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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.20 | 1.05% | 19.22 | 18.00 | 31.19 | 19.345 | 18.90 | 19.29 | 48,279 | 01:00:00 |
From Oct 2024 to Dec 2024
TruBridge, Inc. (NASDAQ: TBRG), a healthcare solutions company, today announced financial results for the third quarter and nine months ended September 30, 2024.
Third Quarter 2024 Highlights*
All comparisons are to the quarter ended September 30, 2023, unless otherwise noted
*As of the third quarter of 2024, TruBridge is now reporting two segments in its financial statements representing the two business units. Financial Health represents the previous Revenue Cycle Management (RCM) segment, and Patient Care represents the previously reported Electronic Health Record (EHR) segment, including the patient engagement business.
Commenting on the results, Chris Fowler, chief executive officer of TruBridge, Inc., stated, “We are pleased with the strong results our team delivered this quarter. Our Financial Health business is showing solid growth and adjusted EBITDA margin is expanding as anticipated. On a recent trip to India, I was able to witness firsthand the impressive work our team is doing to successfully execute the Viewgol integration. I am happy to report that everything is moving along smoothly, and we remain focused on optimizing operations and realizing margin improvements over time.
“Our recently launched analytics offering is starting to resonate with our initial customers, and we believe that, over time, it has the potential to become a contributor to our growth strategy. We have delivered consistent results so far in 2024, made steady progress on our ongoing initiatives and generated bookings and a pipeline that give us confidence in our outlook as we move into 2025,” concluded Fowler.
Executive Leadership Changes
TruBridge also announced today the elevation of the Company’s business unit general managers to report directly to the Company’s Chief Executive Officer, reflecting the expanded scope and evolution of these roles. In conjunction with this move, David Dye will be retiring from his role as Chief Operating Officer, effective December 31, 2024, at which time the Company will eliminate that position. He will serve the remainder of his board term through completion in 2026. Dye has been with the Company since 1990, having held many roles in addition to his current position, including Chairman, Chief Growth Officer, President and Chief Executive Officer, and Chief Financial Officer.
Glenn Tobin, chairman of the Company’s Board of Directors, added, “On behalf of our Board of Directors and the entire TruBridge organization, I want to express my appreciation for David and his decades of contribution. David’s leadership and numerous accomplishments have been integral to TruBridge’s success, and his positive impact has been felt by many employees over the years.”
Financial Guidance
For the fourth quarter of 2024, TruBridge expects to generate:
For the full year 2024, TruBridge expects to generate:
Conference Call
TruBridge will hold a conference call and live webcast to discuss third quarter 2024 results on Friday, November 8, 2024, at 8:00 a.m. Central time/9:00 a.m. Eastern time. To access this interactive teleconference, dial (877) 407-0890 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 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 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 September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Revenues Financial Health$
54,271
$
46,582
$
161,417
$
142,973
Patient Care
29,559
36,130
90,389
110,594
Total revenues
83,830
82,712
251,806
253,567
Expenses Costs of revenue (exclusive of amortization and depreciation) Financial Health
29,185
27,159
89,051
81,461
Patient Care
13,184
16,704
38,421
50,712
Total costs of revenue (exclusive of amortization and depreciation)
42,369
43,863
127,472
132,173
Product development
7,735
9,778
26,629
26,899
Sales and marketing
5,944
6,818
20,351
21,906
General and administrative
19,376
20,961
57,651
54,471
Amortization
6,183
6,208
21,158
17,549
Depreciation
279
297
1,079
1,392
Total expenses
81,886
87,925
254,340
254,390
Operating income (loss)
1,944
(5,213
)
(2,534
)
(823
)
Other income (expense): Other income (expense)
(376
)
224
1,139
569
Interest expense
(4,033
)
(3,071
)
(12,348
)
(8,405
)
Total other expense
(4,409
)
(2,847
)
(11,209
)
(7,836
)
Loss before taxes
(2,465
)
(8,060
)
(13,743
)
(8,659
)
Income tax expense (benefit)
7,344
(4,498
)
3,631
(5,344
)
Net loss$
(9,809
)
$
(3,562
)
$
(17,374
)
$
(3,315
)
Net loss per common share—basic$
(0.66
)
$
(0.24
)
$
(1.17
)
$
(0.23
)
Net loss per common share—diluted$
(0.66
)
$
(0.24
)
$
(1.17
)
$
(0.23
)
Weighted average shares outstanding used in per common share computations: Basic
14,323
14,205
14,290
14,181
Diluted
14,323
14,205
14,290
14,181
TruBridge, Inc. Condensed Consolidated Balance Sheets (In '000s, except per share data) September 30,2024(Unaudited) Dec. 31, 2023 Assets Current assets Cash and cash equivalents
$
8,586
$
3,848
Accounts receivable, net of allowance for expected credit losses of $3,896 and $3,631, respectively
56,680
59,723
Financing receivables, current portion (net of allowance for expected credit losses of $405 and $319, respectively)
5,133
3,997
Inventories
924
475
Prepaid income taxes
1,972
1,628
Prepaid expenses and other
15,853
15,807
Assets of held for sale
2,473
25,977
Total current assets
91,621
111,455
Property & equipment, net
5,049
8,974
Software development costs, net
41,026
39,139
Operating lease assets
3,451
5,192
Financing receivables, net of current portion (net of allowance for expected credit losses of $18 and $97, respectively)
231
1,226
Other assets, net of current portion
7,749
7,314
Intangible assets, net
79,833
89,213
Goodwill
172,573
171,909
Total assets
$
401,533
$
434,422
Liabilities & Stockholders' Equity Current liabilities Accounts payable
$
14,028
$
10,133
Current portion of long-term debt
2,926
3,141
Deferred revenue
10,235
8,677
Accrued vacation
5,392
5,410
Other accrued liabilities
18,421
19,892
Liabilities of held for sale
-
977
Total current liabilities
51,002
48,230
Long-term debt, net of current portion
173,343
195,270
Operating lease liabilities, net of current portion
2,520
3,074
Deferred tax liabilities
2,021
1,230
Total liabilities
228,886
247,804
Stockholders' Equity Common stock, $0.001 par value; 30,000 shares authorized; 15,546 and 15,121 shares issued, respectively
15
15
Additional paid-in capital
199,244
195,546
Accumulated other comprehensive gain
107
-
Accumulated (deficit) earnings
(9,242
)
8,132
Treasury stock, 619 and 572 shares, respectively
(17,477
)
(17,075
)
Total stockholders' equity
172,647
186,618
Total liabilities and stockholders' equity
$
401,533
$
434,422
TruBridge, Inc. Condensed Consolidated Statements of Cash Flows (In '000s) (Unaudited)
Nine Months Ended September 30,
2024
2023
Operating activities: Net loss$
(17,374
)
$
(3,315
)
Adjustments to net loss: Provision for credit losses
1,046
810
Deferred taxes
915
(8,171
)
Stock-based compensation
3,698
2,162
Depreciation
1,079
1,392
Gain on sale of business
(1,221
)
-
Amortization of acquisition-related intangibles
9,379
12,043
Amortization of software development costs
11,779
5,506
Amortization of deferred finance costs
320
269
Change in fair value of contingent consideration
(1,044
)
-
Non-cash operating lease costs
1,879
1,478
Loss on disposal of property and equipment
1,648
117
Changes in operating assets and liabilities: Accounts receivable
2,946
(8,632
)
Financing receivables
(129
)
2,029
Inventories
(449
)
(157
)
Prepaid expenses and other
3,228
(1,972
)
Accounts payable
3,925
6,333
Deferred revenue
2,162
(2,784
)
Operating lease liabilities
(1,415
)
(1,462
)
Other liabilities
(189
)
6,656
Prepaid income taxes
(344
)
1,017
Net cash provided by operating activities
21,839
13,319
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
(13,666
)
(17,981
)
Purchases of property and equipment
(1,277
)
(332
)
Net cash provided by (used in) investing activities
5,803
(18,313
)
Financing activities: Payments of long-term debt principal
(6,625
)
(2,625
)
Proceeds from revolving line of credit
23,765
9,716
Payments of revolving line of credit
(39,072
)
(5,000
)
Debt issuance costs
(529
)
-
Treasury stock purchases
(402
)
(2,575
)
Net cash used in financing activities
(22,863
)
(484
)
Increase (decrease) in cash and cash equivalents
4,779
(5,478
)
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
$
8,586
$
1,473
TruBridge, Inc. Consolidated Bookings (In '000s) (Unaudited) (Non-GAAP) Three Months Ended September 30, Nine Months Ended September 30,
2024
2023 (3)
2024
2023 (3)
Financial Health(1)$
12,496
$
9,080
$
40,346
$
34,828
Patient Care(2)
8,454
5,897
27,464
20,966
Total$
20,950
$
14,977
$
67,810
$
55,794
(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 Patient Care bookings. TruBridge, Inc. Bookings Composition (In '000s, except per share data) (Unaudited) (Non-GAAP) Three Months Ended September 30, Nine Months Ended September 30,2024
2023 (4)
2024
2023 (4)
Financial Health Net new(1)$
6,112
$
4,387
$
21,559
$
13,810
Cross-sell(1)
6,384
4,693
18,787
21,018
Patient Care Non-subscription sales(2)
5,006
3,126
12,540
12,124
Subscription revenue(3)
3,448
2,771
14,924
8,842
Total$
20,950
$
14,977
$
67,810
$
55,794
(1)
“Net new” represents bookings from outside the Company’s core Patient Care client base, and “Cross-sell” represents bookings from existing Patient Care 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.
(4)
Adjustment was made to the 2023 bookings, due to 3rd Party Software, and Forms and Supplies being doubled accounted for in the total Patient Care bookings.
TruBridge, Inc. Adjusted EBITDA - by Segment (In '000s) (Unaudited) (Non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, In '000s2024
2023
2024
2023
Financial Health$
9,562
$
4,623
$
23,767
$
18,205
Patient Care
4,260
5,099
12,083
17,388
Total$
13,822
$
9,722
$
35,850
$
35,593
TruBridge, Inc. Reconciliation of Non-GAAP Financial Measures (In '000s) (Unaudited)Three Months Ended September 30,
Nine Months Ended September 30,
Adjusted EBITDA:2024
2023
2024
2023
Net loss, as reported$
(9,809
)
$
(3,562
)
$
(17,374
)
$
(3,315
)
Net Income Margin
(11.7
%)
(4.3
%)
(6.9
%)
(1.3
%)
Depreciation expense
279
297
1,079
1,392
Amortization of software development costs
3,057
2,194
11,779
5,506
Amortization of acquisition-related intangibles
3,126
4,014
9,379
12,043
Stock-based compensation
1,398
1,038
3,698
2,162
Severance and other non-recurring charges
4,018
7,392
12,449
15,313
Interest expense
3,777
2,847
11,826
7,719
Change in fair value of contingent consideration
(1,044
)
-
(1,044
)
-
Loss on disposal of property and equipment
1,648
-
1,648
117
Gain on sale of AHT
28
-
(1,221
)
-
Provision (benefit) for income taxes
7,344
(4,498
)
3,631
(5,344
)
Total Adjusted EBITDA$
13,822
$
9,722
$
35,850
$
35,593
Adjusted EBITDA Margin
16.5
%
11.8
%
14.2
%
14.0
%
TruBridge, Inc. Reconciliation of Non-GAAP Financial Measures (In '000s, except per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, Non-GAAP Net Income (loss) and Non-GAAP EPS:
2024
2023
2024
2023
Net loss, as reported
$
(9,809
)
$
(3,562
)
$
(17,374
)
$
(3,315
)
Pre-tax adjustments for Non-GAAP EPS: Amortization of acquisition-related intangible assets
3,126
4,014
9,379
12,043
Stock-based compensation
1,398
1,038
3,698
2,162
Severance and other nonrecurring charges
4,018
7,392
12,449
15,313
Non-cash interest expense
107
90
314
270
After-tax adjustments for Non-GAAP EPS: Tax-effect of pre-tax adjustments, at 21%
(1,816
)
(2,632
)
(5,426
)
(6,255
)
Tax shortfall (windfall) from stock-based compensation
13
8
126
65
Non-GAAP net income (loss)
$
(2,963
)
$
6,348
$
3,166
$
20,283
Weighted average shares outstanding, diluted
14,323
14,205
14,290
14,181
Non-GAAP EPS
$
(0.21
)
$
0.45
$
0.22
$
1.43
TruBridge, Inc. Patient Care Revenue Composition (In '000s) (Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2024
2023
2024
2023
Recurring revenues - Patient Care Acute care$
26,584
$
29,068
$
80,726
$
88,420
Post-acute care
-
3,594
597
11,230
Total recurring revenues - Patient Care
26,584
32,662
81,323
99,650
Non-recurring revenues - Patient Care Acute care
2,975
3,118
8,996
9,869
Post-acute care
-
350
70
1,075
Total non-recurring revenues - Patient Care
2,975
3,468
9,066
10,944
Total Patient Care revenues$
29,559
$
36,130
$
90,389
$
110,594
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/20241107152480/en/
Investor Relations Contact Asher Dewhurst, ICR Westwicke TBRGIR@westwicke.com
Media Contact Tracey Schroeder Chief Marketing Officer Tracey.schroeder@trubridge.com
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