Performant Healthcare, Inc. - PFMT STOCK NEWS

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.