SPOK - Why Shares of Spok Are Rising Thursday
2023-07-27 13:04:42 ET
Shares of Spok (NASDAQ: SPOK) were up more than 18% as of noon ET on Thursday. The healthcare communications company released second-quarter earnings after markets closed on Wednesday. The stock is up more than 65% this year.
Spok makes the Spok Care Connect platform, which is in more than 2,200 hospitals and enables healthcare clinicians and support personnel to communicate and support administrative compliance. The company's customers send more than 100 million messages a month through the company's Spok systems. In the second quarter, Spok reported revenue of $36.5 million, up 8.2% year over year. It also said it had net income of $4.7 million, or $0.23 per diluted share, compared to net income of $1.9 million, or $0.10 per diluted share, in the second quarter of 2022.
The company also upgraded full-year guidance. It said it expects 2023 revenue to be between $134.5 million and $137.5 million, up from an earlier forecast of between $131 million and $137.5 million. It also said it now expects 2023 adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) to be between $25 million and $28 million, up from earlier predictions of between $24.5 million and $26.5 million.
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Why Shares of Spok Are Rising Thursday