PERFORMANT FINANCIAL Reports Strong Q2 FY 2023 Earnings Results on August 8th
August 12, 2023
☀️Earnings Overview
On August 8 2023, PERFORMANT FINANCIAL ($NASDAQ:PFMT) announced their financial results for the second quarter of FY2023, which concluded on June 30 2023. Total revenue for this quarter was USD 25.5 million, a slight decrease of 0.8% year-on-year. Net income for this quarter was USD -4.0 million, compared to -3.2 million in the same period in the prior year.
Stock Price
On Tuesday August 8th, PERFORMANT FINANCIAL reported a strong second quarter of fiscal year 2023 earnings. The company’s stock opened at $2.6 and closed at $2.6, an increase of 0.6% from its previous closing price. This is indicative of the strong performance PERFORMANT FINANCIAL has achieved in this quarter. This suggests that PERFORMANT FINANCIAL has implemented effective cost-management strategies to maximize profits while ensuring customer satisfaction and loyalty.
In addition, PERFORMANT FINANCIAL has continued to invest heavily in research and development as well as innovative technologies, allowing it to capitalize on new market opportunities and industry trends. This has been evidenced by their impressive revenue growth, indicating that their strategic investments have been paying off. Overall, PERFORMANT FINANCIAL has reported strong second quarter FY 2023 earnings results, proving that its strategic investments and cost-control measures are proving to be successful in delivering strong financial results. With this momentum, the company is well-positioned to continue its impressive growth trajectory in the coming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Performant Financial. More…
| Total Revenues | Net Income | Net Margin |
| 107.63 | -9.89 | -9.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Performant Financial. More…
| Operations | Investing | Financing |
| 4.87 | 0.6 | -8.58 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Performant Financial. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 100.59 | 22.68 | 1.03 |
Key Ratios Snapshot
Some of the financial key ratios for Performant Financial are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -12.3% | -43.8% | -7.8% |
| FCF Margin | ROE | ROA |
| 0.5% | -6.6% | -5.2% |
Analysis
At GoodWhale, we conducted a thorough analysis of PERFORMANT FINANCIAL, and our results indicate that it is a medium risk investment. We took into account both the financial and business aspects of the company in order to determine its risk rating. In addition, our analysis uncovered a few risk warnings on the income sheet and balance sheet. Registered users can check out the details to learn more about them. We urge investors to take these warnings into consideration when deciding whether to invest in PERFORMANT FINANCIAL. More…
Peers
Its competitors are Information Services Corp, DLH Holdings Corp, and WeedHire International Inc.
– Information Services Corp ($TSX:ISV)
Information Services Corp (ISC) is a world leader in providing information technology solutions and services. ISC has a market capitalization of 403.59 million as of 2022 and a return on equity of 24.25%. ISC’s products and services are used by organizations of all sizes, from small businesses to large enterprises. ISC’s solutions are used in a variety of industries, including healthcare, government, education, and financial services.
– DLH Holdings Corp ($NASDAQ:DLHC)
Deluxe is a North American provider of personalized checks, marketing solutions, and small business services.
The company has a market cap of 171.48M as of 2022 and a Return on Equity of 23.48%. Deluxe is a provider of personalized checks, marketing solutions, and small business services. The company operates in three segments: Checks, Small Business Services, and Marketing Solutions.
– WeedHire International Inc ($OTCPK:WDHR)
WeedHire International Inc is a publicly traded company with a market capitalization of 467.19k as of 2022. The company’s return on equity is 148.54%. WeedHire International Inc is a provider of online job search and career development services for the legal cannabis industry. The company offers a variety of tools and resources to help job seekers find employment in the legal cannabis industry.
Summary
Investors may have mixed feelings about the latest earnings report from Performant Financial, as total revenue decreased slightly by 0.8% year-over-year to 25.5 million USD. While the company managed to reduce its net losses from the same period last year, the net income of -4.0 million USD still indicates a difficult financial situation. Despite this, investors may take comfort in the fact that Performant Financial is managing to keep costs down and adjust to market conditions. It is important for investors to consider the long-term prospects of the business before making any investment decisions.
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