Performant Financial Inc. (PFMT) stock declines during after-hour given no recent update

Performant Financial Inc. (NASDAQ: PFMT) stock gained by 2.25% at the last close whereas the PFMT stock price declines by 5.13% in the after-hours trading session. Through avoiding, detecting, and retrieving waste, irregular expenditures, and defaulted cash, Performant assists government and private agencies in the revenue and lowering costs. In many markets, including hospitals, student loans, and government, Performant is a leading provider of these services.

Q1 Financial Highlights

Performant Financials released its Q1 2021 financial results on May 14, 2021. Given below is the summary:

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  • For the first quarter 2021, the revenue generated was $31.4 million relative to $45.9 million in the prior-year period.
  • Adjusted EBITDA was $(0.2) million, down from $7.1 million the previous year.
  • For the first quarter 2021, PFMT had a net loss of about $4.4 million, or $(0.08) per diluted share, compared to a net loss of $12.5 million, or $(0.23) per diluted share for Q1 2020.
  • Adjusted net loss for Q1 2021 was $2.8 million relative to an adjusted net income of 42.1 million in the prior-year period.

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Lisa Im, CEO of Performant commented:

Because of the COVID impact, PFMT expected Q1 to be a smaller quarter in 2021, but PFMT is pleased to report that present and long-term dynamics remain very positive, as shown by the five new initiatives they introduced in the first quarter. Their goals for 2021 have not changed and they are optimistic in their plan to deliver and meet their previously announced guidance of $83-$90 million in annual healthcare sales and positive EBITDA.

PFMT is effectively winning new business and extending existing contracts by combining a client-centric approach with a patented and differentiated technology framework, she said. As they head forward into 2021, they remain very keen on healthcare growth prospects, and feel that the steady momentum they gained over the 18 months of contract execution demonstrates their willingness to provide healthcare clients with solutions that better suit their needs than competitors’ offerings.

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