Performant Financial (PFMT) Reports Q1 Loss of $0.01, Revenues Miss

Performant Financial (NASDAQ: PFMT) reported Q1 EPS of ($0.01), versus ($0.12) reported last year. Revenue for the quarter came in at $33.8 million versus the consensus estimate of $42.1 million.

Second Quarter Financial Highlights

• Total revenues of $33.8 million, compared to revenues of $35.8 million in the prior year period
• Net loss of approximately $7.2 million, or $(0.13) per diluted share, compared to a net loss of $6.4 million, or $(0.12) per diluted share, in the prior year period. Included in the net loss for the current period was a non-cash impairment to goodwill of $8.0 million
• Adjusted net loss, excluding the non-cash goodwill charge was $0.7 million, or $(0.01) per diluted share, compared to an adjusted net loss of $6.5 million or $(0.12) per diluted share in the prior year period
• Adjusted EBITDA of $4.3 million, compared to $(2.5) million in the prior year period

“The safety and well-being of our associates has been our top priority during this pandemic, as a result, during the second quarter we successfully transitioned almost all our personnel, approximately 1,200 employees, to work remotely, and access to our physical sites was restricted to personnel who were required to perform critical business continuity activities. Through these and other proactive efforts, we performed relatively well throughout a challenging second quarter to ensure as much operational continuity as possible,” stated Lisa Im, CEO of Performant.

“Despite the various COVID-19 related challenges, our Healthcare business continues to grow, and our prospects within the Healthcare market continue to be promising. We are thankful for the trust our new and existing clients have demonstrated in us, and we are gratified that our solid reputation is yielding significant wins in both the audit and eligibility markets,” concluded Im.

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

You May Also Be Interested In

• Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
• Innovaro (INV) Misses Q2 EPS by 9c
• MapLight Therapeutics, Inc. (MPLT) Misses Q2 EPS by 33c