athenahealth posts positive Q1

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athenahealth, a medical billing, practice management and EMR service provider, posted gains in revenue and profit for its fiscal 2008 first quarter, which ended March 31.

Total revenue for the quarter was $29.8 million, compared to $21.9 million for the same period last year, an increase of 36 percent.
Jonathan Bush, chairman and CEO of athenahealth, said that based on generally accepted accounting principles (GAAP), net income for the quarter was $1.8 million, compared to a GAAP net loss of $2.7 million in the same period last year.

Key metrics and milestones in the first-quarter of 2008 included $797 million in cash collections posted to client accounts in the first-quarter of 2008, compared to $606 million in the same quarter of 2007, athenahealth reported.

For the quarter, the Watertown, Mass.-based company had cash and short-term investments of $66.5 million and short- and long-term debt of $1.7 million.