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October 23, 2014 12:00 AM

Cerner's Q3 profits climb as it preps to add Siemens Health

Bob Herman
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    Third-quarter earnings at Cerner Corp. rose 12%, roughly in line with analysts' expectations, as the health information technology company continues to diversify and grow its business.

    Net earnings totaled $129 million in the quarter ended Sept. 27, up from $115.3 million in the same period a year ago, Cerner said in its financial filings. Third-quarter revenue soared more than 15% to $840 million, thanks to large growth abroad in the United Kingdom, Canada and the Middle East, executives said.

    Cerner's central product offering is its electronic health record for hospitals and ambulatory settings, competing heavily for market share with Epic Systems Corp. However, Cerner has invested more in revenue-cycle management and population-health products.

    Cerner is primed to grow all three of those areas once it completes its acquisition of Siemens Health Services. Cerner, based in Kansas City, Mo., announced the Siemens deal in August and received federal approval in September. Executives said on a call with investors that the $1.3 billion takeover, which has already cost the company $6 million in miscellaneous charges, is expected to close by Feb. 2, 2015.

    Cerner is also in the hunt for two potentially lucrative IT contracts. It is one of several vendors vying for a 10-year, estimated $11 billion contract with the Department of Defense to replace the Military Health System's EHR. The Mayo Clinic, Rochester, Minn., is similarly looking for a technology overhaul. Cerner executives said they are “well-positioned” for the Mayo deal but did elaborate further.

    Cerner's profit in the first nine months of its fiscal year grew 12%, from $338.3 million in 2013 to $377.6 million this year. Revenue totaled almost $2.5 billion, and year-end revenue is projected to be roughly $3.4 billion.

    Cerner's stock closed Thursday at $59.70, up 2.5% for the day.

    Follow Bob Herman on Twitter: @MHbherman

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    • News
      • Current News
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      • Transformation
        • Patients
        • Operations
        • Care Delivery
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      • ESG
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Blogs
      • AI
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      • HIMSS 2023
    • Opinion
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      • Letters
      • From the Editor
    • Events & Awards
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        • Nominate/Eligibility
        • 100 Most Influential People
        • 50 Most Influential Clinical Executives
        • 40 Under 40
        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - AI and Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Sponsored Video Series - One on One
      • Sponsored Video Series - Checking In with Dan Peres
    • Data & Insights
      • Data & Insights Home
      • Hospital Financials
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