Oracle Corporation has released its Q2 2023 earnings report, and rising revenues indicate that its recent $28 billion acquisition of Cerner is already paying off. Reported revenues are up 18% year-over-year in USD and up 25% in constant currency, including $1.5 billion coming from Cerner alone. Oracle just acquired the Missouri-based health information technology company in December 2022, indicating that it could become the new cash cow sooner than later.
With his company’s purchase of Cerner, Oracle co-founder, Executive Chairman, and CTO Larry Ellison had a clear vision: to transform healthcare delivery. With the power of both companies, medical professionals would be enabled with enhanced information, leading to improved treatment decisions and the best patient outcomes possible. In the report’s press release, Ellison asserted that while Cerner helped the bottom-line, Oracle has improved its new acquisition’s technology.
However, the CTO also emphasized that this is only the beginning of the partnership, which hopes to modernize healthcare information systems for the post-COVID world. Ellison’s ambitious goals include fully-automating clinical trials to hasten the delivery of new medicines and to provide public health professionals with a system to detect new pathogens before they become pandemics.