Orion Health Group, the healthcare management software developer, posted a 7 per cent increase in annual operating revenue as growth in the Asia Pacific, Europe and Middle East regions made up for a slowdown in North America.
Operating revenue increased to $164 million in the year ended March 31, from $153 million a year earlier, the Auckland-based company said in a statement. That's ahead of the $161 million in annual revenue expected in a Reuters poll of analysts. Shares in the company rose 3 per cent to $4.50.
Orion stock is the second-worst performer on the bench NZX 50 Index this year after the company said on January 30 that delays in settling contracts and paying bills in North America would weigh on its revenue in the second half of its financial year. The company said North American sales were also dented as it moved customers to subscription contracts from perpetual licences.
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"All regions experienced growth for the year except for North America," the company said today. "As expected and previously noted, revenue in this region was constrained by the execution of our strategy to transition from perpetual licences to subscription revenue and a delay in contract closures."