Performant Financial (PFMT)2025-03-12 20:14Revenue Performance - Fourth quarter 2024 healthcare revenues were $34.3 million, an increase of 10.3% from $31.1 million in the prior year period[3]. - Full year 2024 revenues totaled $123.0 million, up 8.9% from $113.7 million in the prior year[5]. - The company achieved an 18% increase in healthcare revenue from commercial clients, which now represent over 57% of total healthcare revenue[8]. - For the year ended December 31, 2024, total healthcare revenue reached $118,291,000, representing an increase from $106,444,000 in 2023, which is a growth of approximately 11.3%[29]. - Claims-based revenue for the year ended December 31, 2024, was $56,431,000, compared to $45,265,000 in 2023, reflecting a growth of approximately 25%[29]. - The healthcare total revenue for the three months ended December 31, 2024, was $34,279,000, up from $31,133,000 in 2023, indicating a growth of approximately 10.3%[29]. - The company reported a total of $34,766,000 in revenue for the year ended December 31, 2024, which is an increase from $32,567,000 in 2023, reflecting a growth of about 6.7%[29]. - The eligibility-based revenue for the year ended December 31, 2024, was $61,860,000, compared to $61,179,000 in 2023, showing a slight increase of about 1.1%[29]. - Total revenue for the three months ended June 30, 2024, was $29,362,000, an increase from $25,485,000 in the same period of 2023, marking a growth of about 7.4%[29]. - For the three months ended March 31, 2024, total revenue was $27,334,000, compared to $25,729,000 in the same period of 2023, showing an increase of about 6.2%[29]. - For the three months ended September 30, 2024, eligibility-based revenue was $16,070,000, up from $18,165,000 in the same period of 2023, indicating a decrease of about 6%[29]. Financial Performance - Net loss for the fourth quarter of 2024 was $0.5 million, or $(0.01) per diluted share, compared to net income of $1.3 million, or $0.02 per diluted share in the prior year[4]. - Adjusted EBITDA for the fourth quarter was $3.1 million, down 31.1% from $4.5 million in the prior year[4]. - Full year adjusted EBITDA was $4.4 million, an increase of 29.4% from $3.4 million in the prior year[6]. - Adjusted EBITDA for the year ended December 31, 2024, was $4,372 million, compared to $3,393 million in 2023, representing a 28.9% increase[26]. - The diluted adjusted earnings per share for the three months ended December 31, 2024, was $0.02, down from $0.05 in the same quarter of 2023[28]. - Total operating expenses for the year ended December 31, 2024, were $132,481 million, compared to $119,871 million in 2023, marking a 10.5% increase[22]. - Operating expenses for the three months ended December 31, 2024, rose to $35,455 million, compared to $30,657 million in the prior year, reflecting a 15.8% increase[22]. Cash and Assets - Cash, cash equivalents, and restricted cash as of December 31, 2024, were approximately $9.3 million, up from $7.3 million in the prior year[9]. - The company had cash, cash equivalents, and restricted cash of $9,292 million at the end of the year, up from $7,333 million at the beginning of the year[24]. - Total assets as of December 31, 2024, were $101.8 million, compared to $99.0 million in the prior year[20]. - Cash provided by operating activities for the year ended December 31, 2024, was $6,178 million, an increase from $3,860 million in 2023[24]. - The company reported a net cash used in investing activities of $(7,010) million for the year ended December 31, 2024, compared to $(4,140) million in 2023[24]. Future Guidance - The company provided full-year 2025 revenue guidance in the range of $131 million to $135 million, and adjusted EBITDA guidance of $8 million to $9 million[10]. - The company has completed over 100 commercial implementations since 2022, including 42 in 2024[8].