Significant Improvement in Financial Metrics
Adjusted EBITDA nearly doubled to $18.2 million from $10 million last year. Cash flow from operations increased by over $7 million, and the net leverage ratio decreased from 4.4x to 2.4x.
Revenue and Bookings Growth
Revenue reached $87 million, marking a 3.7% year-over-year increase. Q1 bookings totaled $22 million, with a 50% sequential increase in Financial Health bookings and a 60% increase in Patient Care bookings.
Successful Transition to Offshore Operations
Approximately 30% of CBO clients are now supported offshore, contributing to improved gross margins and supporting a target of 60% by the end of 2025.
High Customer Retention Rates
Patient Care customer retention was 98%, excluding Centriq, compared to mid-90s in the previous year. Financial Health renewed 9 out of 11 clients up for renewal.
Improved Gross Margins
Gross margins increased by 430 basis points to 54.7% year-over-year, with Financial Health gross margins rising by 700 basis points.