Health IT vendor CPSI experienced significant growth in the first quarter of 2016, reporting $69.6 million in revenue, a 50 percent increase from the previous year's first-quarter revenue of $46.2 million.
Boyd Douglas, president and CEO of CPSI, attributed much of this growth to the company's $250 million acquisition of Healthland, which closed Jan. 8. "In the short time since we acquired Healthland and its subsidiaries, we have already seen a positive response from the market," he said in an earnings statement. "Cost synergies are actually ahead of schedule, and we expect revenue synergies to progressively increase throughout the remainder of the year, as planned."
CPSI did report a net loss of $923,000 for the quarter. In the same time period last year, CPSI posted a $5.5 million profit.
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