CPSI(US:CPSI)2024-11-07 22:15Financial Performance - Total bookings for Q3 2024 reached $21.0 million, up from $15.0 million in Q3 2023, representing a 40% increase[1] - Total revenue for Q3 2024 was $83.8 million, slightly up from $82.7 million in Q3 2023, indicating a 1.3% growth[1] - Financial Health revenue accounted for $54.3 million, which is 64.7% of total revenue, compared to $46.6 million in Q3 2023[1] - GAAP net loss for Q3 2024 was $(9.8) million, compared to a net loss of $(3.6) million in Q3 2023[1] - Adjusted EBITDA for Q3 2024 was $13.8 million, an increase from $9.7 million in Q3 2023, reflecting a 42% growth[1] - TruBridge, Inc. reported a net loss of $17,374,000 for the nine months ended September 30, 2024, compared to a net loss of $3,315,000 for the same period in 2023[12] - TruBridge, Inc. reported a net loss of $9,809,000 for the three months ended September 30, 2024, compared to a net loss of $3,562,000 for the same period in 2023, reflecting an increase in loss of 175.5%[16] - Non-GAAP net income for the three months ended September 30, 2024, was $(2,963,000), compared to $6,348,000 for the same period in 2023, indicating a significant decline[17] - The company reported a net income margin of (11.7%) for the three months ended September 30, 2024, compared to (4.3%) for the same period in 2023[16] Revenue Projections - For Q4 2024, TruBridge expects total revenue between $83.5 million and $85.5 million[5] - For the full year 2024, total revenue is projected to be between $335 million and $337 million, narrowed from previous guidance of $330 million to $340 million[5] Operational Changes - The recently launched analytics offering is gaining traction with initial customers, contributing to the growth strategy[3] - The company is focused on optimizing operations and realizing margin improvements over time following the Viewgol integration[2] - Executive leadership changes include the retirement of COO David Dye, effective December 31, 2024, with general managers now reporting directly to the CEO[4] Asset and Liability Management - Total current assets decreased to $91,621,000 as of December 31, 2023, down from $111,455,000 at the end of 2022, reflecting a decline of approximately 17.8%[11] - Total liabilities decreased to $228,886,000 as of December 31, 2023, compared to $247,804,000 at the end of 2022, representing a reduction of about 7.6%[11] - The company’s long-term debt decreased to $173,343,000 as of December 31, 2023, down from $195,270,000 at the end of 2022, a decline of about 11.2%[11] - The total stockholders' equity decreased to $172,647,000 as of December 31, 2023, down from $186,618,000 at the end of 2022, reflecting a decline of approximately 7.5%[11] Cash Flow and Investments - Cash and cash equivalents increased to $8,586,000 at the end of the period, up from $1,473,000 at the end of September 30, 2023[12] - The company invested $13,666,000 in software development during the nine months ended September 30, 2024, compared to $17,981,000 for the same period in 2023[12] Patient Care Revenue - The company reported a significant increase in patient care bookings, reaching $8,454,000 for the three months ended September 30, 2024, compared to $5,897,000 for the same period in 2023, a growth of approximately 43.5%[13] - Total recurring revenues from Patient Care for the three months ended September 30, 2024, were $26,584,000, down 18.3% from $32,662,000 in the same period of 2023[18] - Total Patient Care revenues for the nine months ended September 30, 2024, were $90,389,000, down 18.4% from $110,594,000 for the same period in 2023[18] Non-GAAP Financial Measures - The company plans to continue evaluating its operating performance using non-GAAP financial measures to provide a clearer understanding of its financial trends and operational performance[19] - Management emphasizes the importance of non-GAAP financial measures as indicators of operational strength and performance[23] - Adjusted EBITDA, Non-GAAP net income, and Non-GAAP EPS are used to measure performance objectives under the Company's incentive programs[23] - Non-GAAP financial measures do not provide a measure of cash flow or liquidity, and are not alternatives to GAAP measures[23] - Limitations of non-GAAP measures include not reflecting all amounts associated with results of operations as per GAAP[23] - There is uncertainty regarding future expenses that may be similar to those excluded in non-GAAP calculations[23] - Investors are encouraged to review the "Unaudited Reconciliation of Non-GAAP Financial Measures" for more clarity[23]