Welcome to our dedicated page for Performant Finl news (Ticker: PFMT), a resource for investors and traders seeking the latest updates and insights on Performant Finl stock.
Company Overview
Performant Finl Corp (PFMT) is a publicly traded entity that provides technology-enabled recovery and analytics services. The company is dedicated to addressing the challenges associated with waste, improper payments, and unpaid debts across a broad spectrum of public and private markets. By leveraging advanced data analytics, sophisticated workflow technologies, and a team of seasoned industry experts, PFMT helps organizations enhance revenue and contain costs. Its service offerings are built around identifying and recovering elusive funds in sectors such as healthcare, student loans, and government receivables, making it a vital player in minimizing financial inefficiencies.
Technology and Analytics
At the heart of PFMT's operations is a proprietary data processing platform that enables the analysis of vast datasets with precision and speed. This advanced analytics capability allows the company to detect anomalies and improper payments quickly, thereby maximizing recovery outcomes. The integration of this technology with comprehensive recovery processes ensures a seamless and effective approach to unlocking value hidden within large, complex data streams.
Recovery and Workflow Infrastructure
PFMT's recovery infrastructure is designed to manage accounts that span extremely high dollar ranges. The company employs highly scalable workflow technologies that allow it to process numerous cases simultaneously, ensuring that each account is handled with meticulous attention. This infrastructure, combined with a success-based fee model, aligns the company’s performance directly with the financial benefits realized by its clients.
Market Segments and Services
The company operates across multiple market segments, serving both government and private entities. It offers its services on an outsourced basis, managing many or all aspects of its clients' recovery processes. Whether it is the identification and recovery of student loan assets, correcting improper healthcare payments, or reclaiming delinquent state tax and federal treasury receivables, PFMT’s diversified approach helps mitigate common financial losses that affect various sectors.
Business Model and Revenue Generation
PFMT utilizes a success-based revenue model, earning fees as a percentage of the funds recovered for its clients. This performance-driven approach ensures that the company’s interests are closely aligned with those of its clients. By focusing on the recovery of funds that might otherwise be lost, PFMT drives immediate financial impact and operates with a clear value proposition that resonates across multiple industries.
Expertise and Operational Scale
The company prides itself on its team of experienced professionals who have a deep understanding of industry intricacies. This expertise is essential in navigating the regulatory and operational complexities that industries such as healthcare and government finance present. The operational scale of PFMT is supported by a robust staffing allotment and strategically located offices, enhancing its ability to manage recovery processes involving substantial dollar volumes and complex cases.
Competitive Position and Value Proposition
PFMT’s competitive edge lies in its ability to merge traditional recovery practices with cutting-edge technology. This unique combination of seasoned expertise, advanced analytics, and scalable process management distinguishes it from other service providers in the recovery and analytics space. The company’s comprehensive approach not only minimizes financial leakage but also provides a transparent and measurable return on investment for its clients.
Key Considerations
Investors and stakeholders interested in understanding PFMT should note the company’s diverse client base and its ability to operate effectively in a highly specialized market. The use of sophisticated technologies and a strong adherence to proven recovery methodologies underpin its operational strategy. While PFMT remains focused on mitigating improper payments and recovering lost assets, its commitment to operational excellence and industry-specific expertise are what enable it to maintain competitiveness in an ever-evolving financial services landscape.
Performant Financial Corporation (NASDAQ: PFMT) announced it has been awarded a national indefinite delivery, indefinite quantity (IDIQ) contract by the U.S. Department of Health and Human Services (HHS), Office of the Inspector General (OIG) on January 4, 2022. This contract enables Performant to provide medical review and consultative services to oversee Medicare fee-for-service claims. The partnership aims to reduce improper payments and conserve the Medicare Trust Fund. The contract consists of a one-year base term, with four additional one-year options.
Performant Financial Corporation (Nasdaq: PFMT) has entered a new credit agreement with MUFG Union Bank, securing up to $35 million in debt financing. This includes a $20 million term loan and a $15 million revolving credit facility, aimed at enhancing operational stability and growth in healthcare payment services. The company expects to save over $8 million in debt service payments in 2022 due to lower principal payments and interest rates. The credit facility matures in December 2026, reinforcing Performant's financial position and growth strategy.
Performant Financial Corporation (Nasdaq: PFMT) reported a significant decline in its third quarter financial results for 2021. Total revenues fell to $28.6 million, down 21% from $36.2 million in the previous year. The company recorded a net loss of approximately $1.7 million or $(0.03) per diluted share, compared to a net income of $2.0 million or $0.04 per share in the prior year. Adjusted EBITDA was $2.7 million, a drop from $3.8 million last year. Despite this, healthcare revenues grew by 14% to $20.0 million. Cash and cash equivalents stood at approximately $53.5 million.
Performant Financial Corporation (NASDAQ:PFMT) will announce its third quarter 2021 results on November 9, 2021, after market closure. A conference call to discuss these results will be held at 5:00 PM ET the same day. Interested parties can access the call via phone or listen to a live webcast on the company's investor relations website. The company specializes in technology-enabled recovery and analytics services aimed at improving revenue and reducing costs for governmental and commercial entities, particularly in healthcare and student loans.
Performant Financial Corporation (Nasdaq: PFMT) announced participation in the Colliers 2021 Institutional Investor Conference on September 9, 2021. Key executives, including CEO Lisa Im and SVP Simeon Kohl, will represent the company. Based in Livermore, California, Performant specializes in technology-enabled audit and recovery services, primarily in the healthcare payment integrity sector. With over ten years of experience, the company aids healthcare payers in identifying improper payments through claims auditing.
Performant Financial Corporation (Nasdaq: PFMT) has announced the pricing of an underwritten public offering of up to 10,525,000 shares at $3.80 each, expected to gross approximately $40 million. The offering will close around August 20, 2021, subject to customary conditions. Proceeds are designated for working capital and general corporate purposes, including debt repayment. The underwriters also have a 30-day option for an additional 1,578,750 shares. The shares will be issued under an effective SEC shelf registration statement.
Performant Financial Corporation (Nasdaq: PFMT) has announced a proposed underwritten registered public offering of its common stock. All shares will be sold by the Company, with a 30-day option for underwriters to purchase an additional 15%. The offering is subject to market conditions and there is no assurance of completion. The net proceeds will be used for working capital and general corporate purposes, including debt repayment. Craig-Hallum Capital Group and Colliers Securities LLC are managing the offering. The registration is effective as of August 12, 2021.
Performant Financial Corporation (Nasdaq: PFMT) reported its second quarter results for 2021, revealing total revenues of $32.8 million, a 3% decline from the previous year. The company experienced a net loss of $1.5 million, reduced from $7.2 million in the prior year. Healthcare revenues surged 27% year-over-year, reaching $18.6 million, but recovery revenues fell 31% to $11.1 million. The adjusted net income was $0.5 million, while adjusted EBITDA slightly decreased to $4.2 million. The company revised its 2021 healthcare revenue guidance to $80 - $85 million amid uncertainties from the Delta variant of COVID-19.
Performant Financial Corporation (Nasdaq:PFMT) plans to announce its Q2 2021 results after market close on August 10, 2021. A conference call is scheduled for 5:00 PM ET to discuss these results. The call can be accessed via 877-705-6003 for domestic callers and 201-493-6725 for international participants. A replay will be available until August 17, 2021. Performant specializes in technology-enabled recovery services aimed at enhancing revenue and reducing costs for government and commercial sectors.
Performant Financial Corporation (Nasdaq: PFMT) will join the Russell Microcap® Index after the annual reconstitution on June 28. This membership, lasting one year, signifies inclusion in growth and value style indexes, enhancing the company's visibility and credibility. CEO Lisa Im states this move validates their growth efforts and can help broaden their investor base. The Russell indexes benchmark $10.6 trillion in assets, used by investment managers and institutional investors globally, indicating significant potential for increased investment in PFMT.
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