The following is a summary of the Performant Financial Corporation (PFMT) Q4 2023 Earnings Call Transcript:
Financial Performance:
Performant Financial's Q4 revenue was reported at $32.6 million, with $31.1 million coming from its healthcare division, indicating a year-over-year growth of 20%.
The company reported full year revenue at $113.7 million, predominantly backed by its healthcare revenue of $106.4 million.
Despite increased operating expenses due to more employees and salaries, the company's adjusted EBITDA for the full year was within guidance at $3.4 million, seeing a growth of $2.4 million from the prior year.
Performant Financial anticipates a strong organic growth for 2024, projecting its healthcare revenues to be in the range of $117 million to $122 million.
Business Progress:
In 2023, Performant successfully rolled out 41 commercial offerings, estimating an annual revenue of approximately $18 million.
The company made investments in IT, sales, marketing, and business development to compete in the payment integrity industry.
A new $25 million revolving credit facility with Wells Fargo has been established, eliminating an existing debt facility, to support growth initiatives.
The company expects increased growth in government-led claims auditing in 2024, buoyed by expansion in available claim volumes and contracts such as the RAC Region 2 and HHS OIG.
More details: Performant Financial IR
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