By Alan Hatfield
Healthcare data analytics and cost management solutions provider MultiPlan Corporation (NYSE: MPLN) beat prior guidance on both revenue and adjusted EBITDA.
Revenue reached $298 million during the period, representing a 16.9% increase over Q1 of the prior year period, boosted by an estimated $3-5 million in Covid-related claims. During the quarter, MultiPlan identified potential medical costs savings of $5.6 billion on a total of $31.7 billion in processed claim charges, helping drive the strong growth in revenue.
Although net income decreased 4.1% on the year to $44 million, adjusted EBITDA of $225.4 million for the quarter represents a 17.9% increase on the year prior, and the highest ever reached by the company in a single quarter. The company’s 2022 full-year guidance remains unchanged.
“MultiPlan delivered very strong results, exceeding our expectations on revenue and Adjusted EBITDA for the first quarter 2022. Our results continue to demonstrate the strength and recurring nature of our business model and the unique value MultiPlan provides to all stakeholders in a complex U.S. healthcare system,” said Dale White, CEO of MultiPlan, in a statement. “To accomplish this while implementing the No Surprises Act on behalf of customers speaks to our platform’s scale and our speed and flexibility in customizing solutions that meet our customers’ needs. Our relentless focus on operational excellence continues to underpin our industry-leading position with our payor customers, and I remain confident that MultiPlan is well-positioned to deliver strong results in 2022 and beyond.”