TruBridge Announces Fourth Quarter and Full Year 2024 Results and Provides Initial 2025 Outlook

   -- Revenue of $339.2 million for 2024 and $87.4 million in the fourth 
      quarter 
 
   -- Net loss of $23.1 million for 2024 and $5.7 million in the fourth quarter 
 
   -- Adjusted EBITDA of $53.1 million for 2024 and $17.2 million in the fourth 
      quarter 
MOBILE, Ala.--(BUSINESS WIRE)--March 10, 2025-- 

TruBridge, Inc. $(TBRG)$, a healthcare solutions company, today announced financial results for the fourth quarter and year ended December 31, 2024.

2024 Operational Highlights

   -- Rebranded as TruBridge to pursue a more focused marketing strategy under 
      one brand 
 
   -- Achieved total annual bookings of $82.1 million 
 
   -- Achieved solid organic growth in Financial Health (the revenue cycle 
      management $(RCM)$ business) 
 
   -- Improved the quality of the Company's financial results, forecasting 
      accuracy, and capital allocation strategy 
 
   -- Transitioned approximately 30% of Financial Health Complete Business 
      Office $(CBO.AU)$ client base offshore 
 
   -- Improved cash flows with significant debt repayment resulting in reduced 
      leverage ratio from 4x at year end 2023 to approximately 3x at year end 
      2024 
 
   -- Divested American Health Tech $(AHT)$, the first divestiture in the 
      Company's history 
 
   -- Elevated role of general manager for Financial Health and Patient Care 
      business units 
 
   -- Added Amy O'Keefe to the Board of Directors, deepening the financial 
      expertise of the Board 

Commenting on the results, Chris Fowler, chief executive officer of TruBridge, Inc., stated, "I'm proud of the progress we made over the course of 2024 and pleased to be reporting revenue and adjusted EBITDA ahead of our expectations for the year. We've successfully strengthened our financial operations and executed key strategic initiatives, including the successful transition of the first wave of clients to our global workforce, while maintaining our commitment to customer satisfaction and meaningfully reducing our leverage ratio."

"Looking ahead to 2025, we are focused on enhancing customer satisfaction and retention, optimizing our operations, and expanding our sales pipeline. With new leadership in our Financial Health division and continued investment in our offshore capabilities, we believe that we are well positioned for success. Our commitment to innovation and operational excellence will drive our long-term success and deliver value to our stakeholders," concluded Fowler.

Fourth Quarter Financial 2024 Highlights*

All comparisons are to the quarter ended December 31, 2023, unless otherwise noted.

   -- Total bookings of $14.3 million compared to $24.4 million 
 
   -- Total revenue of $87.4 million compared to $85.9 million 
 
          -- Recurring revenue represented 93.6% of total revenue 
 
   -- Financial Health revenue of $54.7 million compared to $51.0 million 
 
          -- Financial Health revenue represented 62.6% of TruBridge's total 
             revenue 
 
   -- GAAP net loss of $5.7 million and non-GAAP net income of $0.7 million 
 
   -- Adjusted EBITDA of $17.2 million compared to $12.0 million 

Full Year 2024 Financial Highlights*

All comparisons are to the year ended December 31, 2023, unless otherwise noted.

   -- Total bookings of $82.1 million compared to $80.2 million 
 
   -- Total revenue of $339.2 million compared to $339.4 million 
 
          -- Recurring revenue represented 94.4% of total revenue 
 
   -- Financial Health revenue of $216.1 million compared to $193.9 million 
 
          -- Financial Health revenue represented 63.7% of TruBridge's total 
             revenue 
 
   -- GAAP net loss of $23.1 million and non-GAAP net income of $3.5 million 
 
   -- Adjusted EBITDA of $53.1 million compared to $47.6 million 

*As of the third quarter of 2024, TruBridge is now reporting two segments in its financial statements representing the two business units. Financial Health represents the previous Revenue Cycle Management (RCM) segment, and Patient Care represents the previous Electronic Health Record (EHR) segment, including the patient engagement business.

Financial Guidance

For the first quarter of 2025, TruBridge expects to generate:

   -- Total revenue between $85 million and $88 million 
 
   -- Adjusted EBITDA between $14 million and $16 million 

For the full year 2025, TruBridge expects to generate:

   -- Total revenue between $345 million and $360 million 
 
   -- Adjusted EBITDA between $59 million and $66 million 

Conference Call

TruBridge will hold a conference call and live webcast to discuss fourth quarter and full year 2024 results on Monday, March 10, 2025, at 3:30 p.m. Central time/4:30 p.m. Eastern time. To access this interactive teleconference, dial (877) 407-0890 and request connection to the TruBridge earnings conference call. A 30-day online replay will be available approximately one hour following the conclusion of the live webcast. To listen to the live webcast or access the replay, visit the Company's investor relations website, investors.trubridge.com.

About TruBridge

We are a trusted partner to more than 1,500 healthcare organizations with a broad range of technology-first solutions that address the unique needs and challenges of diverse communities, promoting equitable access to quality care and fostering positive outcomes. TruBridge has over four decades of experience in connecting providers, patients and communities with innovative data-driven solutions that create real value by supporting both the financial and clinical side of healthcare delivery. Our industry leading HFMA Peer Reviewed$(R)$ suite of revenue cycle management (RCM) offerings combine unparalleled visibility and transparency to enhance productivity and support the financial health of healthcare organizations across all care settings.

We support efficient patient care with electronic health record (EHR) product offerings that successfully integrate data between care settings. Above all, we believe in the power of community and encourage collaboration, connection, and empowerment with our customers. We clear the way for care. For more information, please visit www.trubridge.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as "expects," "anticipates," "estimates," "believes," "predicts," "intends," "plans," "potential," "may," "continue," "should," "will" and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to the Company's future financial and operational results are forward-looking statements. We caution investors that any such forward-looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. Such factors may include: saturation of our target market and hospital consolidations; unfavorable economic or market conditions that may cause a decline in spending for information technology and services; significant legislative and regulatory uncertainty in the healthcare industry; exposure to liability for failure to comply with regulatory requirements; transition to a subscription based recurring revenue model and modernization of our technology; competition with companies that have greater financial, technical and marketing resources than we have; potential future acquisitions that may be expensive, time consuming, and subject to other inherent risks; our ability to attract and retain qualified personnel in a global workforce; disruption from periodic restructuring of our sales force; potential delay in the development of markets for Financial Health services; potential inability to properly manage growth in new markets we may enter; potential disruption of our business due to our ongoing implementation of a new enterprise resource planning software solution; exposure to numerous and often conflicting laws, regulations, policies, standards or other requirements through our international business activities; potential litigation against us and investigations; our use of offshore third-party resources; competitive and litigation risk related to the use of artificial intelligence; potential failure to develop new products or enhance current products that keep pace with market demands; failure of our products to provide accurate and timely information for clinical decision-making; breaches of security and viruses in our systems resulting in customer claims against us and harm to our reputation; failure to maintain customer satisfaction through new product releases free of undetected errors or problems; failure to convince customers to migrate to current or future releases of our products; failure to maintain our margins and service rates; increase in the percentage of total revenues represented by service revenues, which have lower gross margins; exposure to liability in the event we provide inaccurate claims data to payors; exposure to liability claims arising out of the licensing of our software and provision of services; dependence on licenses of rights, products and services from third parties; failure to protect our intellectual property rights; exposure to significant license fees or damages for intellectual property infringement; interruptions in our power supply and/or telecommunications capabilities, including those caused by natural disaster; potential inability to secure additional financing on favorable terms to meet our future capital needs; our substantial indebtedness, and our ability to incur additional indebtedness in the future; pressures on cash flow to service our

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