# EDGAR Filing Document

**Accession Number:** 0001550695
**File Stem:** 0001550695-25-000062
**Filing Date:** 2025-8
**Character Count:** 16617
**Document Hash:** ba8e1a7f760cfd562abf191f987f4bda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001550695-25-000062.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001550695-25-000062

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250801

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Performant Healthcare Inc
- **CENTRAL INDEX KEY:** 0001550695
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 200484934
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35628
- **FILM NUMBER:** 251174139

**BUSINESS ADDRESS:**
- **STREET 1:** 900 SOUTH PINE ISLAND ROAD
- **STREET 2:** SUITE 150
- **CITY:** PLANTATION
- **STATE:** FL
- **ZIP:** 33324
- **BUSINESS PHONE:** 925-960-4800

**MAIL ADDRESS:**
- **STREET 1:** 4309 HACIENDA DR
- **STREET 2:** SUITE 110
- **CITY:** PLEASANTON
- **STATE:** CA
- **ZIP:** 94588

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Performant Financial Corp
- **DATE OF NAME CHANGE:** 20120523

?xml version='1.0' encoding='ASCII'? pfmt-20250801

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 1, 2025** 

**Performant Healthcare, Inc.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **001-35628** | **20-0484934** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification No.)** |

---

900 South Pine Island Road,

Plantation**,** FL 33324

**(Address of principal executive offices) (Zip Code)**

**Registrant's telephone number, including area code:** (925) 960-4800

**N/A**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter). &nbsp;&nbsp;&nbsp;&nbsp;

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of exchange on which registered</u>** |
| Common Stock, par value $.0001 per share | PHLT | The Nasdaq Stock Market LLC |

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| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On August 1, 2025, Performant Healthcare, Inc. (the "Company") issued a press release announcing preliminary financial results for its quarter ended June 30, 2025. The full text of the press release is furnished as Exhibit 99.1.

The information furnished in this Form 8-K, including the exhibit attached, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;**(d)Exhibits**

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| | |
|:---|:---|
| <u>[99.1](exhibit991.htm)</u> | <u>[Press release issued by Performant Healthcare, Inc., dated](exhibit991.htm)[A](exhibit991.htm)[u](exhibit991.htm)[gust 1, 2025](exhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**Forward Looking Statements**

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's outlook for revenues, net income (loss), and adjusted EBITDA in 2025 and beyond. These forward-looking statements are based on current expectations, estimates, assumptions, and projections that are subject to change and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: the Company's ability to generate revenue following long implementation periods associated with new customer contracts; client relationships and the Company's ability to maintain such client relationships; our commercial client growth strategy; many of the Company's customer contracts are subject to periodic renewal, are not exclusive, and do not provide for committed business volumes; anticipated trends and challenges in the Company's business and competition in the markets in which it operates; the Company's indebtedness and compliance, or failure to comply, with restrictive covenants in the Company's credit agreement; opportunities and expectations for growth in the various markets in which the Company operates; the Company's ability to hire and retain employees with specialized skills that are required for its healthcare business; downturns in domestic or global economic conditions and other macroeconomic factors; the Company's ability to generate sufficient cash flows to fund our ongoing operations and other liquidity needs; the impact of public health emergencies, such as the COVID-19 pandemic, on the Company's business and operations, opportunities and expectations for the markets in which the Company operates; the impacts of a failure of the Company's operating systems or technology infrastructure or those of third-party vendors and subcontractors; the impacts of a cybersecurity breach or related incident to the Company or any of the Company's third-party vendors and subcontractors; the adaptability of the Company's technology platform to new markets and processes; the Company's ability to invest in and utilize data and analytics capabilities to expand our capabilities; the Company's growth strategy of expanding in existing markets and considering strategic alliances or acquisitions; the Company's ability to maintain, protect and enhance its intellectual property; expectations regarding future expenses; expected future financial performance; and the Company's ability to comply with and adapt to industry regulations and compliance demands.

More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's annual report on Form 10-K for the year ended December 31, 2024 and subsequently filed reports on Forms 10-Q and 8-K. The forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking statements to conform these statements to actual results or revised expectations.

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 1, 2025

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| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;PERFORMANT FINANCIAL CORPORATION |
| &nbsp;&nbsp;&nbsp;By: | **/s/Rohit Ramchandani** |
|  | Rohit Ramchandani |
|  | *Chief Financial Officer* |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Performant Healthcare, Inc. Announces Preliminary Financial Results for Second Quarter 2025**

Plantation, Florida, August 1, 2025 — Performant Healthcare, Inc. (Nasdaq: PHLT) (the "Company" or "Performant"), a leading provider of technology-enabled payment integrity, eligibility, and related analytics services, today announced preliminary financial results for the second quarter of 2025.

**Second Quarter 2025 Results** 

The Company currently expects to file it's Form 10-Q for the quarter ended June 30, 2025 on August 7, 2025 and anticipates reporting second quarter revenues of approximately $37.8 million, net income of approximately $2.1 million, and adjusted EBITDA of approximately $6.2 million.

**Transaction with Machinify**

In a separate press release issued today, Performant announced its entry into a definitive agreement to be acquired by Machinify, a healthcare intelligence leader and portfolio company of New Mountain Capital. As a result, Performant will no longer hold its second quarter results conference call originally scheduled for Tuesday August 5, 2025. Performant is also withdrawing its previously issued full-year 2025 guidance.

**Note Regarding Use of Non-GAAP Financial Measures**

In this press release, the Company presents adjusted EBITDA. This measure is not in accordance with accounting principles generally accepted in the United States of America (US GAAP) and accordingly reconciliation of adjusted EBITDA determined in accordance with US GAAP is included in the "Reconciliation of Non-GAAP Results" table at the end of this press release. We have included adjusted EBITDA in this press release because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends and to prepare and approve our annual budget. Accordingly, we believe that adjusted EBITDA provides useful information to investors and analysts in understanding and evaluating our operating results in the same manner as our management and board of directors. Our use of adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under US GAAP. In particular, many of the adjustments to our US GAAP financial measures reflect the exclusion of items, specifically interest, tax, and depreciation and amortization expenses, equity-based compensation expense and certain other non-operating expenses, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be calculated differently from similarly titled non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

**About Performant Healthcare, Inc.**

Performant supports healthcare payers in identifying, preventing, and recovering waste and improper payments by leveraging advanced technology, analytics and proprietary data assets. Performant works with leading national and regional healthcare payers to provide eligibility-based, also known as coordination-of-benefits (COB) services, as well as claims-based services, which includes the audit and identification of improperly paid claims. Performant is a leading provider of these services in both government and commercial healthcare markets. Performant also provides advanced reporting capabilities, support services, customer care, and stakeholder training programs designed to mitigate future instances of improper payments.

To learn more about Performant, please visit <u>www.performanthealthcare.com</u>

**Forward Looking Statements**

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's outlook for revenues, net income (loss), and adjusted EBITDA in 2025 and beyond. These forward-looking statements are based on current expectations, estimates, assumptions, and projections that are subject to change and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to: the Company's ability to generate revenue following long implementation periods associated with new customer contracts; client relationships and the Company's ability to maintain such client relationships; our commercial client growth strategy; many of the Company's customer contracts being subject to periodic renewal, not being exclusive, and not

&nbsp;&nbsp;&nbsp;&nbsp;

------

providing for committed business volumes; anticipated trends and challenges in the Company's business and competition in the markets in which it operates; the Company's indebtedness and compliance, or failure to comply, with restrictive covenants in the Company's credit agreement; opportunities and expectations for growth in the various markets in which the Company operates; the Company's ability to hire and retain employees with specialized skills that are required for its healthcare business; downturns in domestic or global economic conditions and other macroeconomic factors; the Company's ability to generate sufficient cash flows to fund our ongoing operations and other liquidity needs; the impact of public health emergencies, such as the COVID-19 pandemic, on the Company's business and operations, opportunities and expectations for the markets in which the Company operates; the impacts of a failure of the Company's operating systems or technology infrastructure or those of third-party vendors and subcontractors; the impacts of a cybersecurity breach or related incident to the Company or any of the Company's third-party vendors and subcontractors; the adaptability of the Company's technology platform to new markets and processes; the Company's ability to invest in and utilize data and analytics capabilities to expand our capabilities; the Company's growth strategy of expanding in existing markets and considering strategic alliances or acquisitions; the Company's ability to maintain, protect and enhance its intellectual property; expectations regarding future expenses; expected future financial performance; and the Company's ability to comply with and adapt to industry regulations and compliance demands.

More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's annual report on Form 10-K for the year ended December 31, 2024 and subsequently filed reports on Forms 10-Q and 8-K. The forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking statements to conform these statements to actual results or revised expectations.

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| | |
|:---|:---|
| **PERFORMANT HEALTHCARE, INC. AND SUBSIDIARIES** | **PERFORMANT HEALTHCARE, INC. AND SUBSIDIARIES** |
| Reconciliation of Non-GAAP Results | Reconciliation of Non-GAAP Results |
| (In thousands) | (In thousands) |
| (Unaudited) | (Unaudited) |
|  | **Three Months** |
|  | **Ended** |
|  | **June 30, 2025** |
| **Adjusted EBITDA:** |  |
| Net income | $&nbsp;&nbsp;&nbsp;&nbsp;2078&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | &nbsp;&nbsp;&nbsp;&nbsp;360&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | &nbsp;&nbsp;&nbsp;&nbsp;202&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | &nbsp;&nbsp;&nbsp;&nbsp;2066&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;1467&nbsp;&nbsp;&nbsp;&nbsp; |
| Adjusted EBITDA | $&nbsp;&nbsp;&nbsp;&nbsp;6173&nbsp;&nbsp;&nbsp;&nbsp; |

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