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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TruBridge Inc | NASDAQ:TBRG | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.13 | 7.86% | 15.435 | 15.39 | 15.48 | 15.8799 | 14.35 | 14.53 | 49,398 | 19:39:40 |
From May 2024 to Nov 2024
TruBridge, Inc. (NASDAQ: TBRG), a healthcare solutions company, today announced financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Highlights
All comparisons are to the quarter ended June 30, 2023, unless otherwise noted
Chris Fowler, chief executive officer of TruBridge, Inc., stated, “We are pleased with our second quarter performance, both operationally and financially. The team continued to build on our bookings momentum and cross-selling efforts, while we further enhanced our financial operations. Our solid revenue performance and adjusted EBITDA margin expansion in the quarter was punctuated by a significant improvement in cash flow from operations.
“Given the health of our pipeline and clear line of sight for the remainder of the year, we are reiterating guidance and are enthusiastic about our future outlook,” concluded Fowler.
Financial Guidance
For the third quarter of 2024, TruBridge expects to generate:
For the full year 2024, TruBridge reiterates prior outlook of:
Conference Call
TruBridge will hold a conference call and live webcast to discuss second quarter 2024 results on Thursday, August 8, 2024, at 3:30 p.m. Central time/4:30 p.m. Eastern time. To access this interactive teleconference, dial (800) 715-9871 and request connection to the TruBridge earnings conference call. 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 forwardlooking 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 June 30, 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 June 30, Six Months Ended June 30,
2024
2023
2024
2023
Revenues RCM
$
54,108
$
47,760
$
107,146
$
96,391
EHR
30,622
36,862
60,831
74,464
Total revenues
84,730
84,622
167,977
170,855
Expenses Costs of revenue (exclusive of amortization and depreciation) RCM
30,269
27,119
59,866
54,302
EHR
13,073
17,014
25,237
34,008
Total costs of revenue (exclusive of amortization and depreciation)
43,342
44,133
85,103
88,310
Product development
8,207
8,769
18,894
17,121
Sales and marketing
7,815
8,132
14,408
15,089
General and administrative
18,878
19,057
38,274
33,510
Amortization
9,107
5,858
14,975
11,341
Depreciation
400
579
800
1,095
Total expenses
87,749
86,528
172,454
166,466
Operating income (loss)
(3,019
)
(1,906
)
(4,477
)
4,389
Other income (expense): Other income
91
78
1,514
346
Interest expense
(4,242
)
(2,664
)
(8,315
)
(5,334
)
Total other expense
(4,151
)
(2,586
)
(6,801
)
(4,988
)
Loss before taxes
(7,170
)
(4,492
)
(11,278
)
(599
)
Income tax benefit
(2,121
)
(1,655
)
(3,713
)
(846
)
Net income (loss)$
(5,049
)
$
(2,837
)
$
(7,565
)
$
247
Net income (loss) per common share—basic
$
(0.34
)
$
(0.20
)
$
(0.51
)
$
0.02
Net income (loss) per common share—diluted
$
(0.34
)
$
(0.20
)
$
(0.51
)
$
0.02
Weighted average shares outstanding used in per common share computations: Basic
14,313
14,200
14,273
14,168
Diluted
14,313
14,200
14,273
14,168
TruBridge, Inc. Condensed Consolidated Balance Sheets (In '000s, except per share data) June 30, 2024(Unaudited) Dec. 31, 2023 Assets Current assets Cash and cash equivalents
$
7,709
$
3,848
Accounts receivable, net of allowance for expected credit losses of $3,315 and $3,631, respectively
59,603
59,723
Financing receivables, current portion (net of allowance for expected credit losses of $332 and $319, respectively)
4,137
3,997
Inventories
793
475
Prepaid income taxes
2,307
1,628
Prepaid expenses and other
17,034
15,807
Assets of held for sale disposal group
-
25,977
Total current assets
91,583
111,455
Property & equipment, net
8,479
8,974
Software development costs, net
39,741
39,139
Operating lease assets
3,861
5,192
Financing receivables, net of current portion (net of allowance for expected credit losses of $56 and $97, respectively)
607
1,226
Other assets, net of current portion
8,337
7,314
Intangible assets, net
82,960
89,213
Goodwill
172,573
171,909
Deferred tax assets
4,146
-
Total assets
$
412,287
$
434,422
Liabilities & Stockholders' Equity Current liabilities Accounts payable
$
15,854
$
10,133
Current portion of long-term debt
3,074
3,141
Deferred revenue
9,842
8,677
Accrued vacation
5,458
5,410
Liabilities of held for sale disposal group
-
977
Other accrued liabilities
17,481
19,892
Total current liabilities
51,709
48,230
Long-term debt, net of current portion
176,964
195,270
Operating lease liabilities, net of current portion
2,512
3,074
Deferred tax liabilities
-
1,230
Total liabilities
231,185
247,804
Stockholders' Equity Common stock, $0.001 par value; 30,000 shares authorized; 15,561 and 15,121 shares issued, respectively
15
15
Treasury stock, 615 and 572 shares, respectively
(17,434
)
(17,075
)
Accumulated other comprehensive gain
108
-
Additional paid-in capital
197,846
195,546
Retained earnings
567
8,132
Total stockholders' equity
181,102
186,618
Total liabilities and stockholders' equity
$
412,287
$
434,422
TruBridge, Inc. Condensed Consolidated Statements of Cash Flows (In '000s) (Unaudited) Six Months Ended June 30,
2024
2023
Operating activities: Net income (loss)
$
(7,565
)
$
247
Adjustments to net income (loss): Provision for credit losses
358
181
Deferred taxes
(5,224
)
(1,533
)
Stock-based compensation
2,300
1,124
Depreciation
800
1,095
Gain on sale of business
(1,250
)
-
Amortization of acquisition-related intangibles
6,253
8,029
Amortization of software development costs
8,722
3,312
Amortization of deferred finance costs
213
180
Non-cash operating lease costs
897
1,211
Loss on disposal of property and equipment
-
117
Changes in operating assets and liabilities: Accounts receivable
654
(3,806
)
Financing receivables
506
940
Inventories
(318
)
(178
)
Prepaid expenses and other
1,502
(2,017
)
Accounts payable
5,750
7,448
Deferred revenue
1,769
(1,705
)
Operating lease liabilities
(583
)
(1,067
)
Other liabilities
(2,375
)
(2,278
)
Prepaid income taxes
(679
)
(1,110
)
Net cash provided by operating activities
11,730
10,190
Investing activities: Purchase of business, net of cash acquired
(664
)
-
Sale of business, net of cash and cash equivalents sold
21,410
-
Investment in software development
(9,324
)
(12,143
)
Purchases of property and equipment
(306
)
(72
)
Net cash provided by (used in) investing activities
11,116
(12,215
)
Financing activities: Treasury stock purchases
(358
)
(2,532
)
Payments of long-term debt principal
(5,750
)
(1,750
)
Proceeds from revolving line of credit
21,072
11,602
Payments of revolving line of credit
(33,379
)
(5,000
)
Debt issuance cots
(529
)
-
Net cash provided by (used in) financing activities
(18,944
)
2,320
Increase in cash and cash equivalents
3,902
295
Change in cash and cash equivalents included in assets sold
(41
)
Cash and cash equivalents, beginning of period
3,848
6,951
Cash and cash equivalents, end of period
$
7,709
$
7,246
TruBridge, Inc. Consolidated Bookings (In '000s) (Unaudited) (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, In '000s
2024
2023 (3)
2024
2023 (3)
RCM(1)$
13,458
$
13,648
$
27,849
$
25,748
EHR(2)
9,832
7,322
19,010
15,069
Total$
23,290
$
20,970
$
46,859
$
40,817
(1)
Generally calculated as the total contract price (for non-recurring, project-related amounts) and annualized contract value (for recurring amounts).
(2)
Generally calculated as the total contract price (for system sales) and annualized contract value (for support) for perpetual license system sales and total contract price for SaaS sales.
(3)
Adjustment was made to the 2023 bookings, due to 3rd Party Software, and Forms and Supplies being doubled accounted for in the total EHR bookings.
TruBridge, Inc. Bookings Composition (In '000s, except per share data) (Unaudited) (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30,2024
2023 (3)
2024
2023 (3)
RCM Net new(1)$
6,453
$
3,395
$
15,446
$
9,749
Cross-sell(1)
7,004
10,253
12,402
15,999
EHR Non-subscription sales(2)
4,084
4,458
7,534
10,506
Subscription revenue(3)
5,749
2,864
11,477
4,563
Total$
23,290
$
20,970
$
46,859
$
40,817
(1)
“Net new” represents bookings from outside the Company’s core EHR client base, and “Cross-sell” represents bookings from existing EHR customers. In each case, such bookings are generally comprised of recurring revenues to be recognized ratably over a one-year period and an average timeframe for commencement of bookings-to-revenue conversion of four to six months following contract execution.
(2)
Represents nonrecurring revenues that generally exhibit a timeframe for bookings-to-revenue conversion of five to six months following contract execution.
(3)
Represents recurring revenues to be recognized on a monthly basis over a weighted-average contract period of five years, with a start date in the next 12 months and an average timeframe for commencement of bookings-to-revenue conversion of five to six months following contract execution.
TruBridge, Inc. Adjusted EBITDA - by Segment (In '000s) (Unaudited) (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, In '000s2024
2023
2024
2023
RCM$
7,804
$
5,682
$
14,202
$
13,580
EHR
4,770
5,545
7,826
12,289
Total$
12,574
$
11,227
$
22,028
$
25,869
TruBridge, Inc. Reconciliation of Non-GAAP Financial Measures (In '000s) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, Adjusted EBITDA:
2024
2023
2024
2023
Net income (loss), as reported
$
(5,049
)
$
(2,837
)
$
(7,565
)
$
247
Net Income Margin
(6.0
%)
(3.4
%)
(4.5
%)
0.1
%
Depreciation expense
400
597
800
1,095
Amortization of software development costs
5,980
1,826
8,722
3,312
Amortization of acquisition-related intangibles
3,126
4,014
6,253
8,029
Stock-based compensation
1,501
(123
)
2,300
1,124
Severance and other non-recurring charges
4,586
6,819
8,430
7,920
Interest expense
4,151
2,586
8,051
4,988
Gain on sale of AHT
-
-
(1,250
)
-
Provision (benefit) for income taxes
(2,121
)
(1,655
)
(3,713
)
(846
)
Total Adjusted EBITDA$
12,574
$
11,227
$
22,028
$
25,869
Adjusted EBITDA Margin
14.8
%
13.3
%
13.1
%
15.1
%
TruBridge, Inc. Reconciliation of Non-GAAP Financial Measures (In '000s, except per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, Non-GAAP Net Income and Non-GAAP EPS:
2024
2023
2024
2023
Net income (loss), as reported
$
(5,049
)
$
(2,837
)
$
(7,565
)
$
247
Pre-tax adjustments for Non-GAAP EPS: Amortization of acquisition-related intangible assets
3,126
4,014
6,253
8,029
Stock-based compensation
1,501
(123
)
2,300
1,124
Severance and other nonrecurring charges
4,586
6,819
8,430
7,920
Non-cash interest expense
107
90
213
180
After-tax adjustments for Non-GAAP EPS: Tax-effect of pre-tax adjustments, at 21%
(1,957
)
(2,269
)
(3,611
)
(3,623
)
Tax shortfall (windfall) from stock-based compensation
4
7
113
57
Non-GAAP net income
$
2,318
$
5,701
$
6,133
$
13,934
Weighted average shares outstanding, diluted
14,313
14,200
14,273
14,168
Non-GAAP EPS
$
0.16
$
0.40
$
0.43
$
0.98
TruBridge, Inc. Electronic Health Record (EHR) Revenue Composition (In '000s) (Unaudited) Three Months Ended June 30, Six Months Ended June 30,
2024
2023
2024
2023
Recurring revenues - EHR Acute Care EHR$
26,666
$
30,013
$
54,160
$
59,353
Post-acute Care EHR
-
3,729
582
7,636
Total recurring revenues - EHR
26,666
33,742
54,742
66,989
Non-recurring revenues - EHR Acute Care EHR
3,956
2,775
6,008
6,750
Post-acute Care EHR
-
345
81
725
Total non-recurring revenues - EHR
3,956
3,120
6,089
7,475
Total EHR revenues$
30,622
$
36,862
$
60,831
$
74,464
Explanation of Non-GAAP Financial Measures
We report our financial results in accordance with accounting principles generally accepted in the United States of America, or “GAAP.” However, management believes that, in order to properly understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures that are prepared in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. Management uses these non-GAAP financial measures in order to evaluate the operating performance of the Company and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management’s ability to make useful forecasts. In addition, management understands that some investors and financial analysts find these non-GAAP financial measures helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.
As such, to supplement the GAAP information provided, we present in this press release and during the live webcast discussing our financial results the following non-GAAP- financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Non-GAAP net income, and Non-GAAP earnings per share (“EPS”).
We calculate each of these non-GAAP financial measures as follows:
Certain of the items excluded or adjusted to arrive at these non-GAAP financial measures are described below:
Management considers these non-GAAP financial measures to be important indicators of our operational strength and performance of our business and a good measure of our historical operating trends, in particular the extent to which ongoing operations impact our overall financial performance. In addition, management may use Adjusted EBITDA, Non-GAAP net income and/or Non-GAAP EPS to measure the achievement of performance objectives under the Company’s stock and cash incentive programs. Note, however, that these non-GAAP financial measures are performance measures only, and they do not provide any measure of cash flow or liquidity. Non-GAAP financial measures are not alternatives for measures of financial performance prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures presented by other companies, limiting their usefulness as comparative measures. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Additionally, there is no certainty that we will not incur expenses in the future that are similar to those excluded in the calculations of the non-GAAP financial measures presented in this press release. Investors and potential investors are encouraged to review the “Unaudited Reconciliation of Non-GAAP Financial Measures” above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808342375/en/
Investor Relations Contact Asher Dewhurst, ICR Westwicke TBRGIR@westwicke.com
Media Contact Tracey Schroeder Chief Marketing Officer Tracey.schroeder@trubridge.com (251) 639-8100
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