MultiPlan Corp. Responds to Investor Concerns & Announces Second Quarter 2021 Earnings Conference Call Reaffirms FY 2021 Guid...
July 09 2021 - 7:00AM
Business Wire
MultiPlan Corporation (NYSE:MPLN) (“MultiPlan” or the
“Company”), a leading value-added provider of data analytics and
technology-enabled end-to-end cost management solutions to the U.S.
healthcare industry, is aware of ongoing discussions in the media
and among the investor community regarding the potential impact of
a reported policy change by one of MultiPlan's clients. MultiPlan’s
policy is not to respond to speculation and to update investors
only as a part of its regular reporting process, but in light of
the level of interest in this subject, the Company feels compelled
to respond.
Based on the Company’s understanding and its team's economic
analysis of this client policy change, to date, MultiPlan does not
believe it will have a material impact on its business when
implemented, and as such the Company is reaffirming the full year
2021 guidance it provided on May 13, 2021. As the Company has said
previously, its largest customers continue to rely on the Company’s
cost management solutions, and MultiPlan will work with its clients
to implement their programs to deliver the best results for them
and for their members.
MultiPlan also announced today that it will release its second
quarter 2021 financial results before the market opens on Thursday,
August 5, 2021, and hold its conference call that morning at 8:00
a.m. (Eastern Time). Interested investors and other parties can
access the conference call using the link below:
http://www.directeventreg.com/registration/event/8938558
A live webcast of the conference call can be accessed through
the Investor Relations section of the Company's website at
investors.multiplan.us/events-and-presentations. Participants should join the webcast ten minutes
prior to the start of the conference call.
For those unable to listen to the live conference call, a replay
will be available approximately two hours after the call through
the archived webcast on the Investor Relations section of the
Company’s website.
Forward-Looking Statements
This press release includes statements that express our and our
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,” “forecasts,” “intends,” “plans,” “may,” “will” or
“should” or, in each case, their negative or other variations or
comparable terminology. These forward-looking statements include
all matters that are not historical facts. They appear in a number
of places throughout this press release, including the discussion
of the Company’s guidance for full year 2021 results, and these
forward-looking statements reflect management’s expectations
regarding our future growth, results of operations, operational and
financial performance and business prospects and opportunities.
Such forward-looking statements are based on available current
market material and management’s expectations, beliefs and
forecasts concerning future events impacting the business. Although
we believe that these forward-looking statements are based on
reasonable assumptions at the time they are made, you should be
aware that many factors could affect our actual financial results,
including: the impact from the COVID-19 pandemic and its related
effects on our projected results of operations, financial
performance or other financial metrics; loss of our customers,
particularly our largest customers; decreases in our existing
market share or the size of our Preferred Provider Organization
networks; effects of competition; effects of pricing pressure; the
inability of our customers to pay for our services; decreases in
discounts from providers; the loss of our existing relationships
with providers; the loss of key members of our management team;
pressure to limit access to preferred provider networks; the
ability to achieve the goals of our strategic plans and recognize
the anticipated strategic, operational, growth and efficiency
benefits when expected; our ability to identify, complete and
successfully integrate acquisitions; changes in our industry;
interruptions or security breaches of our information technology
systems; our ability to protect proprietary applications; our
inability to expand our network infrastructure; our ability to
remediate any material weakness or maintain effective internal
controls over financial reporting; changes in our regulatory
environment, including healthcare law and regulations; the
expansion of privacy and security laws; heightened enforcement
activity by government agencies; our ability to pay interest and
principal on our notes and other indebtedness; the possibility that
we may be adversely affected by other political, economic,
business, and/or competitive factors; other factors disclosed in
our Securities and Exchange Commission (“SEC”) filings; and other
factors beyond our control.
The forward-looking statements contained in this press release
are based on our current expectations and beliefs concerning future
developments and potential effects on our business. There can be no
assurance that future developments affecting our business will be
those that we have anticipated. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond
our control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. These risks and
uncertainties include, but are not limited to, those factors
described in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2020 filed with the SEC, including those under
“Risk Factors” therein, and other documents filed or to be filed
with the SEC by us. Should one or more of these risks or
uncertainties materialize, or should any of the assumptions prove
incorrect, actual results may vary in material respects from those
projected in these forward-looking statements. Forward-looking
statements speak only as of the date made. We do not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
We have not reconciled the forward-looking Adjusted EBITDA
guidance referenced above to the most directly comparable GAAP
measure because this cannot be done without unreasonable effort due
to the variability and low visibility with respect to certain
costs, the most significant of which are incentive compensation
(including stock-based compensation), transaction-related expenses
(including expenses relating to the business combination), certain
fair value measurements and costs related to the uncertainties
caused by the global COVID-19 pandemic, which are potential
adjustments to future earnings. We expect the variability of these
items to have a potentially unpredictable, and a potentially
significant, impact on our future GAAP financial results.
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
and revenue integrity, network-based and analytics-based services.
MultiPlan is a trusted partner to over 700 healthcare payors in the
commercial health, government and property and casualty markets.
For more information, visit www.multiplan.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210709005054/en/
Investor Relations Contact Luke Montgomery, CFA SVP,
Finance & Investor Relations MultiPlan 866-909-7427
investor@multiplan.com Shawna Gasik AVP, Investor Relations
MultiPlan 866-909-7427 investor@multiplan.com Media Contact
Pamela Walker Senior Director, Marketing & Communication
MultiPlan 781-895-3118 press@multiplan.com
Churchill Capital Corp III (NYSE:MPLN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Churchill Capital Corp III (NYSE:MPLN)
Historical Stock Chart
From Apr 2023 to Apr 2024