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Benefitfocus (NASDAQ: BNFT) will participate in the J.P. Morgan 50th Annual Global Technology, Media and Communications Conference from May 23 to May 25, 2022. President and CEO Matt Levin and CFO Alpana Wegner will engage in 1x1 meetings and a fireside chat on May 25 at 3:10 p.m. ET, which will be available on the conference and investor relations websites. Benefitfocus specializes in cloud-based benefits administration technology, aiming to simplify benefits management and improve health outcomes for its clients.
Benefitfocus (NASDAQ: BNFT) hosted its Investor Day in New York City, highlighting significant progress on its transformation strategy and operational milestones. The company anticipates a growth inflection by the end of 2022, backed by a large total addressable market projected to exceed $30 billion by 2025. Benefitfocus aims for low-single digit revenue growth in 2023, targeting low double digits by 2025. Its durable subscription model ensures predictable revenue streams. The management team emphasized the importance of service excellence and strategic partnerships to enhance market share.
Benefitfocus (NASDAQ: BNFT) will host its Investor Day in New York City on May 10, 2022. Key executives, including CEO Matt Levin and CFO Alpana Wegner, will present the company's strategic progress, operational milestones, and long-term financial goals. The event will feature presentations followed by a Q&A session. Interested parties can access the webcast starting at 8:30 a.m. ET, concluding around 12:30 p.m. ET. The presentation materials will be available on Benefitfocus’ investor relations website, and a replay will be offered after the event.
Benefitfocus reported Q1 2022 results, delivering revenue of $61.2 million, exceeding its guidance of $59 million to $61 million. Adjusted EBITDA stood at $11.2 million, surpassing guidance of $7 million to $9 million. However, GAAP net loss was ($3.9) million, slightly worse than the prior year's loss of ($3.7) million. The company’s revenue declined approximately 6% year-over-year. Looking ahead, Q2 revenue is projected between $55 million and $57 million, with an adjusted EBITDA of $4 million to $6 million.
Benefitfocus (NASDAQ: BNFT) announced the appointment of Kristin Adams as Executive Vice President and Chief People Officer (CPO), effective immediately. Adams will focus on talent acquisition, corporate culture, diversity, and employee benefits. She brings over 20 years of experience from Morgan Stanley, where she led initiatives in workforce strategy. CEO Matt Levin expressed enthusiasm about Adams' ability to support associates and contribute to the company's long-term success amidst ongoing transformation.
Benefitfocus (NASDAQ: BNFT) will host an Investor Day on May 10, 2022, in New York City, from 8:30 a.m. to 12:30 p.m. E.T. This event aims to provide insights into the company's cloud-based benefits administration technology. Management will present and participate in a Q&A session. Interested attendees can register for either in-person or virtual attendance. The company emphasizes its commitment to simplifying benefits administration and improving healthcare outcomes through innovative SaaS solutions.
Benefitfocus (NASDAQ: BNFT) announced it will release its first quarter 2022 results on May 3, 2022, after U.S. markets close. Following the earnings release, a conference call will take place at 5:00 p.m. ET to discuss the financial results and outlook. Investors can access the call at (877) 407-9208 or through a live webcast. A replay will be available until May 10, 2022. The company focuses on simplifying benefits administration through innovative technology, aiming to enhance customer experience and health outcomes.
Benefitfocus has entered a cooperation agreement with Indaba Capital Management, which holds approximately 11.8% of its shares. Alexander Lerner from Indaba is appointed to the Board of Directors, effective immediately, and will co-chair key committees. This change comes with the retirement of Director Francis J. Pelzer V. The Board remains at nine members. Lerner emphasized his commitment to enhancing shareholder value. The press release highlights the importance of board composition and its impact on corporate governance.
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