Piper Jaffray Updates Model on MedAssets (MDAS)

Piper Jaffray is out with its report today on MedAssets MDAS, updating its model on MDAS. In a note to clients, Piper Jaffray writes, "We are distributing operating expenses more evenly across quarters and updating Acquisition related charges to be less 1H heavy, while keeping the $25 million full year estimate. Our model changes do not change full year estimates for FY11 but do change quarterly earnings. Our Q1 cash earnings estimate decreases from $0.21 to $0.17 while Q3 and Q4 estimates increase by $0.03 and $0.02, respectively. FY11 cash EPS remains at $0.99. FY11 adjusted EBITDA also remains at $188.9 million but has become 2H'11 loaded. No Changes to FY11 revenues or FY12 estimates." Shares of MDAS closed Tuesday at $14.88.