Inovalon (INOV) Tops Q3 EPS by 4c, Expands Buyback Program
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Inovalon (NASDAQ: INOV) reported Q3 EPS of $0.10, $0.04 better than the analyst estimate of $0.06. Revenue for the quarter came in at $105 million versus the consensus estimate of $102.38 million.
Inovalon sees Q4 2016 EPS of $0.39-$0.46, versus the consensus of $0.41. Inovalon sees Q4 2016 revenue of $470-490 million, versus the consensus of $470 million.
Today the Company is announcing that the Board of Directors has authorized the expansion of the Company's share repurchase program to repurchase up to an additional $100 million of shares of Inovalon's Class A common stock (bringing the total to $200 million). The additional $100 million of shares can be repurchased between the completion of the first $100 million program and the end of 2017. During the third quarter of 2016 the Company repurchased 3,364,531 shares of Class A common stock for $51.1 million at an average share price of $15.19 per share. Since the close of the third quarter, through Monday, October 31, 2016, the Company had repurchased 2,813,603 shares of Class A common stock for approximately $40.2 million at an average share price of $14.28 per share. Repurchases under the Company's share repurchase program are made in open-market or privately negotiated transactions in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, and other relevant factors. The share repurchase program does not obligate the Company to acquire any particular amount of Class A common stock.
For earnings history and earnings-related data on Inovalon (INOV) click here.
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