MultiPlan Corporation Announces Preliminary Third Quarter Revenues Ahead of Refinancing
October 19 2020 - 6:00AM
Business Wire
- Preliminary revenue results show improvement over second
quarter 2020
MultiPlan Corporation (“MultiPlan” or the “Company”) (NYSE:
MPLN), a leading value-added provider of data analytics and
technology-enabled end-to-end cost management solutions to the U.S.
healthcare industry, today announced preliminary revenue for the
quarter ended September 30, 2020 in advance of the previously
announced refinancing transactions.
Preliminary Third Quarter 2020 Revenue
Although the financial results for the three months ended
September 30, 2020 are not yet finalized, MultiPlan expects to
report stronger than previously forecast revenue performance for
the quarter. Preliminary September 2020 results continued the trend
seen in July and August and the Company estimates revenue for the
three months ended September 30, 2020, to be between $220.0 million
and $225.0 million, compared to $245.8 million for the three months
ended September 30, 2019, a decrease of $23.3 million or 9.5%, and
compared to $206.9 million for the three months ended June 30,
2020, an increase of $15.6 million or 7.6%, in each case,
calculated using the midpoint of the range.
The preliminary financial data included in this press release
has been prepared by, and is the responsibility of, MultiPlan
management.
Refinancing & Other Update
Based on MultiPlan’s revenue performance and favorable market
conditions, the Company has launched a process to refinance its
7.125% Senior Notes due 2024 and indebtedness under its existing
senior secured credit facilities with the goal of meaningfully
lowering annual interest expense, extending maturities and
increasing access to liquidity. However, the timing and terms of
any such refinancing are subject to market and other conditions,
and there can be no assurance that such indebtedness will be
refinanced. This news release shall not constitute an offer to sell
or the solicitation of an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
MultiPlan also announced that David Redmond, Executive Vice
President and Chief Financial Officer of the Company, was diagnosed
with COVID-19. Mr. Redmond is receiving treatment and continues to
perform his responsibilities remotely as Executive Vice President
and Chief Financial Officer of the Company. In the event Mr.
Redmond is required to take medical leave, MultiPlan has developed
a temporary plan to cover Mr. Redmond’s responsibilities.
Forward-Looking Statements
This press release includes statements that express the Company
and its subsidiaries’ opinions, expectations, beliefs, plans,
objectives, assumptions or projections regarding future events or
future results and therefore are, or may be deemed to be,
“forward-looking statements.” These forward-looking statements can
generally be identified by the use of forward-looking terminology,
including the terms “believes,” “estimates,” “anticipates,”
“expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will”
or “should” or, in each case, their negative or other variations or
comparable terminology. Forward-looking statements include the
Company’s expectations regarding its financial and operational
information for the three months ended September 30, 2020 after the
completion of its closing procedures. Such forward-looking
statements are based on available current market material and
management’s expectations, beliefs and forecasts concerning future
events impacting the Company’s business. Factors that may impact
such forward-looking statements include the factors discussed under
“Risk Factors” in the Company’s Definitive Proxy Statement on
Schedule 14A filed September 18, 2020, as such risk factors may be
updated from time to time in the Company’s periodic and other
filings with the SEC. The Company’s periodic and other filings are
accessible on the SEC’s website at www.sec.gov. You should not rely
upon forward-looking statements as predictions of future events.
Although the Company believes that the expectations reflected in
the forward-looking statements are reasonable, the Company cannot
guarantee that the future results, levels of activity, performance
and events and circumstances reflected in the forward-looking
statements will be achieved or occur. Except as required by
applicable law, the Company undertakes no obligation to update
publicly any forward-looking statements for any reason after the
date of this news release to conform these statements to actual
results or to changes in our expectations.
About MultiPlan
MultiPlan is committed to helping healthcare payors manage the
cost of care, improve their competitiveness and inspire positive
change. Leveraging sophisticated technology, data analytics, and a
team rich with industry experience, MultiPlan interprets clients'
needs and customizes innovative solutions that combine its payment
integrity, network-based and analytics-based services. MultiPlan is
a trusted partner to over 700 healthcare payors in the commercial
health, dental, government and property and casualty markets. For
more information, visit multiplan.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20201019005242/en/
Pamela Walker Senior Director, Marketing & Communication
MultiPlan 781-895-3118
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