Performant Finl Stock Price, News & Analysis

Performant Healthcare, Inc. (Nasdaq: PHLT) operated in the health information services space within the healthcare sector, focusing on healthcare payment integrity, eligibility, and related analytics services. According to the company’s public disclosures, Performant supported healthcare payers in identifying, preventing, and recovering waste and improper payments by using advanced technology, analytics, and proprietary data assets. It worked with leading national and regional healthcare payers in both government and commercial markets.

Performant described its business as centered on two primary categories of healthcare services: eligibility-based services, also known as coordination-of-benefits (COB), and claims-based services, which include the audit and identification of improperly paid claims. Through these offerings, the company aimed to help payers improve payment accuracy and reduce unnecessary healthcare spending. In addition, Performant reported that it provided advanced reporting capabilities, support services, customer care, and stakeholder training programs designed to mitigate future instances of improper payments.

In its earnings releases, Performant characterized itself as a leading provider of technology-enabled payment integrity, eligibility, and related analytics services. Its healthcare revenue was broken out between eligibility-based and claims-based services, reflecting the importance of both categories to its operating model. The company’s commentary highlighted growth with commercial clients alongside continued activity in government-related programs, positioning its services across a range of healthcare payer types.

Performant’s corporate history includes a significant strategic transaction. On July 31, 2025, the company entered into an Agreement and Plan of Merger with Continental Buyer, Inc. (an entity associated with Machinify) and Prevail Merger Sub, Inc., under which Prevail Merger Sub would merge with and into Performant, with Performant surviving as a wholly owned subsidiary of Continental Buyer, Inc. A Form 8‑K filed on August 1, 2025 describes this merger agreement and the planned cash consideration of $7.75 per share for outstanding common stock, subject to customary closing conditions, including stockholder approval and regulatory clearances.

Subsequently, a Form 8‑K dated October 17, 2025 reports that Performant stockholders approved the merger agreement at a special meeting of stockholders. A later Form 8‑K dated October 21, 2025 states that the merger closed on October 21, 2025, with the merger subsidiary combining with Performant and the company surviving as a wholly owned subsidiary of the buyer. At the effective time of the merger, each share of Performant common stock issued and outstanding immediately prior to the effective time (with limited exceptions described in the filing) was cancelled and converted into the right to receive the cash merger consideration.

The October 21, 2025 Form 8‑K further explains that, in connection with the closing of the merger, Performant notified The Nasdaq Stock Market LLC of the consummation of the transaction and requested that Nasdaq file a Form 25 to remove the company’s shares from listing and registration under Section 12(b) of the Exchange Act. The filing notes that trading of Performant’s shares on Nasdaq was halted prior to the opening of trading on the closing date and that the company intended to file a Form 15 to terminate registration of its shares and suspend its reporting obligations. As a result of these steps, Performant’s shares ceased to be publicly traded and the company became a privately held entity.

Alongside these corporate developments, Performant continued to report on its operating performance through its periodic earnings releases and related Form 8‑K filings. For example, in its first quarter 2025 and full year 2024 financial results announcements, the company emphasized healthcare revenues and discussed the relative contributions of eligibility-based and claims-based services. It also provided non‑GAAP measures such as adjusted EBITDA and adjusted net income (loss), explaining that these metrics were used by management and the board of directors to evaluate core operating performance and trends.

Performant’s disclosures also referenced its strategic evolution into a “pure-play healthcare company,” noting that it had transitioned away from non‑healthcare recovery services and that healthcare revenue represented the substantial majority of its total revenues. The company highlighted growth in commercial healthcare clients and described a pipeline of implementations and contract awards, as well as its focus on technology innovation to support margin improvement and business scalability. In addition, Performant announced the confirmation of a New York State Medicaid Recovery Audit Contract (RAC), describing this as a significant state Medicaid payment integrity opportunity and an important element of its state market strategy.

For investors and researchers reviewing PHLT as a historical ticker, it is important to recognize that Performant Healthcare, Inc. now operates as a wholly owned subsidiary of an acquirer and that its common stock has been delisted from Nasdaq following the completion of the merger described in the company’s Form 8‑K filings. The PHLT symbol therefore represents the company’s former status as a publicly traded issuer, while its current operations continue within a private ownership structure.

Business model and services

Based on the company’s own descriptions in press releases and SEC filings, Performant’s business model focused on providing technology-enabled payment integrity and related analytics services to healthcare payers. The company stated that it leverages advanced technology, analytics, and proprietary data assets to help payers identify, prevent, and recover waste and improper payments. Its services are organized around eligibility-based (COB) and claims-based offerings, which together support payers in improving payment accuracy across their benefit programs.

Eligibility-based (COB) services involve determining the correct order of payment responsibility among multiple potential payers, while claims-based services involve auditing and identifying improperly paid claims. Performant’s disclosures indicate that it works with national and regional payers in both government and commercial markets, and that it provides additional capabilities such as advanced reporting, support services, customer care, and training programs intended to reduce the likelihood of future improper payments.

Status as a former public company

The Form 8‑K filed on October 21, 2025 documents the completion of the merger with Continental Buyer, Inc. and the resulting change in control. It explains that each outstanding share of Performant common stock (with specified exceptions) was converted into the right to receive cash consideration and that, following the merger, Performant became a wholly owned subsidiary of the buyer. The same filing describes the steps taken to delist the company’s shares from Nasdaq and to deregister them under the Exchange Act, including the planned filing of Form 25 and Form 15.

In light of these filings, PHLT should be viewed as the historical ticker for Performant Healthcare, Inc. as a public company. The company’s ongoing operations, including its payment integrity and analytics services, continue within a private ownership framework, and its regulatory reporting obligations as a standalone public issuer are being terminated in accordance with the merger documentation and related SEC filings.