MedQuist sees 34 per cent increase in third quarter revenue

Net income rises to $8.97m.

MedQuist has posted a net income of $8.97m in the third quarter 2010, or $0.24 per diluted share, compared to net income of $9.7m, or $0.26 per diluted share, in the comparable period in 2009.

MedQuist is a provider of integrated clinical documentation solutions for the US healthcare industry.

MedQuist's operating income was $13.29m, compared to $8.12m for the comparable period in 2009.

The company has posted a revenue of $274.44m, for the nine months ended 30 September 2010, compared to $233.25m for the year ago period.

For the nine months ended 30 September 2010, MedQuist has posted a net income of $17.2m, or $0.46 per diluted share, compared to $17.39m, or $0.46 loss per diluted share, for the year ago period.

The company's income from operations for the nine months ended 30 September 2010 was $25.19m, compared to $16.33m for the year ago period.
MedQuist CEO Peter Masanotti said that they are pleased with the operating performance for the third quarter of 2010.

"Our net revenues increased 34 per cent during the third quarter compared to the same period in the prior year, due largely to third quarter of 2010 being the first full quarter that included the impact of the Spheris acquisition," Masanotti said.

"Our increases in revenues were partially offset by the impact of pricing and lower non-core maintenance service revenues."