Tue, Nov 12, 8:37 PM (237 days ago)
TruBridge, Inc. (TBRG) reported its Q3 2024 results, revealing a slight revenue increase to $83.8 million, driven primarily by its Financial Health segment, which grew 17% due to the acquisition of Viewgol. However, the Patient Care segment saw an 18% decline in revenue, largely due to the sale of American HealthTech and customer attrition. The net loss widened to $9.8 million, attributed to rising amortization and interest expenses. Total assets decreased from $434.4 million to $401.5 million, with cash and cash equivalents rising to $8.6 million. Operating cash flow improved to $21.8 million, reflecting better working capital management. The company’s long-term debt decreased to $173.3 million, with compliance maintained on credit covenants. TruBridge's future operations face uncertainties, including ongoing integration challenges from acquisitions and transitioning to SaaS models, which could pressure short-term revenues. The company is also addressing material weaknesses in internal controls over financial reporting, which may impact investor confidence. Overall, while financial health metrics show some improvement, significant challenges remain in revenue stabilization and operational efficiency.