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Inovalon CFO/COO to resign

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Inovalon CFO/COO to resign

Inovalon Holdings Inc. CFO and COO Christopher Greiner is leaving as he had accepted a new opportunity outside of the company.

He will remain with Inovalon until March 16. Jonathan Boldt, vice president of finance, has been appointed interim CFO.

The company also released its full-year 2018 guidance, along with its fourth-quarter and full-year 2017 financial results.

It expects net income in the range of $12 million to $16 million and non-GAAP net income of between $44 million and $49 million.

Inovalon projects EPS of 9 cents to 11 cents and non-GAAP EPS of 31 cents to 35 cents for 2018.

Additionally, the company reported net income attributable to common shareholders of $16.9 million in the fourth quarter of 2017, compared to $674,000 in the year-ago period. EPS for the last three months of 2017 was 12 cents.

Non-GAAP net income was $7.8 million, or 6 cents per share, in the fourth quarter of 2017, slightly higher than $7.4 million, or 5 cents per share, in the previous-year quarter.

For full year 2017, net income attributable to common shareholders was $33.8 million, or 24 cents per share, up from $26.9 million, or 18 cents per share, in 2016.

Non-GAAP net income was $41.8 million, or 29 cents per share, down from $51.0 million, or 34 cents per share, in 2016.