athenahealth, Inc. (NASDAQ: ATHN) is getting drilled and shelled in after hours trading. The Internet-based business services for physician practices was supposed to be a winner in the healthcare cost containment and healthcare cost savings plans that have been fought over endlessly in Washington D.C. under the new administration. But maybe its CEO being a cousin of the former President Bush is working against the company.
The company that it will postpone the release of its financial results for the fourth quarter of 2009 and the year ended December 31, 2009, and its previously announced conference call to discuss these results originally scheduled for February 26, 2010, in order to allow additional time to complete the year-end audit and conduct an internal accounting policy review related to the timing of amortization for deferred implementation revenue. But the company also said it expects to file a late filing notification with the SEC on Tuesday, March 2, 2010 notifying the SEC that its Annual Report could not be filed without unreasonable expense or effort within the prescribed time period.
athenahealth also said it will announce the revised date for reporting Q4 and fiscal year 2009 earnings in a subsequent release. Due to some accounting changes, it looks like restatements are coming as well. Shares closed up 1.1% at $43.51 and the 52-week trading range is $23.15 to $47.82.
Unfortunately, this one is getting drummed in the after-hours session. At 4:37 PM EST we have seen over 780,000 shares trade in the after-hours session alone and the last print was $37.35. There was a print as low as $35.60. athenahealth looks like it is going to be athenasick come Friday morning.
JON C. OGG
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