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Performant Financial Corporation (NASDAQ: PFMT) is a leading provider of technology-enabled recovery and analytics services in the United States. The company specializes in enhancing revenue and reducing costs by preventing, identifying, and recovering outstanding and improperly paid assets. With a robust infrastructure and a seasoned team of experts, Performant delivers impactful financial solutions to its clients.
Performant's core business involves recovery services that span multiple sectors, including student loans, healthcare payments, and delinquent state and federal taxes. By leveraging a proprietary technology platform, the company offers comprehensive recovery and analytics services that can efficiently handle large data sets. These services are primarily offered on an outsourced basis, allowing clients to outsource many or all aspects of their recovery processes.
One of the key strengths of Performant is its ability to offer success-based revenue models, where it earns fees based on the percentage of funds recovered for its clients. This aligns the company's incentives with those of its clients, fostering a collaborative and results-driven relationship.
Performant Financial has more than 1,500 employees and operates out of five office locations across the United States. This extensive network allows the company to offer scalable solutions that can manage accounts ranging into billions of dollars per client. The company's advanced analytics are powered by a unique data processing platform, enabling precise and speedy analysis.
The company serves a broad range of government and private clients, applying its deep industry expertise to guide resources and achieve significant results. Performant's seasoned experts are well-versed in the intricacies of various industries, making them capable of delivering customized solutions that meet specific client needs.
For the latest updates and news about Performant Financial Corporation, investors and stakeholders are encouraged to visit the company's official website or consult recent press releases and financial reports. Performant's innovative approach and commitment to excellence make it a significant player in the recovery and analytics services market.
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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