UPDATE: Piper Jaffray Color On MDAS 4Q

Piper Jaffray, which downgraded shares of MedAssets, Inc. MDAS – and lowered its PT from $21 to $15 – is providing some color on its 4Q results. “MDAS Q4 earnings missed on the top and bottom line, they guided below our street-low 2011 estimates, RCM backlog showed no growth,” Piper Jaffray writes. “Separately, Medtronic announced it is cancelling its GPO contracts with both Novation and Premier, adding uncertainty to the long-term sustainability of the current GPO model. We also believe there is renewal risk in certain provider contracts.” MedAssets, Inc closed Thursday at $21.32.