Irvine healthcare software maker Quality Systems Inc. on Thursday reported results for its most recent quarter that beat Wall Street’s expectations.
Quality posted a profit of $18.6 million for the three months ended March 31, 42% higher than a year earlier.
Analysts expected Quality, which makes software that doctors and dentists use to manage their practices, to have a profit of $17.8 million.
Revenue grew 24% to $97.1 million. Wall Street was expecting revenue of $94.8 million.
Quality, as is its custom, didn’t provide quarterly financial guidance in its earnings release.
Wall Street expects Quality to post a profit of $17.8 million in the current quarter.
Analysts see Quality’s revenue coming in at $98.5 million in the quarter.
Quality’s shares closed down about 2% Thursday to a market value of $2.5 billion.
It’s unclear why the shares fell on the news. Speculation on financial message boards suggested Quality’s shares typically move after earnings reports as short sellers seek to change their positions.