Cerner (CERN) Reports In-Line Q1 EPS, Revenues In-Line; Raises FY19 EPS Guidance, Affirms FY19 Revenue Guidance

Cerner (NASDAQ: CERN) reported Q1 EPS of $0.61, in-line with the analyst estimate of $0.61. Revenue for the quarter came in at $1.39 billion versus the consensus estimate of $1.39 billion.

• First quarter operating cash flow of $317.3 million.
• First quarter Free Cash Flow of $123.5 million. Free Cash Flow is a non-GAAP financial measure defined as GAAP cash flows from operating activities less capital purchases and capitalized software development costs. Please see the accompanying schedule, titled “Reconciliation of GAAP Results to Non-GAAP Results.”
• First quarter days sales outstanding of 76 days, down from 79 days in the fourth quarter of 2018 and up from 73 days in the year-ago quarter.
• Total backlog of $14.87 billion.

“I am pleased with our first quarter results, which were in line with our expectations,” said Brent Shafer, Chairman and CEO. “During the quarter, we rolled out a refined operating model, which is designed to improve our operating efficiency and speed value creation for our clients. These refinements are foundational to significant improvements in profitably we expect to deliver as part of recently announced operational improvement initiatives. Collectively, our operational improvement initiatives, recently announced dividend program, and expanded share repurchase program underscore our commitment to creating value for clients and shareholders.”

GUIDANCE:

Cerner sees Q2 2019 EPS of $0.63-$0.65, versus the consensus of $0.65. Cerner sees Q2 2019 revenue of $1.41-1.46 billion, versus the consensus of $1.45 billion.

Cerner sees FY2019 EPS of $2.64-$2.72, versus the consensus of $2.65. Cerner sees FY2019 revenue of $5.65-5.85 billion, versus the consensus of $5.74 billion.

For earnings history and earnings-related data on Cerner (CERN) click here.

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