Cerner reported $172.3 million in net earnings for the first quarter of 2021, up 17 percent from $147.2 million during the same period last year.
The Kansas City, Mo.-based EHR vendor also announced the departure of its CEO and Chair Brent Shafer during the May 5 earnings call as well as the approval from the board for a new share repurchase program.
Five details:
1. Cerner posted $1.39 billion in revenue, down 2 percent compared to $1.41 billion during the same period last year. Cerner attributed the decrease to the pandemic and divestitures.
2. The company said it has started the process to find Cerner's next CEO to replace Mr. Shafer, who joined in January 2018 following the death of Cerner's founder Neal Patterson in July 2017. Mr. Shafer will serve as chair and CEO until a replacement is chosen, the company said.
3. Under Cerner's new share repurchase agreement, the company will be able to repurchase up to $3.75 billion through Dec. 31, 2023. Cerner plans to fund the program with cash from operations and debt.
4. Cerner expects total 2021 share repurchases of up to $1.5 billion.
5. For full year 2021 revenue, Cerner expects revenue to grow in the mid-single digits, replacing the prior estimate of $5.75 billion to $5.95 billion.