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TruBridge Announces First Quarter 2024 Results

TruBridge, Inc. (NASDAQ: TBRG), a healthcare solutions company, today announced financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights All comparisons are to the q...

Business Wire

MOBILE, Ala.: TruBridge, Inc. (NASDAQ: TBRG), a healthcare solutions company, today announced financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Highlights

All comparisons are to the quarter ended March 31, 2023, unless otherwise noted

  • Bookings of $23.6 million compared to $19.8 million
  • Total revenue of $83.2 million compared to $86.2 million
  • Revenue Cycle Management (RCM) revenue of $53.0 million compared to $48.6 million
    • RCM revenue represented 63.7% of TruBridge’s total revenue
  • GAAP (loss) earnings per diluted share of $(0.17) compared to $0.21
  • Non-GAAP earnings per diluted share of $0.19 compared to $0.58
  • Adjusted EBITDA of $9.5 million compared to $14.6 million

Commenting on the results, Chris Fowler, chief executive officer of TruBridge, Inc., stated, “We continued to make significant progress on our transformation efforts during the first quarter, and we remained focused on the key areas that we believe will drive results. The refinement of our financial operations gives us enhanced capabilities in regard to accurate forecasting, an improved capital allocation strategy and identification of cost savings opportunities and provides us a more stable foundation from which to grow.”

“We were pleased with the continued momentum in bookings this quarter, which came in at $23 million and reflected wins in both our RCM and our EHR business, as well as the growth in our pipeline especially in the larger deals that we’ve started to move towards in the past few quarters. Our success in capturing these larger deals in our RCM business does bring an added layer of timing complexity from contracting to implementation. As a result, to reflect the variability in time to convert larger deals, we feel it’s prudent to slightly revise our full-year revenue range. The work we have done on expense management, however, has put us in a strong position in terms of our profitability, allowing us to maintain our previous adjusted EBITDA outlook this year.

“TruBridge operates in an area of the market with tremendous need, and our solutions address many of them. We remain confident we can continue to deliver for our customers and shareholders,” concluded Fowler.

Financial Guidance

For the second quarter of 2024, TruBridge expects to generate:

  • Total revenue of $81 million to $83 million
  • Adjusted EBITDA of $8.0 million to $10.0 million

For the full year 2024, TruBridge expects to generate:

  • Total revenue of $330 million to $340 million; revised from $340 million to $350 million
  • Adjusted EBITDA of $45 million to $50 million; unchanged

Conference Call

TruBridge will hold a live webcast to discuss first quarter 2024 results on Friday, May 10, 2024, at 7:00 a.m. Central time/8:00 a.m. Eastern time. A 30-day online replay will be available approximately one hour following the conclusion of the live webcast. To listen to the live webcast or access the replay, visit the Company’s investor relations website, investors.trubridge.com.

About TruBridge

We are a trusted partner to more than 1,500 healthcare organizations with a broad range of technology-first solutions that address the unique needs and challenges of diverse communities, promoting equitable access to quality care and fostering positive outcomes. TruBridge has over four decades of experience in connecting providers, patients and communities with innovative data-driven solutions that create real value by supporting both the financial and clinical side of healthcare delivery. Our industry leading HFMA Peer Reviewed® suite of revenue cycle management (RCM) offerings combine unparalleled visibility and transparency to enhance productivity and support the financial health of healthcare organizations across all care settings. We support efficient patient care with electronic health record (EHR) product offerings that successfully integrate data between care settings. Above all, we believe in the power of community and encourage collaboration, connection, and empowerment with our customers. We clear the way for care. For more information, please visit www.trubridge.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to the Company’s future financial and operational results are forward-looking statements. We caution investors that any such forward‑looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward‑looking statements. Such factors may include: saturation of our target market and hospital consolidations; unfavorable economic or market conditions that may cause a decline in spending for information technology and services; significant legislative and regulatory uncertainty in the healthcare industry; exposure to liability for failure to comply with regulatory requirements; pandemics and other public health crises and related economic disruptions; transition to a subscription-based recurring revenue model and modernization of our technology; competition with companies that have greater financial, technical and marketing resources than we have; potential future acquisitions that may be expensive, time consuming, and subject to other inherent risks; our ability to attract and retain qualified client service and support personnel; disruption from periodic restructuring of our sales force; potential delay in the development of markets for our RCM service offering; potential inability to properly manage growth in new markets we may enter; potential disruption of our business due to our ongoing implementation of a new enterprise resource planning software solution; exposure to numerous and often conflicting laws, regulations, policies, standards or other requirements through our international business activities; potential litigation against us; our reliance on an international workforce which exposes us to various business disruptions; our utilization of artificial intelligence, which could expose us to liability or adversely affect our business if we cannot compete effectively with others using artificial intelligence; potential failure to develop new products or enhance current products that keep pace with market demands; failure of our products to function properly resulting in claims for medical and other losses; breaches of security and viruses in our systems resulting in customer claims against us and harm to our reputation; failure to maintain customer satisfaction through new product releases free of undetected errors or problems; failure to convince customers to migrate to current or future releases of our products; failure to maintain our margins and service rates; increase in the percentage of total revenues represented by service revenues, which have lower gross margins; exposure to liability in the event we provide inaccurate claims data to payors; exposure to liability claims arising out of the licensing of our software and provision of services; dependence on licenses of rights, products and services from third parties; misappropriation of our intellectual property rights and potential intellectual property claims and litigation against us; interruptions in our power supply and/or telecommunications capabilities, including those caused by natural disaster; potential inability to secure additional financing on favorable terms to meet our future capital needs; our substantial indebtedness, and our ability to incur additional indebtedness in the future; pressures on cash flow to service our outstanding debt; restrictive terms of our credit agreement on our current and future operations; changes in and interpretations of financial accounting matters that govern the measurement of our performance; significant charges to earnings if our goodwill or intangible assets become impaired; fluctuations in quarterly financial performance due to, among other factors, timing of customer installations; volatility in our stock price; failure to maintain effective internal control over financial reporting; inherent limitations in our internal control over financial reporting; vulnerability to significant damage from natural disasters; market risks related to interest rate changes; potential material adverse effects due to macroeconomic conditions, including bank failures or changes in related regulation; and other risk factors described from time to time in our public releases and reports filed with the Securities and Exchange Commission, including, but not limited to, our most recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this press release.

TruBridge, Inc.
Condensed Consolidated Statements of Income
(In '000s, except per share data)
(Unaudited)
 
Three Months Ended March 31,

 

2024

 

 

2023

 

Revenues
RCM

$

53,038

 

$

48,631

 

EHR

 

28,022

 

 

35,191

 

Patient engagement

 

2,187

 

 

2,411

 

Total revenues

 

83,247

 

 

86,233

 

 
Expenses
Costs of revenue (exclusive of amortization and depreciation)
RCM

 

29,597

 

 

27,183

 

EHR

 

11,287

 

 

16,348

 

Patient engagement

 

875

 

 

646

 

Total costs of revenue (exclusive of amortization and depreciation)

 

41,759

 

 

44,177

 

Product development

 

10,689

 

 

8,352

 

Sales and marketing

 

6,592

 

 

6,957

 

General and administrative

 

19,396

 

 

14,453

 

Amortization

 

5,869

 

 

5,500

 

Depreciation

 

400

 

 

499

 

Total expenses

 

84,705

 

 

79,938

 

 
Operating income (loss)

 

(1,458

)

 

6,295

 

 
Other income (expense):
Other income

 

1,422

 

 

267

 

Interest expense

 

(4,072

)

 

(2,669

)

Total other income (expense)

 

(2,650

)

 

(2,402

)

 
Income (loss) before taxes

 

(4,108

)

 

3,893

 

 
Provision (benefit) for income taxes

 

(1,592

)

 

809

 

 
Net income (loss)

$

(2,516

)

$

3,084

 

 
Net income (loss) per common share—basic

$

(0.17

)

$

0.21

 

Net income (loss) per common share—diluted

$

(0.17

)

$

0.21

 

 
Weighted average shares outstanding used in per common share computations:
Basic

 

14,234

 

 

14,136

 

Diluted

 

14,234

 

 

14,136

 

TruBridge, Inc.
Condensed Consolidated Balance Sheets
(In '000s, except per share data)
 
March 31, 2024
(unaudited)
Dec. 31, 2023
Assets
Current assets
Cash and cash equivalents

$

4,115

 

$

3,848

 

Accounts receivable, net of allowance for expected credit losses of $3,773 and $3,631, respectively

 

64,218

 

 

59,723

 

Financing receivables, current portion (net of allowance for expected credit losses of $304 and $319, respectively)

 

3,668

 

 

3,997

 

Inventories

 

980

 

 

475

 

Prepaid income taxes

 

1,151

 

 

1,628

 

Prepaid expenses and other

 

17,772

 

 

15,807

 

Assets of held for sale disposal group

 

-

 

 

25,977

 

Total current assets

 

91,904

 

 

111,455

 

 
Property & equipment, net

 

8,750

 

 

8,974

 

Software development costs, net

 

41,237

 

 

39,139

 

Operating lease assets

 

4,672

 

 

5,192

 

Financing receivables, net of current portion (net of allowance for expected credit losses of $79 and $97, respectively)

 

959

 

 

1,226

 

Other assets, net of current portion

 

8,331

 

 

7,314

 

Intangible assets, net

 

86,086

 

 

89,213

 

Goodwill

 

172,573

 

 

171,909

 

Deferred tax assets

 

1,905

 

 

-

 

Total assets

$

416,417

 

$

434,422

 

 
Liabilities & Stockholders' Equity
Current liabilities
Accounts payable

$

11,356

 

$

10,133

 

Current portion of long-term debt

 

3,074

 

 

3,141

 

Deferred revenue

 

9,079

 

 

8,677

 

Accrued vacation

 

5,429

 

 

5,410

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