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Inovalon Holdings lowers net income guidance for FY'17

Inovalon Holdings Inc.'s updated its full-year 2017 guidance includes a higher projected revenue range of $447.1 million to $459.3 million, but a lower net income estimate of $18.0 million to $22.5 million.

In May, the guidance had been for $440.5 million to $455.0 million in revenue and $19.5 million to $24.0 million in net income. The change reflects Inovalon's July 6 acquisition of Complex Care Solutions, but not of any deals still pending.

The expected net EPS range is still 13 cents to 16 cents. Non-GAAP EPS is still expected to be 29 cents to 32 cents.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is 30 cents.

For the second quarter, Inovalon recorded net income attributable to common stockholders of $5.3 million, or 4 cents per share, down from the year-ago quarter's $16.2 million, or 11 cents per share.

The S&P Capital IQ consensus normalized EPS estimate was 7 cents.