HMS reports revenue increase in Q1

NEW YORK HMS announced Friday its first-quarter revenue increased by over 28%.

For the first quarter of 2009, revenue increased 28.2% to $49.9 million, compared with $38.9 million for the year-ago period. Net income for the quarter was $5.7 million or $0.21 per diluted share, compared with net income of $3.2 million, or $0.12 per diluted share for the year-ago period. Adjusted EBITDA for the quarter increased 54.9% to $14.5 million, versus $9.3 million for the first quarter of 2008.

"HMS's first quarter represents a strong start to what we expect will be an excellent 2009," said Bill Lucia, CEO. "We are seeing revenue growth and new business in each of the markets we serve."

HMS is the leader in coordination of benefits and program integrity services for government healthcare programs. The company's clients include health and human services programs in more than 40 states, over 90 Medicaid managed care plans, the Centers for Medicare and Medicaid Services, and Veterans Administration facilities.