Wed, Aug 14, 8:06 PM (339 days ago)
TruBridge, Inc.'s 10-K/A for the fiscal year ended December 31, 2023, reveals significant financial challenges, including a net loss of $45.8 million, compared to a net income of $15.9 million in 2022. Total revenues increased to $339.4 million from $326.6 million, primarily driven by revenue cycle management (RCM) services. However, the company faced substantial operating expenses totaling $382 million, which included a $35.9 million goodwill impairment. The report highlights a material weakness in internal controls related to customer contract changes and credits, prompting revisions in previous assessments of internal control effectiveness. Management initiated remediation efforts, including enhancing personnel and procedures. Looking forward, TruBridge aims to shift towards a subscription-based model, which may affect short-term revenue growth. The company also navigates risks from industry consolidation, regulatory changes, and economic pressures impacting healthcare spending. As of December 31, 2023, TruBridge carried approximately $199.6 million in debt, raising concerns about liquidity and compliance with debt covenants. The company's stock price volatility remains a concern, influenced by operational performance and broader market conditions.