BNFT - BNFT STOCK NEWS

Benefitfocus (NASDAQ: BNFT) emphasizes the importance of preparation for the upcoming open enrollment (OE) season, highlighting that many individuals spend less than 10 minutes on the process. The company outlines several strategies for benefits managers, including leveraging past data, early communication, clear instructions, and enhancing engagement through gamification. By implementing these practices, Benefitfocus aims to improve employees' understanding of their benefits, ultimately increasing return on investment and promoting better health outcomes.

Benefitfocus (NASDAQ: BNFT) announced the launch of Advanced Engagement Services, a new AI-driven communication solution aimed at enhancing employee and plan member engagement with their benefits. This innovative service allows users to receive personalized information without needing to log into a portal, potentially increasing engagement rates by two to three times. The service includes features such as streamlined onboarding, targeted communications for benefit program utilization, and simplified transactional processes, improving overall accessibility to health care benefits.

Benefitfocus Agrees to Repurchase Convertible Notes

Benefitfocus (NASDAQ: BNFT) announced a repurchase of approximately $114 million in principal amount of its 1.25% Convertible Senior Notes due 2023 for around $111 million in cash. This transaction, set to close on August 31, 2022, is part of the company's strategy to extend its debt maturity profile and is funded through its new Senior Secured Credit Facility. The repurchase is advantageous as it allows the company to mitigate financial obligations while potentially enhancing shareholder value.

Benefitfocus Inc. (NASDAQ: BNFT) has announced a new $140 million senior secured credit facility led by JPMorgan, set to replace its existing revolving line of credit. The facility, which matures in August 2026, includes a $15 million revolver and a $125 million delayed draw term loan. Benefitfocus plans to utilize the proceeds for general corporate purposes and refinancing existing debt. The CFO stated this facility extends the company’s maturity profile and reflects confidence from its banking partners, supporting its ongoing transformation plan.

Benefitfocus (NASDAQ: BNFT) recently appointed Ed Rumzis as executive vice president and chief technology officer. In line with this appointment, the company's Compensation and Talent Committee approved an equity grant of 187,664 restricted stock units (RSUs) valued at $1.5 million. The RSUs will vest in four equal annual installments starting from the first anniversary of Rumzis' start date on August 8, 2022. This grant serves as a key incentive for Rumzis, aligning with Nasdaq Listing Rule 5635(c)(4).

Benefitfocus (NASDAQ: BNFT) reported its Q2 2022 results with revenue of $56.6 million, aligning with guidance expectations. GAAP net loss decreased to ($13.8 million), with a GAAP EPS of ($0.40). Notable developments included the launch of Claims Audit & Recovery Services and a strategic partnership with Lockton to expand in the employer segment. For Q3 2022, revenue guidance remains at $55 million to $57 million, while full-year revenue forecast is $252 million to $258 million.

Benefitfocus (NASDAQ: BNFT) has appointed Ed Rumzis as its new Chief Technology Officer, effective August 8, 2022. Rumzis brings over 30 years of experience in the benefits administration sector, having previously served as CTO at bswift. In his role, he will oversee global engineering, platform, and cybersecurity teams, focusing on innovation and growth in Benefitfocus' technology portfolio. CEO Matt Levin expressed confidence in Rumzis' capabilities to enhance the company's technology roadmap, ensuring it meets the evolving needs of customers.

Benefitfocus (NASDAQ: BNFT) has announced the launch of Claims Audit & Recovery Services as part of its Benefitplace™ Health Insights platform. This service aims to help employers recover overpaid medical claims, addressing the 20% of medical claims with errors, as reported by the American Medical Association. They estimate a recovery potential of 3-5% of claims, translating to up to $2 million annually for employers with 7,000 employees and $52 million in claims. This initiative is designed to reduce unnecessary costs and reinvest in employee benefits.

Benefitfocus, Inc. (NASDAQ: BNFT) announced it will release its second quarter 2022 financial results after U.S. markets close on August 3, 2022. A conference call will follow at 5:00 p.m. ET to discuss the results and business outlook. Investors can access the call by dialing (800) 941-4658 for domestic or +1 (416) 981-9033 for international calls. A live webcast will also be available on their Investor Relations page. A replay will be accessible until August 10, 2022.