBITDA stood at a loss of $15.7 million in FY2014 compared to $2.68 billion in FY2013.
The expert comments
Emad Rizk, M.D., the President and CEO of Accretive Health said that filing of FY2014 Form 10-K and the expected submission of the Form 10-Q for 1Q2015 are main steps taken to become current with company’s SEC filings. The company is on a firm pathway to implement its strategy following which the management believes that they are laying a solid platform for future growth.
Peter Csapo, the CFO and Treasurer, said that they are delighted with the advancement company has recorded in the process of turning current with its filings. He expects company to be back to a routine reporting cycle as a publicly-traded firm in the coming months.
The development
Accretive Health, Inc. (OTCMKTS:ACHI) currently serves seventy-nine hospitals with collective NPR of $16.5 billion. It represents revenues collected by the company’s clients from their patients and is not a measure of the company’s revenue. The CEO further added that the company has continued to enhance core revenue cycle operations in last six months.
In last trading session, the stock price of ACHI declined more than 5% to close the trading session at $5.50. The decline came at a share volume of 188,967 compared to average share volume of 100,030.
