Morgan Stanley Updates Model for athenahealth Post 4Q Earnings

In a report published Monday, Morgan Stanley analyst Ricky R. Goldwasser reiterated an Overweight rating on

. In the report, Morgan Stanley noted, "Our updated forecast reflects 2015 revenues of $923M vs. guidance of $905-$925M and cons. of $917M.For 2015, we model revenues of $1,120M vs.cons. of $1,116, while for 2017 we model revenues of $1,334M vs.cons. of $1,366M. Our estimates reflect y/y revenue growth of 22.7% for 2015, 21.4% for 2016,and 19.1% for 2017. Underlying core ATHN growth (excluding Epocrates acquisition and third-party tenant revenue) is 24.4% for 2015, 22.7% for 2016,and 20.1% for 2017.We had previously assumed that the recently launched Coordinator Enterprise inpatient service offering would start contributing revenues in 2H15, but we now delay this to 2016 and model a revenue contribution of $11M in 2016 (from prior $14M) and $17M in 2017." athenahealth closed on Friday at $145.18.