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Jun 30, 2023
Multiplan Q2 2023 Earnings Report
Reported second quarter 2023 results with revenues of $238.0 million and a net loss of $36.4 million.
Key Takeaways
MultiPlan Corporation reported Q2 2023 revenues of $238.0 million, a net loss of $36.4 million, and Adjusted EBITDA of $152.7 million. The company acquired Benefits Science Technologies and partnered with ECHO Health during the quarter. They are increasing the midpoint of revenue guidance for full-year 2023.
Revenues for Q2 2023 were $238.0 million, a decrease of 18.0% compared to Q2 2022.
Net loss for Q2 2023 was $36.4 million, compared to net income of $13.5 million for Q2 2022.
Adjusted EBITDA for Q2 2023 was $152.7 million, compared to $209.6 million for Q2 2022.
The company processed approximately $43.1 billion in claim charges, identifying potential medical cost savings of approximately $5.7 billion.
Forward Guidance
The Company is updating its Full Year 2023 guidance, including approximately $12 million of revenues and adjusted EBITDA of $(2) million from the contribution of BST post-closing of the transaction. The Company anticipates Q3 2023 revenues between $235 million and $250 million and Adjusted EBITDA between $150 million and $160 million.
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