Report
Vishnu Lekraj
EUR 147.86 For Business Accounts Only

Athenahealth’s 3Q Results Show Improved Performance, but Reflect Firm's Lack of Moat

Athenahealth's third-quarter results were largely in line with our expectations, with revenue up 17% percent and operating margins up 4% over last year, and we are reiterating our $134 fair value estimate. Although attach rates seem tepid compared with last year, we were pleased to see a sequential growth accelerate for net new providers using Communicator and Collector after a slowdown the prior two quarters. Still, Athena is on track to miss its targeted 30% annual bookings growth, strengtheni...
Underlying
Athenahealth Inc.

Athenahealth partners with hospital and ambulatory clients to drive clinical and financial results. The company provides network-enabled medical record, revenue cycle, patient engagement, care coordination, and population health services, as well as Epocrates

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Vishnu Lekraj

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