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Performant Healthcare Inc. (PHLT+1.73%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $122.981 million for 2024, an increase from $113.743 million in 2023. The increase in revenues was primarily driven by growth in healthcare services.
Healthcare revenues, which include claims-based and eligibility-based services, rose to $118.291 million in 2024 from $106.444 million in 2023. Claims-based services contributed $56.431 million, while eligibility-based services accounted for $61.860 million.
The company reported a net loss of $9.895 million for 2024, compared to a net loss of $7.519 million in 2023. The increased loss was attributed to higher operating expenses, including salaries and benefits.
Operating expenses for 2024 totaled $132.481 million, up from $119.871 million in 2023. Salaries and benefits expenses increased by 11% to $100.431 million.
Interest expense decreased to $1.105 million in 2024 from $1.974 million in 2023, primarily due to the refinancing of the company's credit agreement.
The company's cash and cash equivalents increased to $9.292 million as of December 31, 2024, from $7.252 million at the end of 2023, supported by cash flow from operations.
Performant Healthcare's Credit Agreement with Wells Fargo Bank provides a $25 million revolving loan commitment, of which $8 million was outstanding as of December 31, 2024.
The filing also notes that Performant Healthcare's significant clients include government and commercial healthcare payers, with three clients each accounting for more than 10% of total revenues.
The company continues to focus on expanding its healthcare payment integrity services and enhancing its technology-enabled services platform to support future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Performant Healthcare Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.