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Inovalon lowers FY'16 outlook

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Inovalon lowers FY'16 outlook

Technology company Inovalon Holdings Inc. lowered its full-year 2016 outlook, now expecting revenue in the range of $426 million to $428 million, compared with previous estimates of between $470 million and $490 million.

The company said it had been developing an application for its platform and negotiating a related multiyear collaboration agreement, for which execution and significant revenue recognition was expected in December. However, the company was informed that due to an unexpected material development affecting the counterparty, but unrelated to Inovalon's product offerings, the counterparty is unable to close the transaction at this time. Inovalon said it cannot guarantee that the expected agreement, or any variation of it, will be consummated at any time or at all.

The company also lowered its full-year GAAP net income outlook to a range of $25 million to $26 million, or 16 cents per share to 17 cents per share, from prior estimates of $43 million to $53 million, or 28 cents per share to 35 cents per share. Further, the company revised its full-year non-GAAP net income guidance to between $47 million and $48 million, or 32 cents per share to 33 cents per share, compared with its previous expectation of between $60 million and $70 million, or 39 cents per share to 46 cents per share.

The S&P Capital IQ consensus normalized EPS estimate for full year 2016 is 44 cents.