Performant Financial Inc. (PFMT) stock fell during pre-market trading. Let’s see why?

Performant Financial Inc. (NASDAQ: PFMT) stock declined by 5.57% at the last close while the PFMT stock price plunge by 1.26% in the pre-market trading session. In the United States, Performant offers technology-enabled audit, restoration, and analytics services, with an emphasis on the healthcare payment integrity market. Performant helps healthcare payers to identify erroneous payments using claim auditing and eligibility-based services.

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PFMT stock, Financial Highlights

Performant Financial announced its second-quarter 2021 financial results, the main points are stated below:

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  • For the second quarter of 2021, the revenue generated was $32.8 million whereas the revenue for the second quarter of 2020 was $33.8 million.
  • In the prior year quarter, the company had a net loss of $7.2 million, or $0.13 per diluted share, relative to a net loss of $1.5 million, or $0.03 per diluted share for second-quarter 2021.
  • Adjusted net income was $0.5 million, or $0.01 per diluted share for the second quarter of 2021, relative to an adjusted net loss of $0.7 million, or $0.01 per diluted share for Q2 2020.
  • Adjusted EBITDA was $4.2 million, down from $4.3 million the previous year.
  • PFMT has about $12.2 million in cash, cash equivalents, and restricted cash as of June 30, 2021.

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Lisa Im, CEO of Performant commented,

Their plan to transition mainly into a healthcare payment integrity services firm is on track, as seen by their second-quarter results, which saw healthcare revenues increase by more than 27% year over year.

They feel there is a huge possibility for them to acquire market share and develop in the healthcare industry. However, the recent increase in the Delta variant of COVID-19 raises some doubts about probable activity slowdowns or stops in the next quarters. They are adopting a measured approach in light of the uncertainties, refining our 2021 healthcare revenue estimate to a range of $80 – $85 million while remaining confident in delivering positive EBITDA results.

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