MultiPlan Q3 Loss Widens, Revenue Declines; Cuts Full-year Revenue Outlook

(RTTNews) - MultiPlan Corporation (MPLN), a provider of healthcare cost management solutions, Tuesday reported net loss of $391.45 million or $24.25 per share for the third quarter, wider than $24.15 million or $1.49 per share loss in the same quarter a year ago, primarily due to impairment charges of $361.61 million. The company also lowered its full-year revenue guidance.

Analysts on average, expected a loss of $13.7 per share for the quarter. Analysts estimates typically exclude special items.

The company posted operating loss of $338.21 million compared with operating income of $39.52 million last year.

Revenue for the quarter declined to $230.49 million from $242.8 million in the previous year. The consensus estimate was for $233.67 million.

For the full year, MultiPlan now expects revenue in the range of $930 million - $940 million, down from the previous outlook of $935 million - $955 million. The Street is looking for revenue of $939.21 million.