Strong demand for its products increased Benefitfocus Inc.’s revenue by 35 percent for the fourth quarter, with more double-digit sales growth expected this year.
The Charleston software company said Tuesday that revenue totaled $54.3 million for the October-December period. Also, its quarterly net loss narrowed to $12.5 million from $13.7 million.
“Driven by strong demand for our platform, our revenue growth accelerated to 35 percent year-over-year for both the fourth quarter and full year,” CEO Shawn Jenkins said in a statement Tuesday.
The company makes cloud-based software that helps employers and workers manage their workplace benefits. It is based on Daniel Island.
For the full year, its revenue increased 35 percent to $185.1 million. Losses came in at $62 million, slightly lower than in 2014.
“As we look ahead to 2016, we believe we’re well-positioned to strengthen our platform, expand our customer base and extend our position as the leading cloud-based benefits management platform,” Jenkins said.
Benefitfocus said it closed the year with 723 customers that it classifies as “large” employers, up from 553 at the end of 2014,
This year, the company projected its revenue will be between $231 million to $235 million, up at least 25 percent from 2015. It also forecast a smaller 2016 net loss of between $32 million to $36 million.
Reach Allison Prang at 843-937-5705 or follow her on Twitter @AllisonPrang.