TruBridge, Inc. (formerly Computer Programs and Systems, Inc.) reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance in revenue and profitability. For the three months ended September 30, 2024, the company generated revenues of $83.8 million, a slight increase from $82.7 million in the same period of 2023. However, for the nine months ended September 30, 2024, revenues decreased by 1% to $251.8 million from $253.6 million in the prior year, primarily due to a decline in the Patient Care segment.

The Financial Health segment saw a significant boost, with revenues increasing by 17% to $54.3 million in Q3 2024, driven largely by the acquisition of Viewgol, which contributed $5.2 million. In contrast, Patient Care revenues fell by 18% to $29.6 million, attributed to the sale of American HealthTech (AHT) in January 2024, which resulted in a $3.6 million decrease in post-acute care revenues.

Despite the revenue growth in the Financial Health segment, the overall net loss for the three months ended September 30, 2024, widened to $9.8 million, compared to a loss of $3.6 million in the same quarter of 2023. For the nine-month period, the net loss increased to $17.4 million from $3.3 million in the prior year. This increase in losses was linked to higher amortization of capitalized software development costs and increased interest expenses from acquisition-related debt.

Total expenses for Q3 2024 decreased to $81.9 million from $87.9 million in Q3 2023, contributing to an operating income of $1.9 million, a turnaround from an operating loss of $5.2 million in the prior year. The company reported a total adjusted EBITDA of $13.8 million for Q3 2024, up from $9.7 million in Q3 2023.

Strategically, TruBridge underwent a restructuring in May 2024, consolidating its reporting segments from three to two, now named Financial Health and Patient Care. This change aims to enhance operational efficiency and focus on long-term revenue growth through cross-selling services and pursuing acquisitions. The company also completed the acquisition of Viewgol in October 2023, which is expected to improve operational control and cost efficiencies.

As of September 30, 2024, TruBridge reported total assets of $401.5 million, down from $434.4 million at the end of 2023, with total stockholders’ equity decreasing to $172.6 million. The company had cash and cash equivalents of $8.6 million, an increase from $3.8 million at the end of 2023, and a remaining borrowing capacity of $39.6 million under its revolving credit facility.