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NextGen (NXGN) Extends Agreement to Boost Athletico's Footprint
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NextGen Healthcare, Inc. recently announced that it has extended its agreement with Athletico Physical Therapy (Athletico). Following this extension, NextGen Enterprise electronic health record (EHR) and NextGen Enterprise practice management (PM) will be used to optimize clinical and financial performance across Athletico’s newly expanded footprint.
Oak Brook, IL (a suburb of Chicago)-based Athletico is a renowned national provider of quality orthopedic rehabilitation services to communities, employers and athletes.
With the latest extended agreement, NextGen is likely to solidify its foothold in the EHR and PM spaces across the nation, thereby boosting its Enterprise domain.
Significance of the Agreement
NextGen’s management believes that the extension of its longtime agreement with Athletico reflects that its scalable solutions are strongly equipped to suit healthcare organizations’ needs at all stages of growth.
Athletico’s management feels that expanding its relationship with NextGen will likely be a key to support its organizational growth. Per management, Athletico’s newly acquired locations have already experienced meaningful improvements in revenues and financial performance since the adoption of NextGen’s interoperable solutions.
Industry Prospects
Per a report by Grand View Research, the global medical rehabilitation services market size was valued at $144.6 billion in 2021 and is anticipated to reach $385.9 billion by 2030 at a CAGR of 6.1%. Factors like the rise in elderly population, an increase in the prevalence of chronic conditions among adults and the increasing number of children with developmental conditions are likely to drive the market.
Given the market potential, the latest extended agreement is expected to significantly boost NextGen’s business.
Notable Developments
Last month, NextGen announced an expanded alliance with Luma Health to equip ambulatory organizations nationwide with artificial intelligence-enhanced solutions for patient communications, beginning with intake and self-scheduling.
The same month, NextGen announced that Community Reach Center had chosen NextGen EHR and NextGen Enterprise PM to address mental health, substance abuse and primary care needs across the Denver area.
In July, NextGen reported its first-quarter fiscal 2024 results, wherein it registered a solid uptick in the top line and bottom line, along with strength in both Recurring and Non-recurring revenues. Robust increases in Subscription services, Managed services and Transactional and data services revenues in the quarter were also seen. The improvement in Other non-recurring services revenues was recorded.
Price Performance
Shares of NextGen have gained 38.9% in the past year against the industry’s 32.1% decline. The S&P 500 has witnessed 19.2% growth in the said time frame.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, NextGen carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , McKesson Corporation (MCK - Free Report) and Integer Holdings Corporation (ITGR - Free Report) .
DaVita, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 12.7%. DVA’s earnings surpassed estimates in three of the trailing four quarters and missed once, with an average surprise of 21.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita has gained 19.1% against the industry’s 0.4% decline over the past year.
McKesson, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, with an average of 8.1%.
McKesson has gained 30.7% compared with the industry’s 22.5% rise over the past year.
Integer Holdings, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 12.1%. ITGR’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 8.4%.
Integer Holdings has gained 28.5% compared with the industry’s 4.2% rise over the past year.
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NextGen (NXGN) Extends Agreement to Boost Athletico's Footprint
NextGen Healthcare, Inc. recently announced that it has extended its agreement with Athletico Physical Therapy (Athletico). Following this extension, NextGen Enterprise electronic health record (EHR) and NextGen Enterprise practice management (PM) will be used to optimize clinical and financial performance across Athletico’s newly expanded footprint.
Oak Brook, IL (a suburb of Chicago)-based Athletico is a renowned national provider of quality orthopedic rehabilitation services to communities, employers and athletes.
With the latest extended agreement, NextGen is likely to solidify its foothold in the EHR and PM spaces across the nation, thereby boosting its Enterprise domain.
Significance of the Agreement
NextGen’s management believes that the extension of its longtime agreement with Athletico reflects that its scalable solutions are strongly equipped to suit healthcare organizations’ needs at all stages of growth.
Athletico’s management feels that expanding its relationship with NextGen will likely be a key to support its organizational growth. Per management, Athletico’s newly acquired locations have already experienced meaningful improvements in revenues and financial performance since the adoption of NextGen’s interoperable solutions.
Industry Prospects
Per a report by Grand View Research, the global medical rehabilitation services market size was valued at $144.6 billion in 2021 and is anticipated to reach $385.9 billion by 2030 at a CAGR of 6.1%. Factors like the rise in elderly population, an increase in the prevalence of chronic conditions among adults and the increasing number of children with developmental conditions are likely to drive the market.
Given the market potential, the latest extended agreement is expected to significantly boost NextGen’s business.
Notable Developments
Last month, NextGen announced an expanded alliance with Luma Health to equip ambulatory organizations nationwide with artificial intelligence-enhanced solutions for patient communications, beginning with intake and self-scheduling.
The same month, NextGen announced that Community Reach Center had chosen NextGen EHR and NextGen Enterprise PM to address mental health, substance abuse and primary care needs across the Denver area.
In July, NextGen reported its first-quarter fiscal 2024 results, wherein it registered a solid uptick in the top line and bottom line, along with strength in both Recurring and Non-recurring revenues. Robust increases in Subscription services, Managed services and Transactional and data services revenues in the quarter were also seen. The improvement in Other non-recurring services revenues was recorded.
Price Performance
Shares of NextGen have gained 38.9% in the past year against the industry’s 32.1% decline. The S&P 500 has witnessed 19.2% growth in the said time frame.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Currently, NextGen carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are DaVita Inc. (DVA - Free Report) , McKesson Corporation (MCK - Free Report) and Integer Holdings Corporation (ITGR - Free Report) .
DaVita, sporting a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 12.7%. DVA’s earnings surpassed estimates in three of the trailing four quarters and missed once, with an average surprise of 21.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.
DaVita has gained 19.1% against the industry’s 0.4% decline over the past year.
McKesson, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 10.7%. MCK’s earnings surpassed estimates in three of the trailing four quarters and missed once, with an average of 8.1%.
McKesson has gained 30.7% compared with the industry’s 22.5% rise over the past year.
Integer Holdings, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 12.1%. ITGR’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 8.4%.
Integer Holdings has gained 28.5% compared with the industry’s 4.2% rise over the past year.