On November 2, 2023, R1 RCM Inc (RCM, Financial), a leading provider of technology-driven solutions for healthcare providers, announced its financial results for the third quarter ended September 30, 2023. The company reported a significant increase in revenue and a positive GAAP net income, compared to a net loss in the same period last year.
Financial Highlights
R1 RCM Inc (RCM, Financial) reported a revenue of $572.8 million for Q3 2023, marking a $76.8 million or 15.5% increase compared to the same period last year. The company's GAAP net income was $1.3 million, a significant improvement from a net loss of $29.5 million in Q3 2022. Adjusted EBITDA for the quarter was $161.5 million, up $37.5 million or 30.2% year-over-year.
Management Commentary
Lee Rivas, chief executive officer of R1, commented on the results,
Our strong third quarter results demonstrate our team’s dedication to innovation and efficient execution of our strategy to deliver customer solutions that improve revenues, lower costs and increase patient satisfaction. Our expertise, unit economic advantage and technology enablement continue to make us a preferred market partner for providers."
2023 Outlook
For the full year 2023, R1 RCM Inc (RCM, Financial) expects to generate a revenue of $2,255 million to $2,275 million, a GAAP operating income of $130 million to $140 million, and an Adjusted EBITDA of $600 million to $615 million.
Financial Tables
The company's consolidated balance sheets showed total assets of $5,057.0 million as of September 30, 2023, compared to $5,139.8 million as of December 31, 2022. Total liabilities were $2,295.5 million, down from $2,419.3 million over the same period. The company's consolidated statements of operations showed a net income of $1.3 million for the three months ended September 30, 2023, compared to a net loss of $29.5 million for the same period in 2022.
Conclusion
The Q3 2023 results demonstrate R1 RCM Inc (RCM, Financial)'s strong financial performance, with significant increases in revenue and a positive GAAP net income. The company's outlook for 2023 indicates continued growth and profitability.
Explore the complete 8-K earnings release (here) from R1 RCM Inc for further details.
