TruBridge Inc · Q3 2023 earnings

Briefing

CPSI's third quarter results were announced, revealing a slight decrease in total revenue and a GAAP net loss, but the EHR business performed well and the acquisition of Viewgol was highlighted as a positive move.

CPSI reported third-quarter results that fell short of expectations, with total revenue slightly decreasing to $82.7 million and a GAAP net loss of $3.6 million. The company faced continued external pressures and internal missteps, but saw strength in its EHR business and remains optimistic about RCM opportunities. The recent acquisition of Viewgol is expected to alleviate resource pressure in the RCM business.

• Total revenue was $82.7 million, slightly down from $82.8 million year-over-year.
• GAAP net loss was $(3.6) million, while non-GAAP net income was $6.3 million.
• EHR business performed well with continued customer retention.
• Viewgol acquisition expected to alleviate resource pressure in RCM business.

Headline financials

Revenue & EPS history

For the full year 2023, the Company revised its previously issued guidance as follows: Revenue of $337 million to $342 million, a decrease from the prior guidance of $340 million to $350 million Adjusted EBITDA of $47 million to $49 million, a decrease from the prior guidance of $52.5 million to $54.5 million Non-GAAP net income of $24.5 million to $26.5 million, a decrease from the prior guidance of $25.6 million to $27.6 million