Computer Programs & Systems (CPSI) Tops Q1 EPS by 9c

Computer Programs & Systems (NASDAQ: CPSI) reported Q1 EPS of $0.64, $0.09 better than the analyst estimate of $0.55. Revenue for the quarter came in at $68 million versus the consensus estimate of $67.57 million.

Commenting on the Company’s financial performance for the first quarter of 2021, Matt Chambless, chief financial officer of CPSI, stated, “The resiliency of our customers continues to result in incremental improvement in patient volumes, propelling TruBridge to another all-time high in quarterly revenues. Our commitment to develop a more predictable revenue model through expanded recurring revenue sources continues to transform our business, with recurring revenues growing 7% from the first quarter of 2020 and making up roughly 90% of our total revenue. These favorable dynamics, combined with business process improvements, resulted in revenue and profitability metrics that surpassed our expectations for the first quarter.”

“We saw continued pressure on our hospital, nursing home and clinic customers to address the COVID pandemic as their focus turned to vaccinating their communities as quickly as possible while still treating those affected by the surge in COVID cases. These market dynamics and the strain on healthcare leaders in the communities we serve, are reflected in our first quarter bookings results of $8.7 million. However, our pipeline remains healthy, and we are laser focused on making up this ground and achieving our annual bookings goal by year end,” added Chambless.

Boyd Douglas, president and chief executive officer of CPSI, stated, “We are in the early stages of executing on an aggressive, yet obtainable plan that is intended to enhance shareholder value over the next three years. With the transformation underway to drive long-term sustainability and exciting growth for CPSI, the first quarter of 2021 resulted in strong financial results. As we modernize our business by increasing efficiencies, we continue to see solid results in our margin optimization efforts, creating strong profitability and the ability to invest in additional growth opportunities.

“During the first quarter, we also made great strides in creating the culture of innovation necessary for CPSI to achieve its transformation objectives. First, we have relocated our corporate headquarters to a more modern, open space in downtown Mobile, recognizing that new mindsets are easier to develop in fresh surroundings. In addition, Amaris McComas, chief people officer, and Wes Cronkite, chief innovation officer, are the newest members to join our CPSI senior leadership team. I am confident that Amaris and Wes will have a positive impact as they work to build out an innovation team for CPSI and our family of companies,” added Douglas.

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