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Performant Healthcare downgraded to Hold from Buy at Craig-Hallum
Craig-Hallum downgraded Performant Healthcare to Hold from Buy with a $7.75 price target after the company entered into a definitive agreement to be acquired by Machinify for $670M, or $7.75 per share.
Performant Healthcare downgraded to Neutral from Buy at B. Riley
B. Riley downgraded Performant Healthcare to Neutral from Buy with a price target of $7.75, up from $7.00, after the company entered into a definitive agreement to be acquired by Machinify for $670M, or $7.75 per share. The deal was unanimously approved by Performant's board and is expected to close by the end of 2025, the analyst tells investors in a research note.
Performant Healthcare to be acquired by Machinify for $670M
Performant Healthcare announced its entry into a definitive agreement to be acquired by Machinify which has agreed to acquire Performant for approximately $670M. Under the terms of the merger agreement, Performant stockholders will receive $7.75 in cash for each share of Performant common stock outstanding at the closing of the transaction. The per share price represents a premium of approximately 139% to the Performant 90-day volume weighted average price of $3.25 per share calculated as of market close on July 31. The transaction is expected to close by the end of 2025, subject to the satisfaction of customary closing conditions, including approval by Performant's stockholders and receipt of applicable regulatory approvals. Prior to the closing of the transaction, Performant is required to operate its business in the ordinary course. In addition, following the closing of the transaction, Performant's shares will be delisted from Nasdaq. The transaction has been unanimously approved by the board of directors of Performant.
Performant Healthcare reports Q1 EPS 2c, consensus (2c)
Reports Q1 revenue $33.3M, consensus $29.9M. "Our first quarter revenue and profitability exceeded expectations, underscoring our commitment to a results-driven healthcare strategy," stated Simeon Kohl, CEO of Performant. "Our quarterly results highlight the demand for Performant's services and the robustness of our business model. We saw solid growth across both government and commercial clients in the quarter with the majority of growth continuing to come from commercial clients. In the first quarter, we implemented 13 commercial programs, estimated to contribute between $4.5 million and $5.0 million in annualized revenue at steady state. Amid an uncertain political and healthcare environment, Performant is well-positioned to provide clients with certainty and savings. Our mission is unchanged, we are committed to reducing wasteful spend in the healthcare system and we are dedicated to delivering sustainable growth and profitable expansion for our shareholders."
Performant Healthcare sees FY25 revenue $131M-$135M, consensus $134.47M
"Despite macro factors impacting the broader payment integrity space, Performant delivered results within the originally guided range in 2024," said Rohit Ramchandani, Chief Financial Officer. "Looking ahead to 2025, our focus is on delivering margin improvement through technology advancements and the natural scale of our business. We are introducing full-year 2025 revenue guidance to be in the range of $131M to $135M and full-year adjusted EBITDA guidance to be in the range of $8M to $9M, which nearly doubles our adjusted EBITDA year over year at the midpoint of guidance. The investments we have made and the results we achieved, both financial and organizational, continue to support our goal of achieving a 20% adjusted EBITDA margin target with the continued success of Project Turing and as implementations and revenue scale."
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