Performant Financial (PFMT) - 2024 Q2 - Quarterly Results

Revenue Performance - Healthcare revenues for Q2 2024 were $27.9 million, a 17% increase from $23.9 million in the prior year period[1] - Total revenues for Q2 2024 reached $29.4 million, up 15% from $25.5 million in the prior year period[2] - Claims-based services revenue in Q2 2024 was $13.7 million, while eligibility-based services revenue was $14.3 million[2] - Revenues for the three months ended June 30, 2024, were $29,362,000, a 15% increase from $25,485,000 in the same period of 2023[10] - Total healthcare revenue for the year ended December 31, 2023, reached $106,444,000, representing a significant increase from $94,666,000 in the previous year[17] - Total revenue for the three months ended September 30, 2023, was $29,962,000, an increase from $27,178,000 in the same period last year[17] - Total revenue for the three months ended June 30, 2023, was $25,485,000, slightly down from $25,681,000 in the same period last year[18] Financial Loss and Adjustments - Net loss for Q2 2024 was $3.0 million, or $(0.04) per diluted share, compared to a net loss of $4.0 million, or $(0.05) per diluted share, in the prior year[4] - Adjusted net loss for Q2 2024 was $2.0 million, or $(0.03) per diluted share, compared to an adjusted net loss of $3.2 million, or $(0.04) per diluted share, in the prior year[4] - Net loss for the six months ended June 30, 2024, was $7,013,000, compared to a net loss of $8,194,000 for the same period in 2023, indicating a 14% improvement[10] - Adjusted EBITDA for Q2 2024 was $0.5 million, an improvement from $(1.3) million in the prior year period[4] - Adjusted EBITDA for the six months ended June 30, 2024, was $(682,000), an improvement from $(2,978,000) in the same period of 2023[12] Cash and Assets - Cash and cash equivalents increased to $10.4 million from $7.3 million in the prior year[9] - Total assets as of June 30, 2024, were $102.4 million, compared to $99.0 million at the end of the prior year[9] - Total cash, cash equivalents, and restricted cash at the end of the period was $10,424,000, down from $15,063,000 at the end of June 30, 2023[11] - The company experienced a net cash increase of $3,091,000 for the six months ended June 30, 2024, compared to a decrease of $8,402,000 in 2023[11] Operational Highlights - The company implemented 10 commercial programs in Q2 2024, contributing an estimated $9 million in annualized revenue[3] - Operating expenses for the six months ended June 30, 2024, totaled $63,358,000, up from $58,604,000 in 2023, reflecting an 8% increase[10] - Cash flows from operating activities provided $4,706,000 for the six months ended June 30, 2024, compared to $2,265,000 in 2023, representing a 108% increase[11] - Stock-based compensation for the six months ended June 30, 2024, was $2,262,000, up from $1,686,000 in the same period of 2023, indicating a 34% increase[12] Future Outlook - The company expects 2024 healthcare revenues to be in the range of $117 million to $122 million and total revenues to be between $124 million and $129 million[5] - The company aims to expand its market presence and enhance its service offerings in the upcoming quarters[17]