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MSP Recovery (NASDAQ: MSPR) reported its fiscal year and Q4 2024 results, highlighting significant financial and operational developments. The company's revenue increased 136% to $18.2 million in 2024, up from $7.7 million in 2023. However, the company faced substantial losses with a net loss of $1,556.8 million and an operating loss of $1,274 million.
Key developments include debt restructuring initiatives with Virage Capital and Hazel Partners, featuring a $9.75 million bridge funding, potential $25 million working capital for a new servicing entity, and a $144 million debt-to-equity conversion. The company secured settlements exceeding $8 million in pharmaceutical litigation and $10 million from property & casualty insurers.
Notable concerns include a going concern warning and a $752.7 million non-cash impairment charge. The company's total paid amount of owned claims increased 2.9% to $380.4 billion, while the paid value of potentially recoverable claims decreased 1.3% to $87.7 billion.
MSP Recovery (NASDAQ: MSPR) has entered into a strategic term sheet for comprehensive restructuring transactions with Hazel Partners Holdings and Virage Capital Management. The deal includes:
- Reduction of over $1.2 billion in corporate guaranteed debt
- Access to $9.75 million bridge funding (with $6.5M available through July 2025)
- Up to $25 million working capital for a New Servicer entity
Key components include:
- Formation of New Servicer subsidiary with independent management
- Virage to receive 43% equity stake in exchange for waiving claims
- Conversion of approximately $144 million principals' debt to equity
- Extension of debt obligations to November 2026
- Annual cost reduction estimated at $5.6 million
The transaction closing is expected by April 30, 2025, subject to definitive agreements, regulatory approvals, and other conditions.
MSP Recovery, Inc. (NASDAQ: MSPR) announced it will operate under the name LifeWallet and change its ticker symbol to LIFW. The Company has entered a term sheet to sell $275 million in healthcare claims recovery interests and expects to gain $48 million in servicing fees. Additionally, MSPR anticipates generating $25-30 million in revenue from a national lawyer referral service on the LifeWallet platform in 2023. CEO John H. Ruiz highlighted the Company’s technological advancements and partnerships, emphasizing a commitment to innovation in the healthcare reimbursement sector.
MSP Recovery, Inc. (NASDAQ: MSPR) will rebrand as “LifeWallet” in 2023, with its common stock trading under the new ticker symbol “LIFW.” This strategic move aims to unify the company’s diverse recovery services, leveraging LifeWallet's growing brand recognition. MSP Recovery remains focused on secondary payer reimbursement recoveries, supported by innovative technology for improved patient care and data transparency. The company’s initiatives, such as partnerships for blockchain technology and a nationwide lawyer referral service, align with its mission to enhance the healthcare reimbursement system.
MSP Recovery, Inc. (NASDAQ: MSPR) reported third quarter 2022 financial results, revealing a net loss of $26.1 million or $0.01 per share, despite total revenue of $8.3 million, a 234% increase from 2021. The Paid Value of Potentially Recoverable Claims (PVPRC) surged to $89.2 billion, up $870 million from the previous quarter. The company achieved a $63 million gain on debt extinguishment, reducing obligations significantly. Additionally, LifeWallet generated a new licensing agreement worth $7.5 million, while MSPR expects substantial recoveries in 2023.
MSP Recovery (NASDAQ: MSPR) has announced an expansion of its partnership with Tokenology Labs, focusing on the further development of LifeChain and LifeWallet technologies. LifeChain will facilitate the rapid tokenization of medical claims, achieving a processing speed exceeding 20,000 tokens per minute, which is expected to improve claims efficiency and transparency. The collaboration aims to enhance revenue recovery while minimizing fraud. MSPR’s innovations target various sectors, including healthcare and education, and promise significant advancements in the management of medical data.
MSP Recovery has announced the release of its Q3 2022 financial results, scheduled for November 8, 2022, after market close. This leading company in healthcare reimbursement recovery will conduct a conference call and live webcast at 8:00 a.m. ET on November 9, 2022, to discuss the results with investors and analysts. Participants can pre-register for the call via the provided link. The webcast will be available on the company’s website, with a replay accessible after the event.
Founded in 2014, MSP Recovery focuses on innovative solutions for Medicare, Medicaid, and commercial recovery.
MSP Recovery, Inc. (NASDAQ: MSPR) announced a licensing agreement generating an initial $7.5 million fee and annual fees of $1 million from a new client utilizing its LifeWallet platform. The platform integrates health records, biometrics, and blockchain technology. Additionally, MSPR amended a contract with Brickell Key Investments, reducing debt by $63 million and halting $40 million in annual interest accrual. This move signifies a strategic shift towards enhancing liquidity and supporting ongoing technology deployment in healthcare.
On September 22, 2022, MSP Recovery (MSPR) announced significant business growth by partnering with healthcare provider networks, expanding its reach to over 1,800 providers and 30 outpatient sites. The company reported initial payments averaging 284% of the Paid Value of Potentially Recoverable Claims (PVPRC), with previous settlements achieving up to 600%. MSPR is launching the LifeWallet Legal Referral Service, aimed at enhancing revenue streams. This update highlights MSPR's commitment to innovating healthcare reimbursement solutions and leveraging technology for increased efficiency.
MSP Recovery, Inc. (NASDAQ: MSPR) has reported significant growth, expanding from 11,000 to over 34 million unique healthcare member lives since 2014, with an additional 3 million expected by September 30, 2022. The company has developed advanced blockchain technology in collaboration with Tokenology, enhancing transaction transparency and efficiency. Furthermore, a partnership with Palantir has facilitated the creation of a state-of-the-art healthcare analytics tool, optimizing claims management and recovery processes. CEO John H. Ruiz highlighted the firm's progress in technology initiatives aimed at increasing revenue and operational efficiency.
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