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Performant Financial Corporation Announces Financial Results for Fourth Quarter and Full Year 2019

LIVERMORE, Calif., March 17, 2020 (GLOBE NEWSWIRE) -- Performant Financial Corporation (Nasdaq: PFMT), a leading provider of technology-enabled recovery and related analytics services in the United States, today reported the following financial results for its fourth quarter and full year ended DecemberA 31, 2019:
Fourth Quarter Financial Highlights

Total revenues of $43.8 million, compared to $39.7 million in the prior year period, up 10.3%




Net loss of $3.9 million or $(0.07) per diluted share, compared to net loss of $5.3 million, or $(0.10) per diluted share, in the prior year period




Adjusted EBITDA of $6.5 million, compared to $2.5 million in the prior year period




Adjusted net income of $1.5 million, or $0.03 per diluted share, compared to adjusted net loss of $0.4 million or $(0.01) per diluted share, in the prior year period

Full Year 2019 Financial Highlights

Total revenues of $150.4 million, compared to $155.7 million in 2018, a change of (3.4)%




Net loss of $26.8 million, or $(0.50) per diluted share, compared to net loss of $8.0 million, or $(0.15) per diluted share, in 2018




Adjusted EBITDA of $(3.2) million, compared to $(5.2) million in 2018




Adjusted net loss of $20.0 million, or $(0.37) per diluted share, compared to adjusted net loss of $14.3 million, or $(0.27) per diluted share, in 2018

Fourth Quarter 2019 ResultsHealthcare revenues in the fourth quarter were $14.3 million, up from $9.9 million in the prior year period. Recovery revenues in the fourth quarter were $25.2 million, consistent with revenues of $25.2 million in the prior year period. Revenues from our Customer Care / Outsourced Services in the fourth quarter were $4.3 million, down from $4.6 million in the prior year period.
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