Healthcare information iStock_000025728755SmallIMS Health Holdings, Inc. revenue for the third quarter increased 5.4 percent on a constant currency basis, or 3.7 percent on a reported basis, to $656 million, compared with the third quarter of 2013.  The company’s strong revenue performance in the third quarter was driven by a 10.8 percent increase in technology services revenue on a constant currency basis, or 9.3 percent on a reported basis. Information offerings revenue was up 1.8 percent on a constant currency basis, or flat on a reported basis. Revenue grew across all regions. Emerging markets revenue increased 10.4 percent on a constant currency basis, or 4.6 percent reported, and developed markets revenue grew 4.3 percent on a constant currency basis, or 3.5 percent reported, versus the same period last year.

Adjusted EBITDA increased 10.5 percent on a constant currency basis, or 6.1 percent reported to $221 million, compared with the third quarter of 2013. This reflected both the drop-through from revenue growth to Adjusted EBITDA and the impact of continued cost reduction initiatives. Adjusted EBITDA as a percentage of revenue for the quarter improved by 159 basis points on a constant currency basis, or 76 basis points on a reported basis to 33.7 percent.

Reported revenue and Adjusted EBITDA growth for the quarter was tempered by the strengthening of the U.S. dollar against key foreign currencies and the lower U.S. dollar results from the company’s Venezuelan operations due to the significant revaluation of the Venezuelan Bolivar effective June 30, 2014.

Third-quarter 2014 net income was $47 million, compared with a net loss of $20 million in last year’s third quarter. Reported Adjusted Net Income was $125 million, down $9 million from $134 million in the prior year’s quarter, as the benefit of Adjusted EBITDA growth and lower interest expense was more than offset by a $47 million tax refund received in 2013.

Source: Businesswire.com