Performant Financial Corp.(PFMT) stock soared on Monday’s March 29, 2021, aftermarket session and it gained 57.05%. Let us have a look at what’s the latest development in the company.
More focus on Health operations
On March 29, 2021, PFMT announced it will focus more on its healthcare operations as it is generating more revenue for the company. PFMT healthcare operations had generated revenues of $68.5 million for the full year 2020, which is 58% more than 2019.
The company also signed an agreement to sell certain of its non-healthcare, recovery contracts to a buyer that specializes in outsourced receivables solutions.
The PFMT is expecting a revenue of $83 to $90 million from its health care section for 2021.
Recent Financial results announcements
Performant Financial Corp announced its fourth-quarter and full-year financial results ended December 31, 2020, on March 16, 2021.
Q4 financial highlights
- For the fourth quarter, PFMT earned revenues of $40.0 million, compared to $43.8 million in the prior-year period.
- It had a net income of $3.7 million or $0.07 per diluted share for the reported quarter compared to a net loss of $3.9 million, or $0.07 per diluted share in Q4 of 2019.
- For the fourth quarter, Adjusted EBITDA was $5.2 million compared to $6.5 million in the same period in 2019.
- Adjusted net income was $4.5 million, or $0.08 per diluted share for the reported quarter, compared with adjusted net income of $1.5 million or $0.03 per diluted share in the same quarter in 2019.
Financial highlights of the full year 2020
- For the full year 2020, PFMT revenue was 155.9 million, compared to $150.4 million in 2019
- it suffered a net loss of $14.0 million, or $0.26 per diluted share, compared to a net loss of $26.8 million, or $0.50per diluted share in 2019.
- For the reported year, Adjusted EBITDA was $20.5 million, compared to $3.2million in the prior year.
- PFMT had an adjusted net income of $8.5 million, or $0.16 per diluted share, compared to an adjusted net loss of $20.0 million, or $0.37 per diluted share, in 2019.
Conclusion: The recent improved financial figures and now company focusing more on its health operations can take the share price further up in the coming days.