PERFORMANT FINANCIAL Reports Third Quarter FY2023 Earnings Results
December 19, 2023
🌥️Earnings Overview
On November 7 2023, PERFORMANT FINANCIAL ($NASDAQ:PFMT) released their financial results for the third quarter of FY2023, ending on September 30 2023. Revenue rose 10.2% year over year, amounting to USD 30.0 million, while net income improved from -1.46 million to -0.58 million compared to the same period in the prior year.
Stock Price
The stock opened the day at $2.3 and closed at the same price, down by 4.6% from its prior closing price of $2.4. This represents one of the biggest single-day declines for PERFORMANT FINANCIAL stock in the past few months. The company’s financial performance was below expectations due to decreased customer demand and rising costs associated with the pandemic.
The weaker financial performance dragged the stock down, prompting investors to take a cautious approach to their investments in the company’s stock. Despite the weak results, analysts remain optimistic about PERFORMANT FINANCIAL’s long-term prospects and are hopeful that it will be able to bounce back from these short-term setbacks. 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 |
| 110.42 | -9.01 | -8.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Performant Financial. More…
| Operations | Investing | Financing |
| 5.05 | -4.34 | -8.99 |
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 |
| 100.71 | 22.38 | 1.02 |
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 |
| -11.6% | -43.8% | -7.0% |
| FCF Margin | ROE | ROA |
| 0.6% | -6.2% | -4.8% |
Analysis
We performed an analysis of PERFORMANT FINANCIAL‘s fundamentals and concluded that it is strong in asset and weak in dividend, growth, and profitability. PERFORMANT FINANCIAL has an intermediate health score of 6/10 with regard to its cashflows and debt, which may be sufficient for the company to sustain future operations in times of crisis. We classified PERFORMANT FINANCIAL as an ‘elephant’, which means that it is rich in assets after deducting off liabilities. This information may be of interest to value investors who favour companies with strong fundamentals and who are willing to ride out turbulence in the market. Such investors may be attracted to PERFORMANT FINANCIAL due to its strong asset base, despite its weak profitability and growth outlook. 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
PERFORMANT FINANCIAL reported their third quarter FY2023 earnings on November 7 2023. Overall, total revenue increased 10.2% year-over-year to USD 30.0 million and net income improved to -0.58 million from -1.46 million in the same period last year. However, the stock price moved down the same day, indicating that investors may not be encouraged by the company’s performance. Nonetheless, further analysis is needed in order to determine the true value of PERFORMANT FINANCIAL’s stock and assess if it is a good investment opportunity.
Related Posts
Recent Posts
