Magellan notches Q2 revenue gain

Twitter icon
Facebook icon
LinkedIn icon
e-mail icon
Google icon

Healthcare benefits management organization Magellan Health Services reported that it has increased its net revenue for the second quarter of its 2007 fiscal year, compared with net revenue for the same quarter last year.

For the period (end-June 30), the Avon, Conn.-based firm reported net revenue of $452.9 million, an uptick compared with net revenue of $398.9 million for its fiscal 2006 second quarter. Net income for the quarter showed a slight downturn to $16.8 million, compared with the $20.2 million of net income posted for the same period last year.

The company’s radiology benefits management segment also saw strong revenue growth for the quarter, posting $18.46 million in revenues, compared with $12.42 million in revenues for the second quarter of fiscal 2006. Profit for the radiology business segment rose to $2.29 million for the quarter, demonstrating robust growth when compared with the $1.44 million in profit shown for the same period last year.