May 19, 2024

PLANTATION, Fla.–(BUSINESS WIRE)–Performant Financial Corporation (Nasdaq: PFMT), a leading provider of healthcare payment integrity services, today reported the following financial results for its fourth quarter and full year ended December 31, 2023:

Fourth Quarter Financial Highlights

  • Total revenues of $32.6 million, compared to $29.2 million in the prior year period
  • Healthcare revenues of $31.1 million, compared to $26.0 million in the prior year period
  • Net income of $1.3 million, or $0.02 per diluted share, compared to net loss of $0.2 million, or $0.00 per diluted share, in the prior year period
  • Adjusted EBITDA of $4.5 million, compared to $2.3 million in the prior year period
  • Adjusted net income of $3.6 million, or $0.05 per diluted share, compared to adjusted net income of $0.4 million, or $0.01 per diluted share, in the prior year period

Full Year 2023 Financial Highlights

  • Total revenues of $113.7 million, compared to $109.2 million in the prior year period
  • Healthcare revenues of $106.4 million, compared to $94.7 million in the prior year period
  • Net loss of $7.5 million, or $(0.10) per diluted share, compared to $6.5 million, or $(0.09) per diluted share in the prior year period
  • Adjusted EBITDA of $3.4 million, compared to $0.9 million in the prior year period
  • Adjusted net loss of $3.8 million, or $(0.05) per diluted share, compared to adjusted net loss of $5.2 million, or $(0.07) per diluted share, in the prior year period

Fourth Quarter 2023 Results

Healthcare revenues in the fourth quarter of 2023 were $31.1 million, up from $26.0 million in the prior year period. Revenues from Customer Care / Outsourced Services in the fourth quarter were $1.4 million, compared to $3.1 million in the prior year period.

Net income for the fourth quarter of 2023 was $1.3 million, or $0.02 per diluted share, compared to a net loss of $0.2 million, or $0.00 per diluted share in the prior year period. Adjusted EBITDA for the fourth quarter was $4.5 million compared to $2.3 million in the prior year period. Adjusted net income for the fourth quarter was $3.6 million, or $0.05 per diluted share, compared to adjusted net income of $0.4 million, or $0.01 per diluted share in the prior year period.

Full Year 2023 Results

Revenues for the full year ended December 31, 2023 were $113.7 million, compared to revenues of $109.2 million in the prior year. Healthcare revenues were $106.4 million, compared to $94.7 million in the prior year. Revenues from Customer Care / Outsourced Services were $7.3 million compared to $14.3 million in the prior year.

Net loss for the full year ended December 31, 2023 was $7.5 million, or $(0.10) per diluted share, compared to net loss of $6.5 million, or $(0.09) per diluted share in the prior year. Adjusted EBITDA was $3.4 million, compared to $0.9 million in the prior year. Adjusted net loss was $3.8 million, or $(0.05) per diluted share, compared to $5.2 million, or $(0.07) per diluted share in the prior year.

“2023 was a year of strong performance, successful implementations, and operational growth. Healthcare revenues experienced strong growth of 12% led by our commercial clients. This growth was fueled by 41 new commercial implementations coupled with scaling existing ones, helping to drive 55% revenue growth from our commercial clients,” commented Simeon Kohl, Chief Executive Officer. “The operational initiatives we put in place to speed up implementation timelines and further scale our operations are yielding significant results. In addition to our success with commercial clients, we remain committed to fostering growth of our longstanding government business. In 2023 we operationalized the CMS RAC Region 2 contract and the Health and Human Services – Office of the Inspector General contract for medical review and consultative services. We were also awarded our first state Medicaid RAC contract with New York state. While this award is under protest by the incumbent, we are encouraged by the value we are able to illustrate in this new payer market.”

As of December 31, 2023, the Company had cash, cash equivalents and restricted cash of approximately $7.3 million.

Business Commentary

“We are proud of the financial and operational success we delivered in 2023 and the foundation we have established for future growth,” said Rohit Ramchandani, Chief Financial Officer. “Looking ahead to 2024, we are investing in innovative technology and our sales and account management teams to scale existing implementations and execute on our record pipeline. The $25M revolver we secured in October 2023, gives us the flexibility we need to continue to go after new business. We are introducing full year 2024 healthcare revenue guidance to be in the range of $117M to $122M. In terms of EBITDA, we anticipate full year 2024 adjusted EBITDA in the range of $4M to $5M, which is inclusive of the investment expected to implement the New York state Medicaid RAC contract as well as other investments aimed at improving scale and efficiency.”

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 the United States of America (US GAAP) and accordingly reconciliations of adjusted EBITDA and adjusted net income (loss) to net income (loss) determined in accordance with US GAAP are included in the “Reconciliation of Non-GAAP Results” table at the end of this press release. We have included adjusted EBITDA and adjusted net income (loss) in this press release because they are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends and to prepare and approve our annual budget. Accordingly, we believe that adjusted EBITDA and adjusted net income (loss) provide useful information to investors and analysts in understanding and evaluating our operating results in the same manner as our management and board of directors. Our use of adjusted EBITDA and adjusted net income (loss) has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under US GAAP. In particular, many of the adjustments to our US GAAP financial measures reflect the exclusion of items, specifically interest, tax and depreciation and amortization expenses, equity-based compensation expense and certain other non-operating expenses, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be calculated differently from similarly titled non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. In regard to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking non-GAAP adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, impacts associated with interest expense, and depreciation and amortization expenses.

Earnings Conference Call

The Company will hold a conference call to discuss its fourth quarter and full year 2023 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 will need to register through this link. After registering, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call.

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 13744430. The telephonic replay will be available approximately three hours after the call, through March 19, 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 https://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), and adjusted EBITDA in 2023 and beyond. 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, 2022 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 per share amounts)

(Unaudited)

 

As of December 31,

Assets

 

2023

 

 

 

2022

 

Current assets:

 

 

 

Cash and cash equivalents

$

7,252

 

 

$

23,384

 

Restricted cash

 

81

 

 

 

81

 

Trade accounts receivable, net of allowance for credit losses

 

17,584

 

 

 

15,794

 

Contract assets

 

10,879

 

 

 

11,460

 

Prepaid expenses and other current assets

 

3,651

 

 

 

3,665

 

Income tax receivable

 

335

 

 

 

3,123

 

Total current assets

 

39,782

 

 

 

57,507

 

Property, equipment, and leasehold improvements, net

 

9,724

 

 

 

10,897

 

Goodwill

 

47,372

 

 

 

47,372

 

Debt issuance costs

 

631

 

 

 

 

Right-of-use assets

 

531

 

 

 

2,057

 

Other assets

 

990

 

 

 

1,000

 

Total assets

$

99,030

 

 

$

118,833

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

 

 

 

Current maturities of long-term payable, net of unamortized debt issuance costs of $0 and $17, respectively

$

 

 

$

983

 

Accrued salaries and benefits

 

7,924

 

 

 

6,938

 

Accounts payable

 

727

 

 

 

1,262

 

Other current liabilities

 

2,385

 

 

 

2,252

 

Contract liabilities

 

493

 

 

 

438

 

Estimated liability for appeals and disputes

 

601

 

 

 

1,106

 

Lease liabilities

 

250

 

 

 

1,228

 

Total current liabilities

 

12,380

 

 

 

14,207

 

Long-term loan payable, net of current portion and unamortized debt issuance costs of $0 and $316, respectively

 

5,000

 

 

 

18,184

 

Lease liabilities

 

295

 

 

 

1,076

 

Other liabilities

 

648

 

 

 

881

 

Total liabilities

 

18,323

 

 

 

34,348

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $0.0001 par value. Authorized, 500,000 shares at December 31, 2023 and 2022, respectively; issued and outstanding, 76,920 and 75,505 shares at December 31, 2023 and 2022, respectively

 

8

 

 

 

7

 

Additional paid-in capital

 

146,001

 

 

 

142,261

 

Accumulated deficit

 

(65,302

)

 

 

(57,783

)

Total stockholders’ equity

 

80,707

 

 

 

84,485

 

Total liabilities and stockholders’ equity

$

99,030

 

 

$

118,833

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31,

 

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenues

$

32,567

 

 

$

29,242

 

 

$

113,743

 

 

$

109,184

 

Operating expenses:

 

 

 

 

 

 

 

Salaries and benefits

 

23,308

 

 

 

22,211

 

 

 

90,447

 

 

 

85,312

 

Other operating expenses

 

7,349

 

 

 

6,827

 

 

 

29,424

 

 

 

30,772

 

Total operating expenses

 

30,657

 

 

 

29,038

 

 

 

119,871

 

 

 

116,084

 

Gain (loss) from operations

 

1,910

 

 

 

204

 

 

 

(6,128

)

 

 

(6,900

)

Gain on sale of certain recovery contracts

 

 

 

 

 

 

 

3

 

 

 

382

 

Gain on sale of land and buildings

 

 

 

 

 

 

 

 

 

 

1,120

 

Interest expense

 

(785

)

 

 

(359

)

 

 

(1,974

)

 

 

(1,007

)

Interest income

 

154

 

 

 

 

 

 

240

 

 

 

 

Loss before provision for (benefit from) income taxes

 

1,279

 

 

 

(155

)

 

 

(7,859

)

 

 

(6,405

)

Provision for (benefit from) income taxes

 

24

 

 

 

80

 

 

 

(340

)

 

 

132

 

Net income (loss)

$

1,255

 

 

$

(235

)

 

$

(7,519

)

 

$

(6,537

)

Net gain (loss) per share attributable to common shareholders

 

 

 

 

 

 

 

Basic

$

0.02

 

 

$

 

 

$

(0.10

)

 

$

(0.09

)

Diluted

$

0.02

 

 

$

 

 

$

(0.10

)

 

$

(0.09

)

Weighted average shares

 

 

 

 

 

 

 

Basic

 

76,896

 

 

 

74,291

 

 

 

76,156

 

 

 

72,937

 

Diluted

 

77,361

 

 

 

74,291

 

 

 

76,156

 

 

 

72,937

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

For the Years Ended

 

December 31,

 

 

2023

 

 

 

2022

 

Cash flows from operating activities:

 

 

 

Net loss

$

(7,519

)

 

$

(6,537

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

Loss on disposal of assets

 

129

 

 

 

41

 

Depreciation and amortization

 

5,187

 

 

 

4,524

 

Right-of-use assets amortization

 

1,526

 

 

 

1,178

 

Stock-based compensation

 

3,936

 

 

 

3,036

 

Amortization of debt issuance costs

 

347

 

 

 

95

 

Loss on debt extinguishment

 

510

 

 

 

 

Gain on sale of certain recovery contracts

 

(3

)

 

 

(382

)

Gain on sale of land and buildings

 

 

 

 

(1,120

)

Changes in operating assets and liabilities:

 

 

 

Trade accounts receivable

 

(1,790

)

 

 

5,014

 

Contract assets

 

581

 

 

 

(3,347

)

Prepaid expenses and other current assets

 

14

 

 

 

(588

)

Income tax receivable

 

2,788

 

 

 

36

 

Other assets

 

10

 

 

 

(37

)

Accrued salaries and benefits

 

986

 

 

 

(1,538

)

Accounts payable

 

(535

)

 

 

138

 

Contract liabilities and other current liabilities

 

188

 

 

 

(1,660

)

Estimated liability for appeals and disputes

 

(505

)

 

 

(84

)

Lease liabilities

 

(1,759

)

 

 

(1,361

)

Other liabilities

 

(231

)

 

 

(285

)

Net cash provided by (used in) operating activities

 

3,860

 

 

 

(2,877

)

Cash flows from investing activities:

 

 

 

Purchase of property, equipment, and leasehold improvements

 

(4,143

)

 

 

(3,585

)

Proceeds from sale of certain recovery contracts

 

3

 

 

 

382

 

Proceeds from sales of property, equipment, and leasehold improvements

 

 

 

 

4,934

 

Net cash (used in) provided by investing activities

 

(4,140

)

 

 

1,731

 

Cash flows from financing activities:

 

 

 

Repayment of long-term loan payable

 

(19,500

)

 

 

(500

)

Debt issuance costs paid

 

(1,156

)

 

 

(2

)

Taxes paid related to net share settlement of stock awards

 

(196

)

 

 

 

Proceeds from exercise of warrants

 

 

 

 

5,563

 

Borrowings from revolving loan

 

5,000

 

 

 

 

Net cash (used in) provided by financing activities

 

(15,852

)

 

 

5,061

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(16,132

)

 

 

3,915

 

Cash, cash equivalents and restricted cash at beginning of year

 

23,465

 

 

 

19,550

 

Cash, cash equivalents and restricted cash at end of year

$

7,333

 

 

$

23,465

 

 

 

 

 

Reconciliation of the consolidated statements of cash flows to the consolidated balance sheets:

 

 

 

Cash and cash equivalents

$

7,252

 

 

$

23,384

 

Restricted cash

 

81

 

 

 

81

 

Total cash, cash equivalents and restricted cash at end of period

$

7,333

 

 

$

23,465

 

Supplemental disclosures of cash flow information:

 

 

 

Cash (received) paid for income taxes

$

(3,052

)

 

$

250

 

Cash paid for interest

$

1,291

 

 

$

702

 

PERFORMANT FINANCIAL CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Results

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Reconciliation of Adjusted EBITDA:

 

 

 

 

 

 

 

Net income (loss)

$

1,255

 

 

$

(235

)

 

$

(7,519

)

 

$

(6,537

)

Provision for (benefit from) income taxes

 

24

 

 

 

80

 

 

 

(340

)

 

 

132

 

Interest expense (1)

 

785

 

 

 

359

 

 

 

1,974

 

 

 

1,007

 

Interest income

 

(154

)

 

 

 

 

 

(240

)

 

 

 

Stock based compensation

 

1,121

 

 

 

824

 

 

 

3,936

 

 

 

3,036

 

Depreciation and amortization

 

1,382

 

 

 

1,169

 

 

 

5,187

 

 

 

4,524

 

Severance expenses (3)

 

100

 

 

 

85

 

 

 

346

 

 

 

274

 

Non-core operating expenses (4)

 

15

 

 

 

1

 

 

 

52

 

 

 

10

 

Gain on sale of certain recovery contracts (5)

 

 

 

 

 

 

 

(3

)

 

 

(382

)

Gain on sale of land and buildings (6)

 

 

 

 

 

 

 

 

 

 

(1,120

)

Adjusted EBITDA

$

4,528

 

 

$

2,283

 

 

$

3,393

 

 

$

944

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Reconciliation of Adjusted Net Income (Loss):

 

 

 

 

 

 

 

Net income (loss)

$

1,255

 

 

$

(235

)

 

$

(7,519

)

 

$

(6,537

)

Stock based compensation

 

1,121

 

 

 

824

 

 

 

3,936

 

 

 

3,036

 

Amortization of debt issuance costs (2)

 

601

 

 

 

24

 

 

 

857

 

 

 

95

 

Severance expenses (3)

 

100

 

 

 

85

 

 

 

346

 

 

 

274

 

Non-core operating expenses (4)

 

15

 

 

 

1

 

 

 

52

 

 

 

10

 

Gain on sale of certain recovery contracts (5)

 

 

 

 

 

 

 

(3

)

 

 

(382

)

Gain on sale of land and buildings (6)

 

 

 

 

 

 

 

 

 

 

(1,120

)

Tax adjustments (7)

 

505

 

 

 

(257

)

 

 

(1,427

)

 

 

(526

)

Adjusted net income (loss)

$

3,597

 

 

$

442

 

 

$

(3,758

)

 

$

(5,150

)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Adjusted Earnings (Loss) Per Diluted Share:

 

 

 

 

 

 

 

Net income (loss)

$

1,255

 

 

$

(235

)

 

$

(7,519

)

 

$

(6,537

)

Plus: Adjusted items per reconciliation of adjusted net income (loss)

 

2,342

 

 

 

677

 

 

 

3,761

 

 

 

1,387

 

Adjusted net income (loss)

$

3,597

 

 

$

442

 

 

$

(3,758

)

 

$

(5,150

)

Adjusted earnings (loss) per diluted share

$

0.05

 

 

$

0.01

 

 

$

(0.05

)

 

$

(0.07

)

Diluted average shares outstanding (8)

 

77,361

 

 

 

75,455

 

 

 

76,156

 

 

 

69,873

 

(1)

Represents interest expense and amortization of debt issuance costs related to our Credit Agreement and prior credit agreement.

(2)

Represents amortization of debt issuance costs related to our Credit Agreement and prior credit agreement.

(3)

Represents severance expenses incurred in connection with a reduction in force for our nonhealthcare services.

(4)

Represents professional fees related to strategic corporate development activities.

(5)

Represents gain on the sale of certain non-healthcare recovery contracts.

(6)

Represents gain on the sale of land and buildings in 2022.

(7)

Represents tax adjustments assuming a marginal tax rate of 27.5% at full profitability.

(8)

Net income for the three months ended December 31, 2023 was $1,255, and the computation of adjusted net income results in adjusted net income of $3,597. Therefore, the calculation of the adjusted earnings per diluted share for the three months ended December 31, 2023 includes dilutive common share equivalents of 465 added to the basic weighted average shares of 76,896.

We are providing the following historical breakdown of the quarterly and annual revenue contributions under the new contribution breakdowns of the Company’s healthcare revenue results for the years ended December 31, 2023, 2022, and 2021:

 

 

For the Three Months Ended

 

For the 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

 

 

For the Three Months Ended

 

For the 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

 

 

For the Three Months Ended

 

For the Year Ended

 

 

March 31, 2021

 

June 30, 2021

 

September 30, 2021

 

December 31, 2021

 

December 31, 2021

 

 

(in thousands)

Eligibility-based

 

$

7,911

 

$

11,577

 

$

12,727

 

$

16,061

 

$

48,276

Claims-based

 

 

5,375

 

 

7,025

 

 

7,280

 

 

9,498

 

 

29,178

Healthcare Total

 

 

13,286

 

 

18,602

 

 

20,007

 

 

25,559

 

 

77,454

Recovery

 

 

14,491

 

 

11,091

 

 

5,490

 

 

2,333

 

 

33,405

Customer Care / Outsourced Services

 

 

3,613

 

 

3,149

 

 

3,085

 

 

3,687

 

 

13,534

Total

 

$

31,390

 

$

32,842

 

$

28,582

 

$

31,579

 

$

124,393

 

Contacts

Jon Bozzuto

Investor Relations

925-960-4988

investors@performantcorp.com

The post Performant Financial Corporation Announces Financial Results for Fourth Quarter and Full Year 2023 appeared first on Daily Host News.

Performant Financial Corporation Announces Financial Results for Fourth Quarter and Full Year 2023 first appeared on Web and IT News.

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