In the fourth quarter of fiscal year 2016, Charlotte, N.C.-based Premier saw net revenue increase 13 percent from the same period last year to $301.4 million. Most notably, its supply chain services segment revenue rose 11 percent and its performance services segment revenue grew 19 percent.
Premier's net income rose 57 percent year over year to $50.4 million in the fourth quarter of this year.
For the full 2016 fiscal year, Premier reported net revenue of $1.6 billion, up 15 percent from last year, with the supply chain services segment rising 12 percent and the performance services segment revenue increasing by 24 percent.
Net income of $235.2 million remained relatively the same compared with fiscal year 2015.
For the fiscal year ended June 30, 2016, Premier generated cash flow from operations of $371.5 million, compared with $364.1 million for fiscal 2015. At the close of the year, the company's cash, cash equivalents and short- and long-term marketable securities totaled $296.7 million, down from $561.9 million at June 30, 2015. Premier said the reduction was attributable to the company's acquisition activity during the first half of FY 2016.
In addition to its acquisitions of CECity.com, Healthcare Insights and InflowHealth during the 2016 fiscal year, Premier announced a definitive agreement to acquire Acro Pharmaceutical Services, a national specialty pharmacy, for $75 million as part of its strategy to expand its integrated pharmacy offerings. The acquisition is expected to close within the next month and will be integrated into Premier's supply chain services segment.