Newly minted public debt buyer Performant Financial Corp. on Monday reported growth in net income and revenues in its first quarterly financial report.
The Livermore, Calif.-based company went public in August. It posted net income for the third quarter ended Sept. 30 of $6.4 million, an increase of 23.6 percent from the year-ago period. Revenues jumped 27.1 percent to $53.4 million.
Performant Financial is a student loan collections specialist. Volume of student loan placements in the quarter totaled $1.3 billion, down 16.9 percent from the year-ago period, largely because of an ongoing system overhaul within the Department of Education.
The conversion has delayed placements to all student loan recovery vendors. Since the end of the third quarter, placements have picked up and the total for October alone topped $600 million, the company reports. Healthcare revenues grew 170.8 percent in the third quarter to $13.5 million.
“Through our differentiated operating model and technology platform we achieved robust revenue, adjusted EBITDA and EPS growth,” said Lisa Im, Performant Financial's CEO. “We operate in several large markets with strong growth profiles and during the third quarter we performed up to our expectations in all of the markets in which we provide our services. The health care market delivered the strongest growth and continues to develop into a larger portion of our business. Finally, we are very excited to have completed our initial public offering in August, which provides our company with greater financial flexibility for future growth opportunities as we move forward.”