Performant Financial (PFMT) Reports Q4 EPS of $0.08, Revenues Miss

Performant Financial (NASDAQ: PFMT) reported Q4 EPS of $0.08, versus $0.03 reported last year. Revenue for the quarter came in at $40 million versus the consensus estimate of $44.8 million.

Fourth Quarter Financial Highlights

• Total revenues of $40.0 million, compared to $43.8 million in the prior year period, a decrease of 9%
• Net income of $3.7 million or $0.07 per diluted share, compared to a net loss of $3.9 million, or $(0.07) per diluted share, in the prior year period, an increase of 195%
• Adjusted EBITDA of $5.2 million, compared to $6.5 million in the prior year period, a decrease of 20%
• Adjusted net income of $4.5 million, or $0.08 per diluted share, compared to adjusted net income of $1.5 million or $0.03 per diluted share, in the prior year period, an increase of 200%

Business Commentary

“Coming into 2020, we were on course to report a transformative year, following multiple years of hard work transitioning Performant from a company deriving its success from a small number of large recovery contracts, into a highly, dynamic company with diversified healthcare offerings. Although we were able to report a strong year, the impact of the global pandemic brought material disruption to our operations,” commented Lisa Im, CEO of Performant.

“However, the resiliency of our business can be seen in our results. Despite the delays and shutdowns of multiple contracts across both of our businesses, we reported revenue growth as well as over $20 million in EBITDA, something we haven't achieved since 2016. As we look ahead, beyond an expectation of continuing to report positive EBITDA for the full year, we are not providing a more detailed outlook for 2021. Spearheaded by the continued impacts from COVID-19, there is still too much uncertainty with respect to our recovery operations at this point for us to provide a meaningful outlook,” concluded Im.

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

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