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Benzinga
Benzinga
Business
Vandana Singh

NextGen Healthcare Q3 Earnings Beat Consensus, Lifts FY22 Guidance

Provider of ambulatory-focused technology solutions, NextGen Healthcare Inc (NASDAQ:NXGNposted Q3 FY22 sales of $149.7 million, +6% Y/Y, beating the consensus of $146.32 million.

  • Recurring revenue accounted for 90% of total revenue, or $134.5 million, growing 5% Y/Y.
  • In Q3, subscription services revenue generated $41.2 million, up 8% Y/Y, driven by demand for NGE SaaS and Virtual Visit solutions.
  • Q3 bookings, which reflect annual contract value, were $37.7 million.
  • The company posted adjusted EPS of $0.24, down from $0.26 a year ago, and better than the consensus of $0.21.
  • The overall gross margin remained unchanged at 50%. The company posted an operating income of $8 million compared to just $0.9 million a year ago.
  • In October, the Board approved a $60 million share repurchase program.
  • Guidance: NextGen raised FY22 sales guidance to $591 million - $595 million (compared to consensus of $588.23 million), from prior guidance of $584 million - $590 million.
  • The company forecast FY22 adjusted EPS of $0.96 - $1.00 (vs. consensus of $0.95) up from the previous outlook of $0.90 - $0.96.
  • Price Action: NXGN shares closed lower by 1.55% at $18.36 on Tuesday.
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