TruBridge, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting a net loss of $9.8 million, or $0.66 per share, compared to a net loss of $3.562 million, or $0.24 per share, in the prior year's quarter. Total revenues for the quarter increased by 1.3% year-over-year to $83.8 million. The company also introduced new segment reporting, categorizing its operations into Financial Health and Patient Care.
The Financial Health segment demonstrated robust growth, with revenues increasing by 16.5% to $54.271 million, driven by new bookings in core RCM services. Patient Care revenues, however, decreased by 18.1% to $29.559 million. Adjusted EBITDA saw a significant increase of 42% year-over-year, reaching $13.822 million, reflecting progress in operational optimization efforts, including the Viewgol integration.
Bookings for the third quarter totaled $20.950 million on a Total Contract Value (TCV) basis, a 40% increase from the previous year, indicating strong sales momentum. For the fourth quarter of 2024, TruBridge expects revenues to be between $83.5 million and $85.5 million, with full-year 2024 revenue projected between $335 million and $337 million. Additionally, David Dye will retire as Chief Operating Officer effective December 31, 2024, with business unit general managers now reporting directly to the CEO.
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