Health IT solutions developer QuadraMed has shown a downturn in profitability and revenue for the firm's fiscal 2009 second quarter.
The Reston, Va.-based company showed a net loss of $330,000 in the period ending June 30, compared with a net profit of $412,000 in the second quarter of 2008. For the period, QuadraMed had revenues of $35.8 million, down from the $39 million the company posted in the year-ago quarter. The company posted operating expenses of $19.9 million and a gross margin of 59 percent in the second quarter, compared with operating expenses of $19.4 million and a gross margin of 59 percent for the same period in 2008.
QuadraMed reported a $1.1 million loss on the sale of its Australia-based lab and radiology assets, as well as severance payouts of $400,000 and $1.7 million associated with management changes