Skip to main content

Market Overview

Premier Beats On Q3 Earnings, Raises 2021 Outlook

Share:
Premier Beats On Q3 Earnings, Raises 2021 Outlook
  • Premier Inc (NASDAQ: PINCreported Q3 net revenue increased 40% year-on-year to $469.9 million, exceeding the consensus of $447.5M.
  • Higher sales Supply Chain Services drove the revenue as it increased 56% Y/Y to $371.2 million. 
  • Products revenue of $216.0 million jumped 253% Y/Y, primarily driven by growth in commodity products and aggregated purchasing of certain other products and the company's ongoing efforts to provide certain personal protective equipment and other high-demand supplies.
  • Performance Services segment revenue increased 3% to $98.7 million from $96.2 million a year ago.
  • Adjusted EBITDA of $121.2 million decreased 22% Y/Y primarily due to the impact of the aforementioned amended GPO agreements and the non-cash amortization of prepaid contract administrative fees from the Acurity/Nexera asset acquisition.
  • Adjusted EPS decreased 12% Y/Y to $0.64, beating the consensus of $0.55.
  • On May 1, 2021, Michael J. Alkire assumed the chief executive officer role at the company.
  • Guidance: Premier raised FY21 adjusted EPS Guidance from $2.26-$2.39 to $2.42-$2.51 higher than the analysts' consensus of $2.32.
  • It sees FY21 sales in the range of $1.67 billion -$1.71 billion higher than the previous range of $1.61 billion - $1.65 billion and better than the consensus of $1.63 billion.
  • Price Action: PINC shares closed 1.1% higher at $33.75 on Monday.
 

Related Articles (PINC)

View Comments and Join the Discussion!

Posted-In: BriefsEarnings News Guidance Health Care General

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com