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) reported first-quarter results for 2021, revealing total revenues of $31.4 million, down 31.6% from $45.9 million last year. The net loss narrowed to $4.4 million, or $(0.08) per diluted share, compared to a loss of $12.5 million, or $(0.23) per share, in the previous year. Adjusted EBITDA was $(0.2) million, significantly lower than $7.1 million a year ago. Despite these declines, the company remains optimistic, projecting annual healthcare revenue of $83 - $90 million and positive EBITDA for 2021.
Performant Financial Corporation (Nasdaq:PFMT) will announce its first quarter 2021 results on May 13, 2021, following market closure. A conference call to discuss these results will be held at 5:00 pm ET the same day. Participants can join by dialing 877-705-6003 (domestic) or 201-493-6725 (international). A replay will be available post-call until May 20, accessible at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 13719637. The event will also be webcast live via Performant's Investor Relations page.
Performant Financial Corporation (Nasdaq: PFMT) has appointed Amanda Purvis as head of Product Innovation. Her extensive 23 years of healthcare experience, particularly in Payment Integrity, is expected to enhance Performant's growth. Amanda aims to expand strategic partnerships and explore new markets for the company’s diverse offerings. Previously, she led a workforce of 1600 at Aetna focused on Payment Integrity. Performant seeks to leverage her expertise to strengthen its service offerings and align product development with client needs.
Performant Financial Corporation (Nasdaq: PFMT) announced on March 26, 2021, that it has secured an 8.5-year contract from the Centers for Medicare and Medicaid (CMS) as the Region 1 Recovery Audit Contractor. This contract, acquired through competitive procurement, allows Performant to conduct post-payment reviews of Medicare claims across 11 states in the Northeast and eastern Midwest. The award reflects the firm's established partnership with CMS and its ongoing commitment to audit services, further solidifying its position in the healthcare payment integrity space.
Performant Financial Corporation (Nasdaq: PFMT) reported a strategic shift towards enhancing its Healthcare operations, projecting 2021 revenues between $83 million and $90 million, up from $68.5 million in 2020. The company announced a sale of non-healthcare recovery contracts, which will help reduce leverage and extend its credit agreement’s maturity to August 2022. Although the firm expects positive EBITDA for 2021, it anticipates cash charges of $1.5 million to $2.5 million due to severance costs. This move aims to strengthen Performant's position in the growing healthcare market.
Performant Financial Corporation (Nasdaq: PFMT) reported its fourth quarter and full year results for 2020. Total revenues in Q4 were $40.0 million, down 9% from the previous year. Net income for the quarter was $3.7 million, up 195% year-over-year. For the full year, revenues reached $155.9 million, marking a 4% increase. Net loss improved to $14.0 million from $26.8 million in 2019. Adjusted EBITDA for 2020 was $20.5 million, a significant increase compared to a loss of $3.2 million in 2019. The company noted the impact of COVID-19 on operations but emphasized resilience and revenue growth.
Performant Financial Corporation (Nasdaq:PFMT) will release its Q4 and full year 2020 results on March 16, 2021, after market close. The company will host a conference call at 5:00 PM ET to discuss these results, accessible via phone or live webcast on their Investor Relations website. Performant specializes in enhancing revenue and reducing costs for government and commercial entities through analytics services targeting waste and improper payments. Founded in 1976 and headquartered in Livermore, California, the company has a strong history of serving clients, including the Centers for Medicare and Medicaid Services.
Performant Financial Corporation (Nasdaq:PFMT) announced it has regained compliance with Nasdaq's minimum bid price requirement, as confirmed by a letter received on February 11, 2021. This compliance relates to Rule 5450(a)(1) of the Nasdaq Listing Rules, and Nasdaq has deemed the matter closed. The company specializes in technology-enabled recovery and analytics services, assisting various markets in identifying and recovering delinquent assets and improper payments.
Performant Financial Corporation (NASDAQ: PFMT) announced it no longer meets NASDAQ's minimum bid price requirement of $1 per share, based on its stock performance from November 6 to December 22, 2020. The Company has until June 21, 2021, to regain compliance. CEO Lisa Im emphasized the company's commitment to growth, citing revenue increases and positive EBITDA amidst challenges posed by the COVID-19 pandemic. The letter has no immediate impact on the stock's NASDAQ listing, which remains contingent on meeting other listing criteria.
Performant Financial Corporation (Nasdaq: PFMT) reported its third quarter results for 2020, showing total revenues of $36.2 million, a slight increase from $35.9 million year-over-year. Net income rose to $2.0 million, or $0.04 per diluted share, improving from a net loss of $8.1 million in the same quarter last year. Adjusted net income was $3.2 million ($0.06 per diluted share) compared to a loss of $7.3 million previously. Healthcare revenues surged by 63% to $17.6 million, while recovery revenues dropped 26% to $15.4 million.
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