Performant Financial Corp. has released its fourth quarter and full-year 2017 financial reports.
The company reported revenue of $33.3 million during the final three months of 2017, down from $33.8 million during the same period a year earlier. For all of 2017, the company’s revenue was $132 million, down from $141.4 million in 2016.
Net income for the fourth quarter was $500,000, up from a loss of $12.3 million in the fourth quarter of 2016. For the full year, the company lost $12.7 million, compared with a loss of $11.5 million a year earlier.
Performant was recently one of two companies selected by the Department of Education to collect on defaulted and delinquent student loans.
“Looking ahead to 2018, we have several large opportunities, although these opportunities will require investment during 2018,” Performant chief executive Lisa Im said in a statement.
During a conference call with analysts after the earnings were released, Im said: “As you heard today, we have a lot of very exciting activities as the company executing our contracts, which we worked very hard to obtain. As we think about 2018 and forward, we do continue to build our business through diversified revenue stream. We have great channel partners and clients with whom we think we have great opportunity as we look forward.”
Revenues from the company’s student loan portfolio were $22.5 million in the fourth quarter, while its healthcare operation generated $3.6 million.
