Performant Regains Continued Listing Standard Compliance with Nasdaq
January 23 2020 - 8:30AM
Performant Financial Corporation (Nasdaq:PFMT),(“the Company”), a
provider of technology-enabled recovery and related analytics
services, announced today that it received a letter dated January
22, 2020 from the Nasdaq Stock Market LLC ("Nasdaq") notifying the
Company that it has regained compliance with the minimum bid price
requirement set forth in Rule 5450(a)(1) of the Nasdaq Listing
Rules and that Nasdaq considers the matter closed.
In response to receiving the notification, Lisa Im, CEO of
Performant said, “We want to reiterate our thanks to our
shareholders for their continued support through our transformation
over the past two years into a more diversified business with
strong healthcare growth. We continue to execute on our goals and
anticipate reporting positive EBITDA in Q4 of 2019, which we
believe will lead to revenue growth and positive EBITDA in
2020.”
About Performant Financial Corporation
Performant Financial Corporation is a leading provider of
technology-enabled recovery and related analytics services. The
Company's services help identify and recover delinquent or
defaulted assets and improper payments for various government,
healthcare and financial services markets in the United States. The
Company was founded in 1976 and is headquartered in Livermore,
California. To learn more about Performant Financial, please visit
http://performantcorp.com/
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding our outlook for revenues,
and EBITDA in 2019 and 2020. These forward-looking statements are
based on current expectations, estimates, assumptions and
projections that are subject to change and actual results may
differ materially from the forward-looking statements. Factors that
could cause actual results to differ materially include, but are
not limited to, that the Company may not have sufficient cash flows
from operations or the availability of funds under its credit
agreement to fund ongoing operations and other liquidity needs,
that the Company’s indebtedness could adversely affect its business
and financial condition and could reduce the funds available for
other purposes and the failure to comply with covenants contained
in its credit agreement could result in an event of default that
could adversely affect its results of operations, that the Company
faces a long period to implement a new contract which may result in
the incurrence of expenses before the receipt of revenues from new
client relationships, the high level of revenue concentration among
the Company's largest customers and any termination in the
Company’s relationship with any of our significant clients would
result in a material decline in our revenues, that many of the
Company's customer contracts are subject to periodic renewal, are
not exclusive, do not provide for committed business volumes and
may be changed or terminated unilaterally and on short notice that
the Company may not be able to manage its potential growth
effectively, that the Company faces significant competition in all
of its markets, that continuing limitations on the scope of our
audit activity under our RAC contracts have significantly reduced
our revenue opportunities with this client, that the U.S. federal
government accounts for a significant portion of the Company's
revenues, that future legislative and regulatory changes may have
significant effects on the Company's business, that failure of the
Company's or third parties' operating systems and technology
infrastructure could disrupt the operation of the Company's
business and the threat of breach of the Company's security
measures or failure or unauthorized access to confidential data
that the Company possesses. More information on potential factors
that could affect the Company's financial condition and operating
results is included from time to time in the "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of the Company's annual report on
Form 10-K for the year ended December 31, 2018 and subsequently
filed reports on Forms 10-Q and 8-K. The forward-looking statements
are made as of the date of this press release and the Company does
not undertake to update any forward-looking statements to conform
these statements to actual results or revised expectations.
Contact Information:
Richard
Zubek
Investor Relations
925-960-4988 investors@performantcorp.com
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