Boston, MA 05/01/2014 (wallstreetpr) – Whiles shares of Catamaran Corp (USA) (NASDAQ:CTRX) traded down on Wednesday ahead of its earnings, the pharmaceutical company has proved itself in the first quarter results.
Quarter Highlights
During the quarter, the revenue of Catamaran Corp (USA) (NASDAQ:CTRX) jumped 53% to $4.9 billion as against $3.2 billion in the first quarter of 2013. Similarly, the gross profit of the company too rose 27% to $314.7 million in comparison to $248.4 million in the previous year’s same quarter. The revenue was mainly driven by the organic growth of the company due to the increased demand and addition of claim volume through implementation of new customer which includes ongoing implementation of Cigna contract. The reason for revenue growth stands good for gross profit growth as well.
During the first quarter, the net income for the company was at $63.4 million, that is $0.31 per share on a fully diluted basis as against $51.4 million or $0.25 per share in the first quarter of 2013.The increment in the net income is credited to new customer implementation and the takeover of Restat. In the meanwhile, the adjusted earnings per share on fully diluted bases represented an increase of 19% to $0.50 per share as against $0.42 per share in the previous year’s same quarter. The results come positively higher as the average analyst estimates for the earnings per share were at $0.44 on revenue of $4.67 billion.
Guidance And Other Details
After posting solid numbers for the first quarter, Catamaran Corp (USA) (NASDAQ:CTRX) updated its guidance for the financial year 2014. The company now expected revenue to come in between $20 to $21 billion, while adjusted earnings per share expectation is set in the range of $2.10 to $2.22. In the first quarter, the company also reported the issue of $500 million 4.75% senior notes that are due to mature in March 2021 and has repaid $300 million of revolving credit facility.
