Athenahealth (NASDAQ: ATHN) shares tanked on Tuesday after a report said Paul Singer's activist firm Elliott Management has backed away from its $160-a-share bid for the health-care company.
Singer could be mulling a bid at a lower price, The New York Post reported Monday evening, citing sources. As a result of Singer's retreat, Athena has extended the final bid deadline by 10 days to next Thursday, the paper said.
Earnings in the company’s latest known quarter was posted in July, and showed total revenue of $323.3 million, compared to $301.1 million in the same period last year.
GAAP Net Income as presented for the three months ended June 30, 2018 was $36.4 million, or $0.89 per diluted share. GAAP Net Income prior to the impact of the new revenue recognition standard for the three months ended June 30, 2018 was $36.1 million, or $0.88 per diluted share, compared to $9.9 million, or $0.24 per diluted share, in the same period last year.
The Watertown, Mass-based company calls itself "a leading provider of network-enabled services for hospital and ambulatory clients nationwide."
Shares of Athenahealth, which sells a software platform to medical providers, were more than 11% lower in pre-market trading Tuesday at about $127 per share. The stock is more than 7% higher so far this year.
Those shares plunged $13.84, or 9.7%, to $129.95 soon after Tuesday’s opening bell.
