Performant Financial (PFMT) Reports Q2 EPS of $0.06, Revenues Miss

Performant Financial (NASDAQ: PFMT) reported Q2 EPS of $0.06, versus $0.00 reported last year. Revenue for the quarter came in at $36.2 million versus the consensus estimate of $44.8 million.

Third quarter Financial Highlights

• Total revenues of $36.2 million, compared to revenues of $35.9 million in the prior year period
• Net income of approximately $2.0 million, or $0.04 per diluted share, compared to a net loss of $8.1 million, or $(0.15) per diluted share, in the prior year period.
• Adjusted net income was $3.2 million, or $0.06 per diluted share, compared to an adjusted net loss of $7.3 million or $(0.14) per diluted share in the prior year period
• Adjusted EBITDA of $3.8 million, compared to $(3.1) million in the prior year period

Business Commentary and Outlook

“Our results in the third quarter reflect the resiliency of our businesses as well as our overall management of operational workflows throughout this pandemic,” stated Lisa Im, CEO of Performant. “COVID-19 continues to affect multiple aspects of our business. Within Healthcare, the pandemic related disruption were limited to our audit work. Within Recovery, we received work stoppage requests from multiple clients, and the U.S. Federal government has suspended the involuntary collections of payments for student loans originated by the Department of Education through December 31,2020. Thankfully, the majority of these work stoppages across our Healthcare and Recovery businesses, with the exception of the moratorium on student loans collections, were lifted during the third quarter, and we have resumed ramping back up with most of these clients.”

“Furthermore, we recently announced, and are excited about the progress we have made with our Premium Accuracy offering, a Medicare Secondary Payer (MSP) service for Medicare Advantage Plans. With over four million lives already under contract, we anticipate that figure to grow as additional payers are attracted to our exceptional speed to savings, which is made possible by the combination of our proprietary platform and extensive knowledge in the Medicare Secondary Payer space,” continued Im.

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

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