Performant Financial Corporation Announces Financial Results for Third Quarter 2024
Performant Financial (PFMT) reported Q3 2024 results with healthcare revenues of $30.3 million, up 6% year-over-year, and total revenues of $31.5 million, a 5% increase. The company posted a net loss of $2.4 million, or $(0.03) per diluted share, compared to a net loss of $0.6 million in the prior year. Adjusted EBITDA was $1.9 million. The company reaffirmed its 2024 guidance, expecting healthcare revenues between $117-122 million and adjusted EBITDA of $4-5 million. Notable achievements include implementing 32 commercial programs expected to generate $13-14 million in annualized revenue and securing their first State Medicaid contract with New York.
Performant Financial (PFMT) ha riportato i risultati del terzo trimestre 2024 con entrate sanitarie di 30,3 milioni di dollari, in aumento del 6% rispetto all'anno precedente, e entrate totali di 31,5 milioni di dollari, con un incremento del 5%. L'azienda ha registrato una perdita netta di 2,4 milioni di dollari, ovvero $(0,03) per azione diluita, rispetto a una perdita netta di 0,6 milioni di dollari nell'anno precedente. L'EBITDA rettificato è stato di 1,9 milioni di dollari. L'azienda ha confermato le previsioni per il 2024, aspettandosi entrate sanitarie tra 117 e 122 milioni di dollari e un EBITDA rettificato di 4-5 milioni di dollari. Tra i risultati significativi vi è l'implementazione di 32 programmi commerciali previsti per generare 13-14 milioni di dollari in entrate annuali e l'ottenimento del primo contratto Medicaid statale con New York.
Performant Financial (PFMT) reportó los resultados del tercer trimestre de 2024, con ingresos en salud de 30.3 millones de dólares, un aumento del 6% interanual, y ingresos totales de 31.5 millones de dólares, lo que representa un incremento del 5%. La compañía registró una pérdida neta de 2.4 millones de dólares, es decir, $(0.03) por acción diluida, en comparación con una pérdida neta de 0.6 millones de dólares en el año anterior. El EBITDA ajustado fue de 1.9 millones de dólares. La empresa reafirmó su pronóstico para 2024, esperando ingresos en salud entre 117 y 122 millones de dólares y un EBITDA ajustado de 4-5 millones de dólares. Entre los logros notables se incluye la implementación de 32 programas comerciales que se espera generen 13-14 millones de dólares en ingresos anuales y la obtención de su primer contrato de Medicaid estatal con Nueva York.
Performant Financial (PFMT)는 2024년 3분기 결과를 발표하며 의료 수익이 3천만 3백만 달러로 전년 대비 6% 증가했으며, 총 수익은 3천1백5십만 달러로 5% 증가했다고 밝혔습니다. 회사는 2천4백만 달러의 순손실을 기록했으며, 이는 희석주당 $(0.03)입니다. 이는 전년도 6십만 달러의 순손실과 비교됩니다. 조정 EBITDA는 1천9백만 달러였습니다. 회사는 2024년 가이던스를 재확인하며, 의료 수익을 1억 1천7백만~1억 2천2백만 달러, 조정 EBITDA를 4백만~5백만 달러로 예상하고 있습니다. 주목할 만한 성과로는 연간 수익이 1천3백만~1천4백만 달러에 이를 것으로 예상되는 32개의 상업 프로그램을 구현하고, 뉴욕주와 첫 번째 주 Medicaid 계약을 체결한 것입니다.
Performant Financial (PFMT) a annoncé les résultats du troisième trimestre 2024 avec des revenus de santé de 30,3 millions de dollars, en hausse de 6 % par rapport à l'année précédente, et des revenus totaux de 31,5 millions de dollars, soit une augmentation de 5 %. L'entreprise a enregistré une perte nette de 2,4 millions de dollars, soit $(0,03) par action diluée, contre une perte nette de 0,6 million de dollars l'année précédente. L'EBITDA ajusté s'est établi à 1,9 million de dollars. L'entreprise a réaffirmé ses prévisions pour 2024, s'attendant à des revenus de santé compris entre 117 et 122 millions de dollars et un EBITDA ajusté de 4 à 5 millions de dollars. Parmi les réalisations notables, on trouve la mise en œuvre de 32 programmes commerciaux qui devraient générer entre 13 et 14 millions de dollars de revenus annuels et l'obtention de leur premier contrat Medicaid d'État avec New York.
Performant Financial (PFMT) berichtete über die Ergebnisse des dritten Quartals 2024 mit Gesundheitsumsätzen von 30,3 Millionen Dollar, was einem Anstieg von 6% im Vergleich zum Vorjahr entspricht, sowie Gesamtumsätzen von 31,5 Millionen Dollar, einem Anstieg von 5%. Das Unternehmen verzeichnete einen Nettoverlust von 2,4 Millionen Dollar, oder $(0,03) je verwässerter Aktie, im Vergleich zu einem Nettoverlust von 0,6 Millionen Dollar im Vorjahr. Das bereinigte EBITDA betrug 1,9 Millionen Dollar. Das Unternehmen bestätigte seine Prognosen für 2024 und erwartet Gesundheitsumsätze zwischen 117 und 122 Millionen Dollar sowie ein bereinigtes EBITDA von 4-5 Millionen Dollar. Zu den bemerkenswerten Erfolgen zählt die Implementierung von 32 kommerziellen Programmen, die voraussichtlich 13-14 Millionen Dollar an jährlichen Einnahmen generieren werden, sowie der Abschluss des ersten Medicaid-Vertrags mit dem Bundesstaat New York.
- Healthcare revenue increased 6% YoY to $30.3 million
- Total revenue grew 5% to $31.5 million
- Implemented 32 commercial programs expected to generate $13-14 million annually
- Secured first State Medicaid contract with New York
- Adjusted EBITDA improved to $1.9 million from $1.8 million YoY
- Net loss widened to $2.4 million from $0.6 million YoY
- Adjusted net income declined to -$0.8 million from $0.4 million YoY
- Customer care revenue decreased to $1.2 million from $1.5 million YoY
- EPS declined to -$0.03 from -$0.01 YoY
Insights
The Q3 2024 results show mixed performance for Performant Financial. While healthcare revenues grew by
The company's decision to reduce customer care services aligns with their healthcare-focused strategy. Despite market challenges, management maintains their 2024 guidance of
The expansion into state Medicaid contracts, particularly securing New York's program, marks a strategic milestone for Performant. The company's diversification across federal, commercial and state sectors strengthens its market position in healthcare payment integrity. The growth in claims-based services (
The slight improvement in adjusted EBITDA to
Third Quarter Financial Highlights
-
Healthcare revenues of
, compared to$30.3 million in the prior year period, an increase of approximately$28.5 million 6% . -
Total revenues of
, compared to total revenues of$31.5 million in the prior year period.$30.0 million -
Net loss of
, or$2.4 million per diluted share, compared to net loss of$(0.03) , or$0.6 million per diluted share, in the prior year period.$(0.01) -
Adjusted EBITDA of
, compared to$1.9 million in the prior year period.$1.8 million -
Adjusted net loss was
, or$0.8 million per diluted share, compared to adjusted net income of$(0.01) , or$0.4 million per diluted share, in the prior year period.$0.01
Third Quarter 2024 Results
Healthcare revenues in the third quarter of 2024 were
“Our third quarter revenue and overall profitability grew as expected against a difficult year-over-year comparison. Existing commercial client implementations continue to scale as expected along with the CMS RAC Region 2 contract to drive revenue growth," stated Simeon Kohl, CEO of Performant. "We are capitalizing on market opportunities, including our first State Medicaid contract with
Revenues from our customer care / outsourced services in the third quarter were
Net loss for the third quarter was
“The combination of our strong year-to-date financial performance and advancements in initiatives aimed at improving profitability, gives us confidence in reiterating our healthcare revenue guidance range,” said Rohit Ramchandani, Chief Financial Officer. “We expect to deliver financial results within our originally stated range which is an achievement considering some unusual conditions in the healthcare market in 2024. Full guidance expectations are as follows: 2024 healthcare revenues in the range of
Note Regarding Use of Non-GAAP Financial Measures
In this press release, to supplement our consolidated financial statements, the Company presents adjusted EBITDA, adjusted net income (loss), and adjusted net income (loss) per diluted share. These measures are not in accordance with accounting principles generally accepted in
Earnings Conference Call
The Company will hold a conference call to discuss its third quarter 2024 results today at 5:00 p.m. Eastern. A live webcast of the call may be accessed on the Investor Relations section of the Company’s website at investors.performantcorp.com. To dial into the call you can dial 800-717-1738 or 646-307-1865.
A replay of the call will be available on the Company's website or by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the passcode 1114357. The telephonic replay will be available approximately three hours after the call, through November 13, 2024.
About Performant Healthcare Solutions
Performant supports healthcare payers in identifying, preventing, and recovering waste and improper payments by leveraging advanced technology, analytics and proprietary data assets. Performant works with leading national and regional healthcare payers to provide eligibility-based, also known as coordination-of-benefits (COB) services, as well as claims-based services, which includes the audit and identification of improperly paid claims. Performant is a leading provider of these services in both government and commercial healthcare markets. Performant also provides advanced reporting capabilities, support services, customer care, and stakeholder training programs designed to mitigate future instances of improper payments.
To learn more, please visit http://www.performanthealth.com
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's outlook for revenues, net income (loss), adjusted EBITDA in 2024 and beyond, our commercial client growth strategy, and our estimated revenue from commercial programs implemented in the first nine-months of 2024. These forward-looking statements are based on current expectations, estimates, assumptions, and projections that are subject to change and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the Company’s ability to generate revenue following long implementation periods associated with new customer contracts; client relationships and the Company’s ability to maintain such client relationships; many of the Company’s customer contracts are subject to periodic renewal, are not exclusive, do not provide for committed business volumes; anticipated trends and challenges in the Company’s business and competition in the markets in which it operates; the Company’s indebtedness and compliance, or failure to comply, with restrictive covenants in the Company’s credit agreement; opportunities and expectations for growth in the various markets in which the Company operates; the Company’s ability to hire and retain employees with specialized skills that are required for its healthcare business; downturns in domestic or global economic conditions and other macroeconomic factors; the Company’s ability to generate sufficient cash flows to fund our ongoing operations and other liquidity needs; the impact of public health pandemics such as COVID-19 on the Company’s business and operations, opportunities and expectations for the markets in which the Company operates; the impacts of a failure of the Company’s operating systems or technology infrastructure or those of third-party vendors and subcontractors; the impacts of a cybersecurity breach or related incident to the Company or any of the Company’s third-party vendors and subcontractors; the adaptability of the Company’s technology platform to new markets and processes; the Company’s ability to invest in and utilize our data and analytics capabilities to expand its capabilities; the Company’s growth strategy of expanding in existing markets and considering strategic alliances or acquisitions; the Company’s ability to maintain, protect and enhance its intellectual property; expectations regarding future expenses; expected future financial performance; and the Company’s ability to comply with and adapt to industry regulations and compliance demands.
More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's annual report on Form 10-K for the year ended December 31, 2023 and subsequently filed reports on Forms 10-Q and 8-K. The forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking statements to conform these statements to actual results or revised expectations.
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES |
|||||||
Consolidated Balance Sheets |
|||||||
(In thousands, except par value amounts) |
|||||||
|
September 30,
|
|
December 31,
|
||||
|
(Unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
7,775 |
|
|
$ |
7,252 |
|
Restricted cash |
|
— |
|
|
|
81 |
|
Trade accounts receivable, net of allowance for credit losses |
|
17,955 |
|
|
|
17,584 |
|
Contract assets |
|
9,538 |
|
|
|
10,879 |
|
Prepaid expenses and other current assets |
|
2,944 |
|
|
|
3,651 |
|
Income tax receivable |
|
119 |
|
|
|
335 |
|
Total current assets |
|
38,331 |
|
|
|
39,782 |
|
Property, equipment, and software, net |
|
14,033 |
|
|
|
9,724 |
|
Goodwill |
|
47,372 |
|
|
|
47,372 |
|
Debt issuance costs |
|
473 |
|
|
|
631 |
|
Right-of-use assets |
|
847 |
|
|
|
531 |
|
Other assets |
|
787 |
|
|
|
990 |
|
Total assets |
$ |
101,843 |
|
|
$ |
99,030 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accrued salaries and benefits |
|
7,588 |
|
|
|
7,924 |
|
Accounts payable |
|
719 |
|
|
|
727 |
|
Other current liabilities |
|
2,404 |
|
|
|
2,385 |
|
Contract liabilities |
|
1,897 |
|
|
|
493 |
|
Estimated liability for appeals and disputes |
|
600 |
|
|
|
601 |
|
Deferred asset acquisition payments |
|
737 |
|
|
|
— |
|
Lease liabilities |
|
423 |
|
|
|
250 |
|
Total current liabilities |
|
14,368 |
|
|
|
12,380 |
|
Long-term loan payable |
|
8,000 |
|
|
|
5,000 |
|
Deferred asset acquisition payments |
|
3,123 |
|
|
|
— |
|
Lease liabilities |
|
442 |
|
|
|
295 |
|
Other liabilities |
|
672 |
|
|
|
648 |
|
Total liabilities |
|
26,605 |
|
|
|
18,323 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders’ equity: |
|
|
|
||||
Common stock, |
|
8 |
|
|
|
8 |
|
Additional paid-in capital |
|
149,929 |
|
|
|
146,001 |
|
Accumulated deficit |
|
(74,699 |
) |
|
|
(65,302 |
) |
Total stockholders’ equity |
|
75,238 |
|
|
|
80,707 |
|
Total liabilities and stockholders’ equity |
$ |
101,843 |
|
|
$ |
99,030 |
|
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES |
||||||||||||||||
Consolidated Statements of Operations |
||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
$ |
31,519 |
|
|
$ |
29,962 |
|
|
$ |
88,215 |
|
|
$ |
81,176 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Salaries and benefits |
|
|
25,966 |
|
|
|
22,980 |
|
|
|
73,721 |
|
|
|
67,139 |
|
Other operating expenses |
|
|
7,702 |
|
|
|
7,632 |
|
|
|
23,305 |
|
|
|
22,077 |
|
Total operating expenses |
|
|
33,668 |
|
|
|
30,612 |
|
|
|
97,026 |
|
|
|
89,216 |
|
Loss from operations |
|
|
(2,149 |
) |
|
|
(650 |
) |
|
|
(8,811 |
) |
|
|
(8,040 |
) |
Gain on sale of certain recovery contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Interest expense |
|
|
(313 |
) |
|
|
(423 |
) |
|
|
(799 |
) |
|
|
(1,188 |
) |
Interest income |
|
|
93 |
|
|
|
86 |
|
|
|
260 |
|
|
|
86 |
|
Loss before provision for income taxes |
|
|
(2,369 |
) |
|
|
(987 |
) |
|
|
(9,350 |
) |
|
|
(9,139 |
) |
Provision for (benefit from) income taxes |
|
|
15 |
|
|
|
(407 |
) |
|
|
47 |
|
|
|
(365 |
) |
Net loss |
|
$ |
(2,384 |
) |
|
$ |
(580 |
) |
|
$ |
(9,397 |
) |
|
$ |
(8,774 |
) |
Net loss per share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.03 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.12 |
) |
Diluted |
|
$ |
(0.03 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.12 |
) |
Weighted average shares |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
77,748 |
|
|
|
76,454 |
|
|
|
77,232 |
|
|
|
75,907 |
|
Diluted |
|
|
77,748 |
|
|
|
76,454 |
|
|
|
77,232 |
|
|
|
75,907 |
|
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES |
|||||||
Consolidated Statements of Cash Flows |
|||||||
(In thousands) |
|||||||
(Unaudited) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(9,397 |
) |
|
$ |
(8,774 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Loss on disposal of assets |
|
63 |
|
|
|
258 |
|
Depreciation and amortization |
|
5,244 |
|
|
|
3,805 |
|
Right-of-use assets amortization |
|
312 |
|
|
|
1,411 |
|
Stock-based compensation |
|
4,122 |
|
|
|
2,815 |
|
Interest expense from debt issuance costs |
|
173 |
|
|
|
256 |
|
Gain on sale of certain recovery contracts |
|
— |
|
|
|
(3 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Trade accounts receivable |
|
(371 |
) |
|
|
1,665 |
|
Contract assets |
|
1,341 |
|
|
|
4,610 |
|
Prepaid expenses and other current assets |
|
707 |
|
|
|
561 |
|
Income tax receivable |
|
216 |
|
|
|
2,607 |
|
Other assets |
|
190 |
|
|
|
86 |
|
Accrued salaries and benefits |
|
(336 |
) |
|
|
(1,295 |
) |
Accounts payable |
|
(8 |
) |
|
|
(390 |
) |
Contract liabilities and other current liabilities |
|
1,423 |
|
|
|
(43 |
) |
Estimated liability for appeals and disputes |
|
(1 |
) |
|
|
(200 |
) |
Lease liabilities |
|
(308 |
) |
|
|
(1,645 |
) |
Other liabilities |
|
25 |
|
|
|
23 |
|
Net cash provided by operating activities |
|
3,395 |
|
|
|
5,747 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchase of property, equipment, and software |
|
(5,744 |
) |
|
|
(2,956 |
) |
Proceeds from sale of certain recovery contracts |
|
— |
|
|
|
3 |
|
Net cash used in investing activities |
|
(5,744 |
) |
|
|
(2,953 |
) |
Cash flows from financing activities: |
|
|
|
||||
Repayment of long-term loan payable |
|
— |
|
|
|
(8,250 |
) |
Debt issuance costs paid |
|
(15 |
) |
|
|
(424 |
) |
Taxes paid related to net share settlement of stock awards |
|
(194 |
) |
|
|
(196 |
) |
Borrowings from revolving loan |
|
3,000 |
|
|
|
— |
|
Net cash provided by (used in) financing activities |
|
2,791 |
|
|
|
(8,870 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
442 |
|
|
|
(6,076 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
7,333 |
|
|
|
23,465 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
7,775 |
|
|
$ |
17,389 |
|
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets: |
|
|
|
||||
Cash and cash equivalents |
$ |
7,775 |
|
|
$ |
17,308 |
|
Restricted cash |
|
— |
|
|
|
81 |
|
Total cash, cash equivalents and restricted cash at end of period |
$ |
7,775 |
|
|
$ |
17,389 |
|
Non-cash investing activities: |
|
|
|
||||
Deferred asset acquisition payments |
$ |
3,860 |
|
|
$ |
— |
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
Cash received for income taxes |
$ |
(112 |
) |
|
$ |
(2,904 |
) |
Cash paid for interest |
$ |
438 |
|
|
$ |
1,084 |
|
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES |
||||||||||||||||
Reconciliation of Non-GAAP Results |
||||||||||||||||
(In thousands, except per share amount) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
|
(in thousands) |
||||||||||||
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
|
$ |
(2,384 |
) |
|
$ |
(580 |
) |
|
$ |
(9,397 |
) |
|
$ |
(8,774 |
) |
Provision for (benefit from) income taxes |
|
|
15 |
|
|
|
(407 |
) |
|
|
47 |
|
|
|
(365 |
) |
Interest expense (1) |
|
|
313 |
|
|
|
423 |
|
|
|
799 |
|
|
|
1,188 |
|
Interest income |
|
|
(93 |
) |
|
|
(86 |
) |
|
|
(260 |
) |
|
|
(86 |
) |
Stock-based compensation |
|
|
1,860 |
|
|
|
1,129 |
|
|
|
4,122 |
|
|
|
2,815 |
|
Depreciation and amortization |
|
|
1,927 |
|
|
|
1,293 |
|
|
|
5,244 |
|
|
|
3,805 |
|
Severance expenses (3) |
|
|
278 |
|
|
|
64 |
|
|
|
664 |
|
|
|
246 |
|
Other |
|
|
21 |
|
|
|
5 |
|
|
|
36 |
|
|
|
34 |
|
Adjusted EBITDA |
|
$ |
1,937 |
|
|
$ |
1,841 |
|
|
$ |
1,255 |
|
|
$ |
(1,137 |
) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
|
(in thousands) |
||||||||||||
Adjusted Net Income (Loss): |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
|
$ |
(2,384 |
) |
|
$ |
(580 |
) |
|
$ |
(9,397 |
) |
|
$ |
(8,774 |
) |
Stock-based compensation |
|
|
1,860 |
|
|
|
1,129 |
|
|
|
4,122 |
|
|
|
2,815 |
|
Amortization of debt issuance costs (2) |
|
|
58 |
|
|
|
134 |
|
|
|
173 |
|
|
|
256 |
|
Severance expenses (3) |
|
|
278 |
|
|
|
64 |
|
|
|
664 |
|
|
|
246 |
|
Other |
|
|
21 |
|
|
|
5 |
|
|
|
36 |
|
|
|
34 |
|
Tax adjustments (4) |
|
|
(609 |
) |
|
|
(366 |
) |
|
|
(1,373 |
) |
|
|
(921 |
) |
Adjusted net income (loss) |
|
$ |
(776 |
) |
|
$ |
386 |
|
|
$ |
(5,775 |
) |
|
$ |
(6,344 |
) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
(in thousands) |
|
(in thousands) |
||||||||||||
Adjusted Net Income (Loss) Per Diluted Share: |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
|
$ |
(2,384 |
) |
|
$ |
(580 |
) |
|
$ |
(9,397 |
) |
|
$ |
(8,774 |
) |
Plus: Adjustment items per reconciliation of adjusted net income (loss) |
|
|
1,608 |
|
|
|
966 |
|
|
|
3,622 |
|
|
|
2,430 |
|
Adjusted net income (loss) |
|
$ |
(776 |
) |
|
$ |
386 |
|
|
$ |
(5,775 |
) |
|
$ |
(6,344 |
) |
Adjusted net income (loss) per diluted share |
|
$ |
(0.01 |
) |
|
$ |
0.01 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.08 |
) |
Diluted average shares outstanding |
|
|
77,748 |
|
|
|
76,830 |
|
|
|
77,232 |
|
|
|
75,907 |
|
(1) | Represents interest expense and amortization of debt issuance costs related to our Credit Agreement. |
|
(2) | Represents amortization of debt issuance costs related to our Credit Agreement. |
|
(3) | Represents severance expenses incurred in connection with a reduction in force for our non-healthcare recovery services. |
|
(4) |
Represents tax adjustments assuming a marginal tax rate of |
PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES |
||||||||||||
Quarterly and Annual Revenues |
||||||||||||
(In thousands) |
||||||||||||
(Unaudited) |
||||||||||||
We are providing the following historical breakdown of the quarterly and annual revenue contributions under the contribution breakdowns of our healthcare revenue results for the nine months ended September 30, 2024, and for the years ended December 31, 2023 and 2022: |
||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
March 31, 2024 |
|
June 30, 2024 |
|
September 30, 2024 |
|
September 30, 2024 |
||||
|
|
|
|
|
|
|
|
(in thousands) |
||||
Eligibility-based |
|
$ |
13,388 |
|
$ |
14,264 |
|
$ |
16,070 |
|
$ |
43,722 |
Claims-based |
|
|
12,412 |
|
|
13,661 |
|
|
14,217 |
|
|
40,290 |
Healthcare Total |
|
|
25,800 |
|
|
27,925 |
|
|
30,287 |
|
|
84,012 |
Customer Care / Outsourced Services |
|
|
1,534 |
|
|
1,437 |
|
|
1,232 |
|
|
4,203 |
Total |
|
$ |
27,334 |
|
$ |
29,362 |
|
$ |
31,519 |
|
$ |
88,215 |
|
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
March 31, 2023 |
|
June 30, 2023 |
|
September 30, 2023 |
|
December 31, 2023 |
|
December 31, 2023 |
|||||
|
|
(in thousands) |
|||||||||||||
Eligibility-based |
|
$ |
12,480 |
|
$ |
14,131 |
|
$ |
18,165 |
|
$ |
16,403 |
|
$ |
61,179 |
Claims-based |
|
|
10,412 |
|
|
9,798 |
|
|
10,325 |
|
|
14,730 |
|
|
45,265 |
Healthcare Total |
|
|
22,892 |
|
|
23,929 |
|
|
28,490 |
|
|
31,133 |
|
|
106,444 |
Recovery |
|
|
19 |
|
|
14 |
|
|
— |
|
|
— |
|
|
33 |
Customer Care / Outsourced Services |
|
|
2,818 |
|
|
1,542 |
|
|
1,472 |
|
|
1,434 |
|
|
7,266 |
Total |
|
$ |
25,729 |
|
$ |
25,485 |
|
$ |
29,962 |
|
$ |
32,567 |
|
$ |
113,743 |
|
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
March 31, 2022 |
|
June 30, 2022 |
|
September 30, 2022 |
|
December 31, 2022 |
|
December 31, 2022 |
|||||
|
|
(in thousands) |
|||||||||||||
Eligibility-based |
|
$ |
14,214 |
|
$ |
12,417 |
|
$ |
13,142 |
|
$ |
13,511 |
|
$ |
53,284 |
Claims-based |
|
|
9,150 |
|
|
9,339 |
|
|
10,377 |
|
|
12,516 |
|
|
41,382 |
Healthcare Total |
|
|
23,364 |
|
|
21,756 |
|
|
23,519 |
|
|
26,027 |
|
|
94,666 |
Recovery |
|
|
118 |
|
|
7 |
|
|
41 |
|
|
75 |
|
|
241 |
Customer Care / Outsourced Services |
|
|
3,601 |
|
|
3,918 |
|
|
3,618 |
|
|
3,140 |
|
|
14,277 |
Total |
|
$ |
27,083 |
|
$ |
25,681 |
|
$ |
27,178 |
|
$ |
29,242 |
|
$ |
109,184 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106255017/en/
Jon Bozzuto
Investor Relations
925-960-4988
investors@performantcorp.com
Source: Performant Financial Corporation
FAQ
What was Performant Financial's (PFMT) healthcare revenue in Q3 2024?
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