Premier's stock price finished trading up more than 14% Tuesday after reporting strong fourth-quarter revenue for its group purchasing business and modest growth in its performance services business.
Premier's supply chain services segment saw net revenue climb 10% in the quarter ended June 30, the end of its fiscal year, to $339 million. Performance services net revenue was up 2% from a year earlier to $95 million.
"Operationally, we finished the year with a 98% retention rate in our group purchasing business, which generated approximately $60 billion in contract volume," CEO Susan DeVore said in a news release.
Premier reported quarterlynet income of $101 million, 36% higher than a year earlier. Premier also reported a net loss attributable to shareholders in the quarter of $323 million, which is a 3% greater loss than it was a year earlier. That figure takes into account large non-cash adjustments related to Premier's multiclass shareholder structure.
The company's share price closed $5.61 higher at $43.95, with the S&P 500 rising less than 1%, though hitting a new all-time high.
Correction: An earlier version of this story, a quote from CEO Susan DeVore contained the wrong percentage for Premier's retention rate in its group purchasing business. The correct retention rate is 98%.
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