Cerner Reports Second Quarter 2018 Results
KANSAS CITY, Mo., Aug. 02, 2018 (GLOBE NEWSWIRE) -- Cerner Corporation (Nasdaq: CERN) today announced results for the 2018 second quarter that ended June 30, 2018.
Bookings in the second quarter of 2018 were $1.775 billion, an increase of 9 percent compared to $1.636 billion in the second quarter of 2017.
Second quarter revenue was $1.368 billion, an increase of 6 percent compared to $1.292 billion in the second quarter of 2017.
On a U.S. Generally Accepted Accounting Principles (GAAP) basis, second quarter 2018 net earnings were $169.4 million and diluted earnings per share were $0.51. Second quarter 2017 GAAP net earnings were $179.7 million and diluted earnings per share were $0.53.
Adjusted Net Earnings for second quarter 2018 were $207.0 million, compared to $205.5 million of Adjusted Net Earnings in the second quarter of 2017. Adjusted Diluted Earnings Per Share (EPS) were $0.62 in the second quarter of 2018 compared to $0.61 of Adjusted Diluted EPS in the year-ago quarter. Analysts’ consensus estimate for second quarter 2018 Adjusted Diluted EPS was $0.60.
Adjusted Net Earnings and Adjusted Diluted Earnings Per Share are not recognized terms under GAAP. These non-GAAP financial measures should not be substituted for GAAP net earnings or GAAP diluted earnings per share, respectively, as measures of Cerner’s performance, but instead should be utilized as supplemental measures of financial performance in evaluating our business. Please see the accompanying schedule, titled “Reconciliation of GAAP Results to Non-GAAP Results,” where our non-GAAP financial measures are defined and reconciled to the most comparable GAAP measures.
Other Highlights:
Second quarter operating cash flow of $299.7 million.
Second quarter Free Cash Flow of $121.1 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.”
Second quarter days sales outstanding of 77 days, up from 73 days in the year-ago period.
Total backlog of $14.79 billion.
“I am pleased with our second quarter results, which included all key metrics being at or above expected levels,” said Zane Burke, President. “Our results were solid across all of our major solution and services categories and included good contributions from U.S. and non-U.S. regions. Looking ahead, we believe our solutions and tech-enabled services are well aligned with the challenges providers and other health care stakeholders are facing, and we have a significant opportunity to grow as we help them with their transition to value-based care in coming years.”
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