Performant Financial (PFMT) Reports In-Line Q2 EPS, Beats on Revenues; Reiterates FY17 Revenue Outlook

Performant Financial (NASDAQ: PFMT) reported Q2 EPS of ($0.01), in-line with the analyst estimate of ($0.01). Revenue for the quarter came in at $35.9 million versus the consensus estimate of $32.65 million.

Business Outlook

“As we look ahead, our focus remains on executing on contracts, growing share with our clients, and effectively managing ongoing expenses. We are excited to have a lender partner who knows our business and shares an interest in creating shareholder value, and we look forward to executing strategically to achieve that objective. Our competitive differentiation continues to be: overarching client-centric focus, a compelling service value proposition, consumer sensitivity and deep commitment to regulatory compliance. For 2017, we are reiterating our guidance for revenue in the range of $125-145 million with adjusted EBITDA in the range of $10-13 million," concluded Im.

GUIDANCE:

Performant Financial sees FY2017 revenue of $125-145 million, versus the consensus of $133.51 million.

Second Quarter Financial Highlights

• Total revenues of $35.9 million, compared to revenues of $38.1 million in the prior year period, down 5.8%
• Net loss of $2.4 million, or $(0.05) per diluted share, compared to a net income of $1.5 million, or $0.03 per diluted share, in the prior year period
• Adjusted EBITDA of $5.0 million, compared to adjusted EBITDA of $8.9 million in the prior year period
• Adjusted net loss of $0.5 million, or $(0.01) per diluted share, compared to an adjusted net income of $2.9 million or $0.06 per diluted share in the prior year period

For earnings history and earnings-related data on Performant Financial (PFMT) click here.

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