TruBridge Inc · Q2 2023 earnings

Briefing

CPSI's second quarter results reflected a challenging period with ongoing transformative changes.

CPSI reported a slight increase in total revenue, driven by growth in RCM revenue, but faced challenges resulting in a GAAP net loss. Despite headwinds, the company saw pipeline growth and stabilization of its EHR customer base. The topline guidance for the year remains unchanged, but the expectations for adjusted EBITDA have been updated to reflect the impact from outsized expenses in 2023.

• Total revenue increased to $84.6 million, compared to $82.7 million in the same quarter last year.
• RCM revenue grew to $47.8 million, representing 56.4% of total revenue.
• GAAP net loss was $(2.8) million, while non-GAAP net income reached $5.7 million.
• The company reaffirmed its revenue guidance for the year but lowered its adjusted EBITDA expectations.

Headline financials

Revenue & EPS history

For the full year 2023, the Company expects: Revenue of $340 million to $350 million, unchanged from prior guidance. Adjusted EBITDA of $52.5 million to $54.5 million, a decrease from the prior guidance of $59 million to $63 million. Non-GAAP net income of $25.6 million to $27.6 million (no prior guidance)