Cerner contributes $1.5 billion to Oracle’s Q3 revenue

EHR provider Cerner contributed $1.5 billion to software giant Oracle’s $12.4 billion third-quarter revenue; FactSet analysts had expected $12.43 billion in revenue.

The company’s quarterly revenue is up 18 percent year-over-year. According to an Oracle press release on March 9, cloud computing revenue generated $4.1 billion in third-quarter total revenue.

After the earnings report, Oracle shares fell 5 percent after hours as the company fell short of expected earnings. Wall Street Magazine announced March 9.

“Since last June, when we acquired Cerner, the business has increased its healthcare contract base by approximately $5 billion,” Oracle Chairman and Chief Technology Officer Larry Ellison said in a press release. “We have signed a contract with a diverse set of new and expanding domestic and international clients including: US Department of Defense, US Department of Veterans Affairs, groups of hospitals in a dozen US states, several hospitals in the United Kingdom, several provinces of Canada, the Australian Defense Force, several hospitals in Puerto Rico and several countries in the Middle East. While we are pleased with this early success of the Cerner business, we expect new healthcare contract signings to accelerate over the next few quarters.”