BNFT - BNFT STOCK NEWS

Benefitfocus (NASDAQ: BNFT) has announced a significant financial move by entering into purchase agreements with holders of its 1.25% Convertible Senior Notes due 2023. The company plans to repurchase approximately $100.2 million of these notes for around $98.2 million in cash, representing 45% of the outstanding principal. This will lower annual interest payments by roughly $1.25 million. The repurchase is expected to finalize by September 20, 2021.

Benefitfocus (NASDAQ: BNFT) has appointed Ana Perez as the new Chief Marketing Officer, effective immediately. With extensive experience from positions at League and Aon, Perez is expected to enhance marketing strategies to drive brand value and customer engagement. CEO Matt Levin emphasized her role in returning the company to growth. Perez holds an MBA from Northwestern University and a bachelor's degree from Boston University. This leadership change aims to solidify Benefitfocus’s commitment to delivering value in the benefits administration industry.

Benefitfocus (NASDAQ: BNFT) released an ebook titled "COVID-19: Next Steps for HR and Benefits Leaders" on Aug. 24, 2021, to assist employers in enhancing their benefits administration strategies post-pandemic. The ebook outlines four essential steps: prioritizing diverse benefits, promoting employee mental and financial health, enhancing benefits education, and managing cost drivers. Key insights emphasize the need for real-time data analysis and increased health care consumerism. This initiative aims to help organizations adapt to the long-term impacts of COVID-19 while optimizing employee well-being.

Benefitfocus (NASDAQ: BNFT) announced that its core benefits administration platform, Benefitplace for Employers and Health Plans, has achieved HITRUST CSF Certified status for information security. This certification confirms that Benefitfocus meets key regulations and industry standards, ensuring effective risk management. The company is now part of an elite group globally recognized for adhering to stringent security controls. Executive Ravi Metta emphasized the importance of this certification in providing top-notch data protection to customers, while HITRUST's Jeremy Huval praised Benefitfocus' commitment to industry best practices.

Benefitfocus (NASDAQ: BNFT) announced on August 9, 2021, its partnership with the State of Nevada to modernize the Public Employees' Benefits Program (PEBP). The project includes implementing the Benefitplace™ platform, allowing seamless integration with the State's SAP S4 ERP. This initiative aims to enhance employee benefits administration for over 72,000 state employees and retirees, promoting efficiency while reducing costs and risks. Benefitfocus' technology will deliver a modern enrollment experience, addressing the needs of employees and administrators effectively.

Benefitfocus, Inc. (NASDAQ: BNFT) has secured a contract with the State of Wisconsin to modernize its insurance administration system for the Department of Employee Trust Funds. This decision follows a competitive RFP process aimed at creating a fully-integrated system requiring minimal customizations. Benefitfocus will manage benefits for over 239,000 members, enhancing the enrollment experience and supporting ancillary services including COBRA and billing. The Wisconsin Department oversees the Wisconsin Retirement System, which serves over 648,000 employees.

Benefitfocus, Inc. (NASDAQ: BNFT) reported second quarter 2021 financial results with revenue at $60.9 million, surpassing guidance but down 2% from Q2 2020. GAAP EPS was ($0.50), compared to ($0.38) last year. Non-GAAP net loss improved to ($5.9 million), with non-GAAP EPS at ($0.18). Adjusted EBITDA rose 4% year-over-year to $9.6 million. The company maintained a strong cash position of $193 million. The third quarter guidance estimates revenue between $58 million and $60 million, while full-year revenue is projected to range from $254 million to $260 million.

Benefitfocus (NASDAQ: BNFT) announces the appointment of four industry leaders to its management team: Suzanne Leary as Chief Customer Officer, Craig Maloney as Chief Commercial Officer, Tina Provancal as Chief Strategy Officer, and Tim Sand as Senior VP of Customer Operations. These appointments aim to enhance the company’s customer success initiatives, drive product enhancements, and accelerate sales opportunities. Leary and Maloney bring extensive experience in healthcare and benefits management, while Provancal’s expertise lies in product management. Sand’s role focuses on customer operations efficiency.

Benefitfocus (NASDAQ: BNFT) has appointed John J. Park as an independent director, expanding its Board of Directors by one seat, effective August 3, 2021. Park, an accomplished finance and operations executive, will also chair the compensation and talent committee and serve on the audit committee. His extensive experience includes roles at Advent International and The Warranty Group. Chairman Doug A. Dennerline emphasized Park's valuable skills and background, which are expected to enhance shareholder value. Park expressed enthusiasm for guiding Benefitfocus’s strategic direction and leveraging opportunities for growth.