Q1 2024 Multiplan Corp Earnings Call Transcript
Key Points
- MultiPlan Corp (MPLN) reported a positive 73 net promoter score across all clients, indicating strong client satisfaction and service excellence.
- The company increased its sales pipeline and closed 73 opportunities, representing a 36% year-over-year increase in new sales.
- MultiPlan Corp (MPLN) signed four new logos with HST's value-driven health plans and made progress in marketing its new balance bill protection product.
- The company successfully closed its first Plan Optics sale in the first quarter, with a growing pipeline indicating momentum in platform transparency products and predictive analytics.
- MultiPlan Corp (MPLN) is expanding strategic partnerships, exploring new growth opportunities which will be detailed in future quarters.
- First quarter revenues were slightly below the low end of guidance at $234.5 million, impacted by a cybersecurity incident at a major medical claims clearinghouse.
- The cybersecurity incident disrupted claims flow, reducing expected revenue by an estimated $5 million to $6 million for the quarter.
- Despite efforts to control expenses, first quarter adjusted EBITDA expenses increased by $7.4 million year-over-year due to structural cost increases and investments.
- The company recorded non-cash impairment charges of $516.4 million for goodwill and $2.7 million for intangibles due to a reassessment of asset values influenced by current financial market conditions and stock price.
- Revenue yield declined about 4 basis points sequentially across the business, impacting revenue by approximately $4.4 million.
Good morning, everyone, and welcome to the MultiPlan Corporation First Quarter 2024 earnings call. My name is Angela, and I'll be coordinating your call today. (Operator Instructions) I would now like to hand the conference over to Shawna Gasik, AVP of Investor Relations. Thank you. Please go ahead.
Thank you, Angela. Good morning, and welcome to Multiplan's First Quarter 2024 earnings call. Our speakers today are Travis Dalton, Chief Executive Officer, and Jim Head, Chief Financial Officer. The call is being webcast and can be accessed through the Investor Relations section of our website at multiplan.com.
During our call, we will refer to the supplemental slide deck that is available on the Investor Relations portion of our website, along with the first quarter 2024 earnings press release issued earlier this morning.
Before we begin a couple of reminders, our remarks and responses to questions today may include forward looking statements. These forward looking statements represent management
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