Performant Financial (PFMT) Reports Q1 Loss of $0.05, Revenues Miss

Performant Financial (NASDAQ: PFMT) reported Q1 EPS of ($0.05), versus $0.04 reported last year. Revenue for the quarter came in at $31.4 million versus the consensus estimate of $44.8 million.

First Quarter Financial Highlights

• Total revenues of $31.4 million, compared to revenues of $45.9 million in the prior year period
• Net loss of approximately $4.4 million, or $(0.08) per diluted share, compared to a net loss of $12.5 million, or $(0.23) per diluted share, in the prior year period.
• Adjusted net loss was $2.8 million, or $(0.05) per diluted share, compared to an adjusted net income of $2.1 million or $0.04 per diluted share in the prior year period
• Adjusted EBITDA of $(0.2) million, compared to $7.1 million in the prior year period

Business Commentary and Outlook

“We anticipated Q1 to be a smaller quarter in 2021 due to the trickle-down of COVID impacts, but are excited to share that the current and long-term trends remain very positive as evidenced by the five additional programs that we launched in the first quarter,” stated Lisa Im, CEO of Performant. “Our targets for 2021 are unchanged as we are confident in our ability to execute and achieve our previously stated guidance of annual healthcare revenue in the range of $83 - $90 million and positive EBITDA.”

“We are successfully winning new business and expanding our existing contracts through the combination of our client centric focus and our proprietary and differentiated technology platform. We continue to be very focused on healthcare growth opportunities as we move further into 2021, and believe the solid traction that we achieved during the 18 months of contract implementation highlights our ability to serve healthcare clients with products that better meet their needs than offered by competitors,” continued Im.

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

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