MultiPlan Corporation - MPLN STOCK NEWS

MultiPlan (NYSE: MPLN) reported Q3 2024 financial results with revenues of $230.5 million, down 5.1% year-over-year, and a net loss of $391.5 million, primarily due to a $361.6 million impairment charge for goodwill and indefinite-lived intangibles. Adjusted EBITDA was $141.6 million. The company processed $44.7 billion in claim charges, identifying potential medical cost savings of $6.4 billion, up 10% from Q3 2023. MultiPlan updated its FY 2024 guidance, tightening revenue expectations to $930-940 million and adjusting Adjusted EBITDA guidance to $580-590 million.

MultiPlan (NYSE:MPLN) has opened applications for its Rural Health Grant program until December 15, 2024. The initiative aims to support rural healthcare providers in improving community health services through financial assistance. The grant is available to hospitals, rural health clinics, and federally qualified health centers participating in MultiPlan's healthcare provider networks. Recipients will be announced in February 2025, with funds being allocated to one or more providers based on the grant committee's review. The program, established in 1995, has previously funded various healthcare initiatives, including safety upgrades for patient transportation in rural Alabama.

MultiPlan (NYSE: MPLN) has appointed Tiffani Misencik as Chief Growth Officer in a newly created executive leadership role. Misencik will oversee MultiPlan's sales and revenue growth strategy across all market segments, leading client acquisition, client management, and market expansion efforts. She will play a critical role in integrating revenue-related and organizational functions to drive sustainable and profitable growth.

Misencik brings over 25 years of experience in healthcare technology, previously serving as Chief Revenue Officer at Greenway Health and holding various sales leadership positions at Interlad and Allscripts. Her appointment is expected to support MultiPlan's vision of providing affordable healthcare for all and aligns with the company's growth objectives.

MultiPlan (NYSE: MPLN), a leading provider of data-driven cost management solutions for the U.S. healthcare industry, has announced its upcoming third quarter 2024 earnings conference call. The company will release its financial results on Tuesday, November 5, 2024, followed by a conference call at 8:30 am Eastern Time.

Interested participants can pre-register for the call using the provided link. Upon registration, they will receive dial-in details and a unique access code. A live webcast of the call will be available through the Investor Relations section of MultiPlan's website. The earnings press release and supplemental slide deck will also be accessible on the company's website. For those unable to attend the live call, a replay will be available approximately two hours after the call through the archived webcast on the Investor Relations section.

MultiPlan (NYSE: MPLN) has announced key leadership changes. Curren Katz, PhD has been appointed as the new Chief Data Science Officer, a newly created role to lead and unify the company's efforts in data science and AI. Katz joins from Johnson & Johnson's pharmaceuticals, bringing extensive experience in data science and digital health.

Additionally, Tara O'Neil has been promoted to General Counsel after over 30 years with MultiPlan. In her new role, she will oversee the company's legal, regulatory compliance, and corporate governance functions. Scott Mays has been promoted to Senior Vice President, Legal and Deputy General Counsel, recognizing his important role in developing the client contracting group and supporting corporate transactions since joining in 2017.

These changes showcase MultiPlan's commitment to leveraging internal talent and bringing in fresh perspectives to drive innovation in healthcare cost management solutions.

MultiPlan (NYSE: MPLN) and the National Rural Health Association (NRHA) have announced a strategic alliance to improve access to high-quality healthcare services in rural communities. The partnership aims to empower rural healthcare providers with innovative technology and actionable insights to address financial barriers to patient care.

Key points of the alliance include:

• Combining over 40 years of expertise with innovative technology and data-driven insights
• Reducing costs and improving transparency in rural healthcare
• Introducing transformational technology like CompleteVue™ to rural providers
• Advancing advocacy initiatives for sustainable healthcare systems
• Enhancing financial viability through tech-enabled solutions
• Fostering collaboration and knowledge sharing among rural healthcare providers

The alliance seeks to address challenges faced by rural healthcare providers, including financial pressures, staffing shortages, and access to specialized services.

MultiPlan (NYSE: MPLN) has announced the implementation of a 1-for-40 reverse stock split of its Class A common stock, effective September 20, 2024, at 5:00 p.m. Eastern Time. The stock will begin trading on a split-adjusted basis on September 23, 2024, under the same symbol (MPLN) but with a new CUSIP number. This action aims to increase the per share trading price to meet NYSE's continued listing criteria.

The reverse split will affect outstanding warrants, awards under the 2020 Omnibus Incentive Plan, shares available under both the 2020 Omnibus Incentive Plan and 2023 Employee Purchase Plan, and convertible notes. Proportional adjustments will be made to ensure fewer shares underlie these securities with increased prices per share. No fractional shares will be issued, with affected stockholders receiving cash payments instead.

MultiPlan (NYSE: MPLN) has been named to the 2024 Fortune Best Workplaces in Health Care™ List for the second consecutive year. This recognition is based on the company's 2023-2024 Great Place to Work® Certification™ results, reflecting employee feedback from over 185,000 workers in the healthcare industry.

MultiPlan employees scored the company particularly high in areas of justice, community, and leadership. The ranking is based on last year's Great Place To Work score, where 87% of employees declared MultiPlan a great place to work. This achievement underscores MultiPlan's strong team culture and commitment to its role in the healthcare industry.

The company has also been certified by Great Place To Work for three consecutive years and was named to Fortune's 2023 Best Workplace in New York List for the second year in a row.

MultiPlan (NYSE: MPLN) has announced a 1-for-40 reverse stock split of its Class A common stock, effective September 20, 2024, at 5:00 p.m. Eastern Time. Trading on a split-adjusted basis will begin on September 23, 2024, under the same NYSE symbol (MPLN) but with a new CUSIP number. This move will reduce the outstanding shares from approximately 658,127,871 to 16,453,197.

The reverse split will also affect warrants, awards under the 2020 Omnibus Incentive Plan, shares available under both the 2020 Omnibus Incentive Plan and 2023 Employee Purchase Plan, and convertible notes. The primary goal is to increase the per share trading price to meet NYSE's continued listing criteria.