R1 RCM posted a net loss of $35.1 million in the first quarter of 2024, compared to a net income of $1.6 million over the same period last year, according to the company's May 8 financial report.
The company saw revenues of $603.9 million in the quarter ended March 31, up 10.7% over the same period last year. R1 posted an adjusted EBITDA of $152.2 million, compared to an adjusted EBITDA of $142.2 million in the same period last year.
R1 said the fallout of the Change Healthcare cyberattack affected revenue and adjusted EBITDA by $9.5 million.
The company also updated its full-year 2024 outlook. It is projecting revenue of $2.6 billion to $2.64 billion, adjusted from the $2.63 billion to $2.68 billion it projected in February. R1 is projecting adjusted EBITDA of $625 million to $650 million, updated from $650 million to $670 million.
R1 said the updated outlook reflects the "impacts of the Change Healthcare cyberattack on first quarter and expected full year 2024 revenue related to collections timing, claims inflows, and the ability to meet key performance metrics, as well as increased expenses to support our customers."
"First quarter results reflect the strength and flexibility of our technology platform, our people, and our global scale," R1 CEO Lee Rivas said in the report. "While addressing the impact of the Change Healthcare cyberattack, R1 continued to deliver operationally and began the onboarding of our largest new customer. Looking ahead, we will remain focused on executing against our technology roadmap, delivering excellent results, and aligning our strategy to our customers’ business, while achieving measurable results for our shareholders."
