Announcement • Oct 22
Performant Healthcare, Inc. Announces Board and Committee Changes On October 21, 2025 (Closing Date), Continental Buyer, Inc. (“Parent”), completed the previously announced acquisition of Performant Healthcare, Inc. (the “Company”), pursuant to the Agreement and Plan of Merger, dated as of July 31, 2025 (the “Merger Agreement”), by and among the Company, Parent and Project Prevail Merger Sub, Inc., a wholly-owned subsidiary of Parent (“Merger Sub”). Pursuant to the terms of the Merger Agreement, on the Closing Date, Merger Sub merged with and into the Company (the “Merger”), with the Company surviving as a wholly-owned subsidiary of Parent (the “Surviving Corporation”). In connection with the Merger, as of the Effective Time, Lisa C. Im, James LaCamp, William D. Hansen, Shantanu Agrawal, Eric Yanagi, Bradley M. Fluegel and Simeon Kohl each resigned from the board of directors of the Company (the “Company Board”) and from any and all committees thereof on which they served and ceased to be directors of the Company. At the Effective Time, in accordance with the terms of the Merger Agreement, (i) the directors of Merger Sub immediately prior to the Effective Time, David Pierre and TG Ganeshan, became the directors of the Surviving Corporation and (ii) the officers of Merger Sub immediately prior to the Effective Time became the officers of the Surviving Corporation. Announcement • Oct 21
Machinify, Inc. completed the acquisition of Performant Healthcare, Inc. (NasdaqGS:PHLT). Machinify, Inc. entered into a definitive agreement to acquire Performant Healthcare, Inc. (NasdaqGS:PHLT) for approximately $700 million on July 31, 2025. Under the terms of the merger agreement, Performant stockholders will receive $7.75 in cash for each share of Performant common stock outstanding at the closing of the transaction. Following the closing of the transaction, Performant’s shares will be delisted from Nasdaq. Buy side termination fee is $39.96 million and sell side termination fee is $19.98 million. The transaction is subject to the satisfaction of customary closing conditions, including antitrust approval, approval by Performant’s stockholders and receipt of applicable regulatory approvals. The transaction has been unanimously approved by the board of directors of Performant. The transaction is expected to close by the end of 2025. Truist Securities is serving as exclusive financial advisor to Performant, and David E. Lillevand and Patrick J. Devine of Pillsbury Winthrop Shaw Pittman LLP is acting as legal counsel. J.P. Morgan Securities LLC is serving as exclusive financial advisor to Machinify, and Todd B. Kornreich and Jackie Cohen of Ropes & Gray LLP is acting as legal counsel. Aaron Dixon of Alston & Bird LLP represented Truist Securities, Inc. as financial advisor.
Machinify, Inc. completed the acquisition of Performant Healthcare, Inc. (NasdaqGS:PHLT) on October 21, 2025. Recent Insider Transactions Derivative • Aug 14
CEO & Director exercised options and sold US$241k worth of stock On the 11th of August, Simeon Kohl exercised options to acquire 32k shares at no cost and sold these for an average price of US$7.63 per share. This trade did not impact their existing holding. For the year to December 2018, Simeon's total compensation was 22% salary and 78% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Simeon's direct individual holding has increased from 424.82k shares to 469.93k. Company insiders have collectively sold US$1.1m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Aug 11
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: US$885k Forecast net loss in 1 year: US$682k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (33% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$682k net loss next year). Significant insider selling over the past 3 months (US$588k sold). Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.026 (up from US$0.039 loss in 2Q 2024). Revenue: US$37.8m (up 29% from 2Q 2024). Net income: US$2.08m (up US$5.07m from 2Q 2024). Profit margin: 5.5% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Healthcare industry in the US. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Aug 03
Price target decreased by 8.7% to US$7.00 Down from US$7.67, the current price target is an average from 3 analysts. New target price is 8.4% below last closing price of US$7.64. The company is forecast to post a net loss per share of US$0.063 next year compared to a net loss per share of US$0.13 last year. Announcement • Aug 02
Machinify, Inc. entered into an Agreement and Plan of Merger to acquire Performant Healthcare, Inc. (NasdaqGS:PHLT) for approximately $700 million. Machinify, Inc. entered into an Agreement and Plan of Merger to acquire Performant Healthcare, Inc. (NasdaqGS:PHLT) for approximately $700 million on July 31, 2025. Under the terms of the mergeragreement, Performant stockholders will receive $7.75 in cash for each share of Performant common stock outstanding at the closing of the transaction. Following the closing of the transaction, Performant’s shares will be delisted from Nasdaq. Buy side termination fee is $39.96 million and sell side termination fee is $19.98 million. The transaction is subject to the satisfaction of customary closing conditions, including antitrust approval, approval by Performant’s stockholders and receipt of applicable regulatory approvals. The transaction has been unanimously approved by the board of directors of Performant. The transaction is expected to close by the end of 2025. Truist Securities is serving as exclusive financial advisor to Performant, and David E. Lillevand and Patrick J. Devine of Pillsbury Winthrop Shaw Pittman LLP is acting as legal counsel. J.P. Morgan Securities LLC is serving as exclusive financial advisor to Machinify, and Todd B. Kornreich and Jackie Cohen of Ropes & Gray LLP is acting as legal counsel. New Risk • Aug 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 7.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.4% average weekly change). Minor Risk Significant insider selling over the past 3 months (US$588k sold). Buy Or Sell Opportunity • Aug 01
Now 39% overvalued after recent price rise Over the last 90 days, the stock has risen 206% to US$7.64. The fair value is estimated to be US$5.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 9.1%. Revenue is forecast to grow by 6.7% in a year. Earnings are forecast to grow by 57% in the next year. Announcement • Jul 24
Performant Healthcare, Inc. to Report Q2, 2025 Results on Aug 05, 2025 Performant Healthcare, Inc. announced that they will report Q2, 2025 results After-Market on Aug 05, 2025 Recent Insider Transactions • Jun 05
Executive Chairman & Secretary recently sold US$588k worth of stock On the 3rd of June, Lisa Im sold around 181k shares on-market at roughly US$3.25 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Lisa has been a net seller over the last 12 months, reducing personal holdings by US$608k. Recent Insider Transactions Derivative • Jun 04
Executive Chairman & Secretary notifies of intention to sell stock Lisa Im intends to sell 181k shares in the next 90 days after lodging an Intent To Sell Form on the 3rd of June. If the sale is conducted around the recent share price of US$3.25, it would amount to US$588k. Since December 2024, Lisa has owned 1.41m shares directly. Company insiders have collectively sold US$237k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • May 18
CEO & Director exercised options and sold US$67k worth of stock On the 14th of May, Simeon Kohl exercised options to acquire 26k shares at no cost and sold these for an average price of US$2.59 per share. This trade did not impact their existing holding. For the year to December 2018, Simeon's total compensation was 22% salary and 78% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Simeon has owned 424.82k shares directly. Company insiders have collectively sold US$237k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • May 16
Consensus EPS estimates upgraded to US$0.063 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -US$0.073 to -US$0.063 per share. Revenue forecast steady at US$133.9m. Healthcare industry in the US expected to see average net income growth of 21% next year. Consensus price target of US$7.00 unchanged from last update. Share price rose 7.2% to US$2.67 over the past week. New Risk • May 09
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: US$6.0m Forecast net loss in 1 year: US$4.4m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Reported Earnings • May 09
First quarter 2025 earnings released: US$0.001 loss per share (vs US$0.052 loss in 1Q 2024) First quarter 2025 results: US$0.001 loss per share (improved from US$0.052 loss in 1Q 2024). Revenue: US$33.3m (up 22% from 1Q 2024). Net loss: US$81.0k (loss narrowed 98% from 1Q 2024). Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Healthcare industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 28
Performant Healthcare, Inc., Annual General Meeting, Jun 18, 2025 Performant Healthcare, Inc., Annual General Meeting, Jun 18, 2025. Location: edt at the courtyard fort, lauderdale weston, 2000 n commerce parkw, weston, florida, United States Announcement • Apr 25
Performant Healthcare, Inc. to Report Q1, 2025 Results on May 08, 2025 Performant Healthcare, Inc. announced that they will report Q1, 2025 results After-Market on May 08, 2025 Reported Earnings • Mar 13
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: US$0.13 loss per share (further deteriorated from US$0.099 loss in FY 2023). Revenue: US$123.0m (up 8.1% from FY 2023). Net loss: US$9.90m (loss widened 32% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.9%. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Healthcare industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Mar 13
Performant Healthcare, Inc. Provides Financial Guidance for the Full-Year 2025 Performant Healthcare, Inc. provided financial guidance for the full-year 2025. For the period, the company expects revenue guidance to be in the range of $131 Million to $135 Million. Announcement • Feb 26
Performant Healthcare, Inc. to Report Q4, 2024 Results on Mar 12, 2025 Performant Healthcare, Inc. announced that they will report Q4, 2024 results After-Market on Mar 12, 2025 Major Estimate Revision • Nov 14
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$125.9m to US$122.4m. Losses expected to increase from US$0.11 per share to US$0.14. Healthcare industry in the US expected to see average net income growth of 27% next year. Consensus price target down from US$7.67 to US$7.00. Share price fell 12% to US$3.19 over the past week. Price Target Changed • Nov 11
Price target decreased by 8.7% to US$7.00 Down from US$7.67, the current price target is an average from 3 analysts. New target price is 104% above last closing price of US$3.43. Stock is up 31% over the past year. The company is forecast to post a net loss per share of US$0.14 next year compared to a net loss per share of US$0.099 last year. Reported Earnings • Nov 07
Third quarter 2024 earnings: Revenues and EPS in line with analyst expectations Third quarter 2024 results: US$0.031 loss per share (further deteriorated from US$0.008 loss in 3Q 2023). Revenue: US$31.5m (up 5.2% from 3Q 2023). Net loss: US$2.38m (loss widened 311% from 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Healthcare industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 4% per year. Announcement • Nov 07
Performant Financial Corporation Reiterates Earnings Guidance for the Year 2024 Performant Financial Corporation reiterated earnings guidance for the year 2024. The company expects to deliver financial results within the company's originally stated range which is an achievement considering some unusual conditions in the healthcare market in 2024. Full guidance expectations are as follows: 2024 healthcare revenues in the range of $117 million to $122 million. Announcement • Oct 23
Performant Financial Corporation to Report Q3, 2024 Results on Nov 06, 2024 Performant Financial Corporation announced that they will report Q3, 2024 results After-Market on Nov 06, 2024 Recent Insider Transactions Derivative • Aug 16
CEO & Director exercised options and sold US$54k worth of stock On the 14th of August, Simeon Kohl exercised options to acquire 15k shares at no cost and sold these for an average price of US$3.61 per share. This trade did not impact their existing holding. For the year to December 2017, Simeon's total compensation was 27% salary and 73% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2023, Simeon's direct individual holding has increased from 325.10k shares to 378.08k. Company insiders have collectively sold US$333k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$0.083 to -US$0.10 per share. Revenue forecast of US$126.1m unchanged since last update. Healthcare industry in the US expected to see average net income growth of 29% next year. Consensus price target of US$7.67 unchanged from last update. Share price fell 2.7% to US$3.55 over the past week. Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: US$0.039 loss per share (improved from US$0.052 loss in 2Q 2023). Revenue: US$29.4m (up 15% from 2Q 2023). Net loss: US$3.00m (loss narrowed 25% from 2Q 2023). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Healthcare industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 9% per year. Announcement • Aug 08
Performant Financial Corporation Reiterates Earnings Guidance for the Fiscal Year 2024 Performant Financial Corporation reiterated earnings guidance for the fiscal year 2024. For the period, Company expects healthcare revenues in the range of $117 million to $122 million, total Company revenues to be in the range of $124 million to $129 million. Announcement • Jul 24
Performant Financial Corporation to Report Q2, 2024 Results on Aug 07, 2024 Performant Financial Corporation announced that they will report Q2, 2024 results on Aug 07, 2024 Recent Insider Transactions Derivative • May 16
CEO & Director exercised options and sold US$56k worth of stock On the 13th of May, Simeon Kohl exercised options to acquire 18k shares at no cost and sold these for an average price of US$3.15 per share. This trade did not impact their existing holding. For the year to December 2017, Simeon's total compensation was 27% salary and 73% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2023, Simeon's direct individual holding has increased from 255.31k shares to 325.10k. Company insiders have collectively sold US$239k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • May 15
Consensus EPS estimates upgraded to US$0.085 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -US$0.095 to -US$0.085 per share. Revenue forecast steady at US$126.2m. Healthcare industry in the US expected to see average net income growth of 28% next year. Consensus price target of US$7.50 unchanged from last update. Share price rose 4.9% to US$3.24 over the past week. Reported Earnings • May 08
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: US$0.052 loss per share (improved from US$0.056 loss in 1Q 2023). Revenue: US$27.3m (up 6.2% from 1Q 2023). Net loss: US$4.02m (loss narrowed 4.8% from 1Q 2023). Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Healthcare industry in the US. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • May 01
Performant Financial Corporation, Annual General Meeting, Jun 18, 2024 Performant Financial Corporation, Annual General Meeting, Jun 18, 2024, at 14:00 Eastern Daylight. Location: the Courtyard Fort Lauderdale Weston located at 2000 N Commerce Parkway 33326 Weston Florida United States Agenda: To Elect two Class III directors to serve until the 2027 Annual Meeting of Stockholders or until their successors are elected and qualified; to Ratify the appointment of Baker Tilly US, LLP as independent registered public accounting firm for 2024; to Approve the amendment and restatement of Amended and Restated 2012 Stock Incentive Plan to increase the number of shares of Common Stock available for issuance thereunder by 4,000,000 shares from 14,550,000 shares to 18,550,000 shares and to make certain other changes; and to Approve the adoption of 2024 Employee Stock Purchase Plan. Announcement • Apr 24
Performant Financial Corporation to Report Q1, 2024 Results on May 07, 2024 Performant Financial Corporation announced that they will report Q1, 2024 results After-Market on May 07, 2024 Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 58% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$0.06 to -US$0.095 per share. Revenue forecast unchanged at US$126.1m. Commercial Services industry in the US expected to see average net income growth of 32% next year. Consensus price target of US$7.50 unchanged from last update. Share price fell 4.6% to US$2.90 over the past week. Reported Earnings • Mar 14
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: US$0.099 loss per share (further deteriorated from US$0.09 loss in FY 2022). Revenue: US$113.7m (up 4.2% from FY 2022). Net loss: US$7.52m (loss widened 15% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.1%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Commercial Services industry in the US. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 28
Performant Financial Corporation to Report Q4, 2023 Results on Mar 12, 2024 Performant Financial Corporation announced that they will report Q4, 2023 results After-Market on Mar 12, 2024 Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: US$0.008 loss per share (improved from US$0.02 loss in 3Q 2022). Revenue: US$30.0m (up 10% from 3Q 2022). Net loss: US$580.0k (loss narrowed 60% from 3Q 2022). Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Commercial Services industry in the US. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 26
Performant Financial Corporation to Report Q3, 2023 Results on Nov 07, 2023 Performant Financial Corporation announced that they will report Q3, 2023 results After-Market on Nov 07, 2023 Recent Insider Transactions Derivative • Sep 12
CEO & Director exercised options and sold US$54k worth of stock On the 7th of September, Simeon Kohl exercised options to acquire 22k shares at no cost and sold these for an average price of US$2.41 per share. This trade did not impact their existing holding. For the year to December 2017, Simeon's total compensation was 33% salary and 67% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2023, Simeon has owned 255.31k shares directly. Company insiders have collectively sold US$201k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: US$0.052 loss per share (further deteriorated from US$0.043 loss in 2Q 2022). Revenue: US$25.5m (flat on 2Q 2022). Net loss: US$3.97m (loss widened 25% from 2Q 2022). Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Commercial Services industry in the US. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 03
Performant Financial Corporation to Report Q2, 2023 Results on Aug 08, 2023 Performant Financial Corporation announced that they will report Q2, 2023 results After-Market on Aug 08, 2023 New Risk • Jun 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$578k net loss in 2 years). Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Reported Earnings • May 11
First quarter 2023 earnings: EPS in line with expectations, revenues disappoint First quarter 2023 results: US$0.056 loss per share (further deteriorated from US$0.024 loss in 1Q 2022). Revenue: US$25.7m (down 5.0% from 1Q 2022). Net loss: US$4.22m (loss widened 152% from 1Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Commercial Services industry in the US. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 15
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: US$0.09 loss per share (improved from US$0.17 loss in FY 2021). Revenue: US$109.2m (down 12% from FY 2021). Net loss: US$6.54m (loss narrowed 37% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 18%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Commercial Services industry in the US. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Breakeven Date Change • Nov 16
No longer forecast to breakeven The 2 analysts covering Performant Financial no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$3.03m in 2023. New consensus forecast suggests the company will make a loss of US$5.21m in 2023. Reported Earnings • Nov 10
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: US$0.02 loss per share (improved from US$0.027 loss in 3Q 2021). Revenue: US$27.2m (down 4.9% from 3Q 2021). Net loss: US$1.46m (loss narrowed 14% from 3Q 2021). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 43%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Commercial Services industry in the US. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • Nov 02
Performant Financial Corporation to Report Q3, 2022 Results on Nov 08, 2022 Performant Financial Corporation announced that they will report Q3, 2022 results After-Market on Nov 08, 2022 Seeking Alpha • Sep 30
Performant Financial: On Track To Achieve Full-Year Targets Despite Ongoing Headwinds Summary
Discussing second quarter 2022 results as well as additional progress on the company's business model transition.
Growth in the core healthcare business remained sufficient for the company to reaffirm previously communicated full-year projections.
Management highlighted a robust sales and implementation pipeline, strong eligibility inventory developments and a sustained rebound in core utilization rates as drivers for improved results in the second half.
With total liquidity of $31 million at the end of Q2, the company won't run out of funds anytime soon.
Given the current market environment, investors should abstain from opening or adding to existing positions at this point and instead closely monitor the company's progress over the second half of the year.
Eighteen months ago, I praised Performant Financial's (PFMT) management for its decision to abandon the company's legacy student loan recovery business and focus on the rapidly growing healthcare segment:
Company Presentation
Unfortunately, the performance of the new core business has also been impacted by the pandemic as hospital utilization rates have not yet returned to pre-COVID levels.
Company SEC-Filings
Last month, Performant Financial reported somewhat uninspiring second-quarter results with both revenue and Adjusted EBITDA down sequentially but year-over-year growth in the core healthcare business remained sufficient for management to affirm full-year expectations:
Given our continued achievements in the second quarter, and in combination with the KPI and opportunity growth ahead of us, we remain pleased with how we are tracking toward current year expectations and more importantly, our long-term goals,” stated Rohit Ramchandani, Senior Vice President of Finance and Strategy at Performant. “Despite a tumultuous macroeconomic climate we remain well capitalized and positioned to continue executing against our investment strategies, which will promote continued long-term growth. As we look ahead to the second half of the year, we are pleased to reiterate our Healthcare revenue and adjusted EBITDA guidance ranges for 2022 of $92-$96MM and $2-$4 million respectively.
In the Q2 presentation, management highlighted a robust sales and implementation pipeline, strong eligibility inventory developments and a sustained rebound in core utilization rates as drivers for anticipated stronger results in the second half.
Full-year cash usage is still expected to be between $4 million and $8 million as the company continues its catch-up in hiring to prepare for new contract implementations. Buying Opportunity • Sep 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be US$2.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.2% over the last 3 years. Earnings per share has grown by 63%. Revenue is forecast to grow by 2.1% in a year. Earnings is forecast to grow by 58% in the next year. Breakeven Date Change • Sep 14
No longer forecast to breakeven The 2 analysts covering Performant Financial no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$3.03m in 2023. New consensus forecast suggests the company will make a loss of US$588.5k in 2023. Reported Earnings • Aug 10
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: US$0.043 loss per share (down from US$0.027 loss in 2Q 2021). Revenue: US$25.7m (down 22% from 2Q 2021). Net loss: US$3.17m (loss widened 108% from 2Q 2021). Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Over the next year, revenue is forecast to grow 3.0%, compared to a 20% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Aug 09
Performant Financial Corporation Provides Earnings Guidance for the Six Months and Full Year Ended December 31, 2022 Performant Financial Corporation provided earnings guidance for the six months and full year ended December 31, 2022. For the six months, the company expects Net loss to be $282,000 to $2,287,000.For the full year, the company expects Net loss to be $5,124,000 to $7,124,000. Announcement • Jul 28
Performant Financial Corporation to Report Q2, 2022 Results on Aug 08, 2022 Performant Financial Corporation announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Aug 08, 2022 Major Estimate Revision • May 17
Consensus estimates of losses per share improve by 25% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from US$105.2m to US$108.5m. EPS estimate increased from -US$0.12 per share to -US$0.09 per share. Commercial Services industry in the US expected to see average net income growth of 20% next year. Consensus price target of US$8.25 unchanged from last update. Share price fell 4.8% to US$2.20 over the past week. Reported Earnings • May 10
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: US$0.024 loss per share (up from US$0.081 loss in 1Q 2021). Revenue: US$27.1m (down 14% from 1Q 2021). Net loss: US$1.67m (loss narrowed 62% from 1Q 2021). Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) also surpassed analyst estimates by 73%. Over the next year, revenue is expected to shrink by 8.7% compared to a 24% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • May 10
Performant Financial Corporation Reaffirms Earnings Guidance for the Year 2022 Performant Financial Corporation reaffirmed earnings guidance for the year 2022. For the year, the company expected EBITDA to be between $2 million to $4 million. Announcement • May 03
Performant Financial Corporation to Report Q1, 2022 Results on May 09, 2022 Performant Financial Corporation announced that they will report Q1, 2022 results After-Market on May 09, 2022 Price Target Changed • Apr 27
Price target decreased to US$8.25 Down from US$10.00, the current price target is an average from 2 analysts. New target price is 263% above last closing price of US$2.27. Stock is up 0.9% over the past year. The company is forecast to post a net loss per share of US$0.12 next year compared to a net loss per share of US$0.17 last year. Price Target Changed • Apr 08
Price target decreased to US$8.50 Down from US$10.00, the current price target is an average from 2 analysts. New target price is 196% above last closing price of US$2.87. Stock is up 27% over the past year. The company is forecast to post a net loss per share of US$0.11 next year compared to a net loss per share of US$0.17 last year. Major Estimate Revision • Mar 23
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$103.5m to US$104.8m. Forecast EPS reduced from -US$0.07 to -US$0.11 per share. Commercial Services industry in the US expected to see average net income growth of 30% next year. Consensus price target of US$9.75 unchanged from last update. Share price rose 22% to US$2.43 over the past week. Reported Earnings • Mar 18
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: US$0.17 loss per share (up from US$0.26 loss in FY 2020). Revenue: US$124.4m (down 20% from FY 2020). Net loss: US$10.3m (loss narrowed 27% from FY 2020). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is expected to shrink by 16% compared to a 23% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Breakeven Date Change • Dec 23
Forecast breakeven date moved forward to 2022 The 2 analysts covering Performant Financial previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 34% to 2021. The company is expected to make a profit of US$718.5k in 2022. Average annual earnings growth of 142% is required to achieve expected profit on schedule. 