TruBridge Inc (TBRG) Q1 2024 Earnings: Navigating Through Transformation and Market Challenges

In This Article:

  • Total Revenue: $83.247M, a decrease from $86.233M in the previous year.

  • Net Loss: Reported a net loss of $2.516M compared to a net income of $3.084M in the prior year.

  • Earnings Per Share: Net loss per share stood at $0.17, down from earnings of $0.21 per share year-over-year.

  • Revenue by Segment: Revenue from RCM (Revenue Cycle Management) increased to $53.038M from $48.631M, while EHR (Electronic Health Records) revenue declined to $28.022M from $35.191M.

  • Operating Loss: Posted an operating loss of $1.458M, a significant downturn from an operating income of $6.295M in the same quarter last year.

  • Adjusted EBITDA Outlook: Maintained previous adjusted EBITDA outlook for the year despite revising the full-year revenue range.

  • Bookings: Bookings for the quarter reached $23M, showing growth in both RCM and EHR segments.

On May 10, 2024, TruBridge Inc (NASDAQ:TBRG), a prominent provider of healthcare solutions, disclosed its financial outcomes for the first quarter ended March 31, 2024, through its 8-K filing. The company, known for its comprehensive services including Electronic Health Records (EHR), revenue cycle management (RCM), and patient engagement solutions, continues to refine its operations amidst a transformative phase.

Company Overview

TruBridge Inc operates primarily through three segments: RCM, EHR, and Patient Engagement, with the majority of its revenue stemming from the RCM segment. The company serves over 1,500 healthcare organizations, offering technology-first solutions tailored to the unique needs of community hospitals and healthcare systems.

Q1 2024 Performance Highlights

TruBridge reported a mixed financial performance in the first quarter of 2024. Total revenues reached $83.247 million, a slight decrease from $86.233 million in the same quarter the previous year. The decline was primarily seen in the EHR segment, which dropped from $35.191 million to $28.022 million. Conversely, the RCM segment showed growth, increasing from $48.631 million to $53.038 million.

Operating expenses also saw an uptick, totaling $84.705 million compared to $79.938 million in Q1 2023, leading to an operating loss of $1.458 million, a stark contrast to the operating income of $6.295 million reported last year. This loss was further compounded by a net loss of $2.516 million, down from a net income of $3.084 million in the prior year's comparable quarter.

Strategic Adjustments and Future Outlook

CEO Chris Fowler emphasized the company's ongoing transformation efforts, focusing on financial operation refinements and cost management strategies. Despite the challenges in revenue adjustments, TruBridge maintained its adjusted EBITDA outlook for the year, reflecting confidence in its operational adjustments and market strategy.