MedAssets Inc. reported on Wednesday its first-quarter profit surpassed analyst's expectations.
The company said its net income was $2.7 million or 6 cents a share compared to $873,000 or 3 cents a share on the last year. The firm earned 11 cents a share excluding certain items, analysts expected 9 cents gain.
Its revenue increased to $58.8 million or 39 percent. Revenue of the technology-enabled products and services provider was higher than the $56 million analysts had forecasted according to Reuters.
The group said its profit was helped by a stronger performance on its segments. It projected its earnings forecast for 2008 between 28 cents to 36 cents a share on revenue of $230 million to $236 million. It estimates profit f 48 cents to 56 cents a share.
In April MedAssets agreed to buy Accuro for $350 million and the deal will close between 45 to 75 days.
Shares of MedAssets Inc. fell 0.29 percent to $18.80 on the Nasdaq after hour trading Wednesday.