Paul Singer — an activist investor and hedge fund manager — purchased a 9.2 percent stake in athenahealth May 18. Mr. Singer runs Elliott Associates, a hedge fund management firm known for “rebooting management and selling companies,” according to a separate CNBC report in May.
In a conference call to discuss the company’s second quarter earnings July 21, Mr. Bush thanked activist shareholders for their “constructive feedback,” according to CNBC. Athenahealth posted $301 million in revenue during the second quarter of fiscal year 2017, up 15 percent from the same period last year.
“Metamorphosis is hard and I have been doing a lot of thinking about metamorphosis,” Mr. Bush said during the call, according to CNBC. “We also have a new orientation towards the assets and financial performance of the company learning to think about cash flow as well as growth. This stuff is good for us. It is hard and it is exciting.”
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