“ Q1 2024 Revenues of $234.5 million, Net Loss of $539.7 million (including a $519.1 million impairment of goodwill and indefinite-lived intangible assets), and Adjusted EBITDA of $146.8 million
“ Identified potential medical cost savings of approximately $5.7 billion in Q1 2024, up 3% from Q1 2023 and down 3% from Q4 2023
“ Repurchased or repaid $24.4 million of face value of debt, including $21.1 million of 6.0% Senior Convertible PIK Notes
NEW YORK–(BUSINESS WIRE)–MultiPlan Corporation (MultiPlan or the Company) (NYSE: MPLN), a leading value-added provider of data analytics and technology-enabled end-to-end cost management, payment and revenue integrity solutions to the U.S. healthcare industry, today reported financial results for the first quarter ended March 31, 2024.
As you heard me say a just few months ago, I joined as CEO because I saw an incredible opportunity to help us follow through on our transformation to a world class public company that is fit to deliver sustainable growth and to fulfill our important mission to bend the cost curve in healthcare, said Travis Dalton, CEO.
After engaging with countless employees and clients over the last two months, I have even greater admiration for our exceptional talent, appreciation of our strong customer relationships and our hard-earned reputation for providing world class service, and confidence that we will leverage our unique data and technology assets to innovate products for our existing clients and new market segments.
At the same time, continued Mr. Dalton, we have work to do to enhance our foundation so that we can execute our strategy with discipline and speed. Among the many steps we are taking, we recently added our Chief Operating Officer, Jerry Hogge, who is focused on enhancing our operating and product development capabilities and intensifying our sales engagement, all of which will help us go to market more efficiently and maximize our potential.
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Our first quarter was affected by a cybersecurity incident at a major medical claims clearinghouse, which disrupted claims flows across the healthcare industry and ultimately downstream to our platform, said Mr. Dalton. Despite this disruption, our first quarter results were just below the low end of our guidance ranges for revenues and Adjusted EBITDA. Excluding an estimated $5 to 6 million revenue impact from this disruption, our results…
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