PINC - Why Premier Stock Cratered by Almost 20% Today
2023-05-02 18:42:39 ET
Healthcare efficiency specialist Premier (NASDAQ: PINC) was looking decidedly unhealthy as far as its stock performance was concerned on Tuesday. After the company dropped its latest set of quarterly results, a great many investors sold their shares, leaving the stock with a nearly 20% decline. Even the gloomy S&P 500 index did better on the day, with a relatively light 1.3% fall.
For its fiscal third quarter of 2023, Premier's net revenue amounted to just over $322 million, a figure that was down 7% on a year-over-year basis. On a brighter note, the company's non- GAAP (adjusted) net income crept higher, rising at a 2% clip to hit nearly $69.5 million, or $0.58 per share.
Analysts were expecting better, though. Collectively they were modeling almost $351.6 million for net revenue. They also believed the company would post a slightly higher adjusted net income figure of $0.59 per share.
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Why Premier Stock Cratered by Almost 20% Today