Benefitfocus Hosts Investor Day and Provides an Update on Progress Against its Transformational Strategy
May 10 2022 - 7:30AM
Benefitfocus Inc. (NASDAQ: BNFT) (“Benefitfocus” or “the
Company”), an industry-leading cloud-based benefits
administration technology company that simplifies benefits
administration for employers, health plans and brokers, will host
its Investor Day in New York City today from 8:30 a.m. to 12:30
p.m. Eastern Daylight Time.
Benefitfocus’ management team will provide an update on the
significant progress made on the Company’s strategic pillars,
report on its transformation, elaborate on key upcoming operational
milestones and its longer-term financial goals.
Benefitfocus President and Chief Executive Officer, Matt Levin,
said, “We believe our transformation plan is working and we expect
to see an inflection in our growth trajectory by the end of 2022.
Our focus on service excellence, efforts to strengthen our
go-to-market-channel relationships and product and technology
platform enhancements should enable us to increase our market
share, solidify our position as an industry leader and return to
growth.”
Event Overview
Members of Benefitfocus’ leadership team will outline the
compelling value proposition for customers and shareholders:
- Large and Growing Total Addressable Market:
The market in which Benefitfocus operates is large, underpenetrated
and offers a growing opportunity. With an expected TAM reaching
over $30 billion by 2025, the Company is well positioned to expand
its presence by improving its core functions, moving into
adjacencies and leveraging favorable industry tailwinds.
- Differentiated and Scalable Technology: With
more than 20 years of domain expertise, customer-centric technology
platform and extensive data sets, Benefitfocus has the unique
ability to solve complex problems with comprehensive product
offerings that simplify the benefits administration process and
reduce costs for both employers and health plans.
- Durable Business Model: Leveraging its strong
industry heritage and deep customer relationships, Benefitfocus’
attractive subscription model and sustainable growth model creates
a strong competitive moat that provides predictable revenue
streams.
- Transformation Growth Strategy: Benefitfocus
is executing a compelling transformation strategy – strengthening
the core, growing with intent and increasing operational efficiency
– harnessing the power of its team, technology platform, service
excellence and customer relationships. The Company has demonstrated
strong progress over the past year and is on track to achieve its
growth goals.
- Unrivaled Leadership Team: Benefitfocus has
one of the industry’s most tenured and experienced executive teams,
with nearly 200 years of combined health care and benefits
administration experience. The team is leading the business
transformation to reposition Benefitfocus for a return to growth
and – more importantly – to be a safe set of hands for
customers.
Financial Outlook
The Company continues to expect an inflection point in growth by
the fourth quarter of 2022, as it continues to improve service
levels, enhance its products and technology platform and convert
existing customer prospects to closed sales.
For 2023, the Company is targeting a year-over-year revenue
growth rate in the low-single digits and, as it continues to grow
into adjacencies, it targets a growth rate in the low double digits
by 2025.
“In the coming years, I expect Benefitfocus will capitalize on
the current transformation efforts through higher levels of revenue
retention and expansion into adjacencies in both our employer and
health plan segments,” said Benefitfocus Chief Financial Officer,
Alpana Wegner. “We are confident that between a favorable industry
backdrop and our transformational strategy, we will maximize the
unique opportunity to grow and deliver long-term value to our
shareholders.”
Webcast Information
Benefitfocus’ Investor Day presentation will be available via
webcast at https://investorday.benefitfocus.com from 8:30 a.m.
ET (Eastern Time), concluding at approximately 12:30 p.m. ET. The
webcast and presentation materials can be accessed through
Benefitfocus’ investor relations website. A replay of the event
will be available following the conclusion of the broadcast and
will be accessible following the event.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) is a
cloud-based benefits administration technology company committed to
helping our customers, and the people they serve, get the most out
of their health care and benefit programs. Through exceptional
service and innovative SaaS solutions, we aim to be the safest set
of hands for our customers helping to simplify the complexity of
benefits administration while delivering an experience that engages
people and unlocks the potential for better health and improved
outcomes. Our mission is simple: to improve lives with
benefits.
Safe Harbor Statement
Except for historical information, all of the
statements, expectations, and assumptions contained in this press
release are forward-looking statements. Actual results might differ
materially from those explicit or implicit in the forward-looking
statements. Important factors that could cause actual results to
differ materially include: our need to increase sales and achieve
consistent GAAP profitability; fluctuations in our financial
results; our ability to maintain our culture and recruit, integrate
and retain qualified personnel, including on our board of
directors; our ability to compete effectively and implement our
growth strategy; our reliance on channel relationships; market
developments and opportunities; the need to innovate and provide
useful products and services; risks related to changing healthcare
and other applicable regulations; the immature and volatile nature
of the market for our products and services; privacy; security and
other risks associated with our business; management of growth;
volatility and uncertainty in the global economy and financial
markets in light of the evolving COVID-19 pandemic and war in
Ukraine; and the other risk factors set forth from time to time in
our SEC filings, copies of which are available free of charge
within the Investor Relations section of the Benefitfocus website
at http://investor.benefitfocus.com/sec-filings or upon request
from our Investor Relations Department. Benefitfocus assumes no
obligation and does not intend to update these forward-looking
statements, except as required by law.
Media RelationsAna
Perez843-981-8898pr@benefitfocus.com
Investor RelationsDoug
Kuckelman843-790-7460doug.kuckelman@benefitfocus.com
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