R1 Completes Restatement of Previously Issued Financial Statements
05 December 2023 - 12:00AM
R1 RCM Inc. (NASDAQ: RCM) (“R1”) (“Company”), a leading provider of
technology-driven solutions that transform the patient experience
and financial performance of healthcare providers, today announced
that it has completed the restatement of its previously issued
financial statements for the years ended December 31, 2022 and 2021
and interim periods for each of the quarters within 2022 and 2021,
as well as for the first two quarters of 2023, and filed its Form
10-Q for the third quarter of 2023.
Consistent with the Company’s expectations, the adjustments in
the restated financial statements had:
- No material impact on 2022 and 2021 revenue or Adjusted
EBITDA;
- No material impact on R1’s previously reported results of
operations for the first three quarters of 2023; and
- No impact on R1’s cash, business operations or 2023
outlook.
“We are pleased to have resolved this technical accounting issue
identified by R1,” said Lee Rivas, chief executive officer of R1.
“Our entire team remains focused on driving sustainable value over
the long term, maintaining our position as the preferred partner
for providers and increasing demand for our solutions.”
Forward-Looking Statements
This press release contains “forward-looking statements” made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements generally relate to future events, including, among
other things, statements regarding the Company’s 2023 outlook and
long-term priorities. These statements are often identified by the
use of words such as “anticipate,” “believe,” “contemplate,”
“designed,” “estimate,” “expect,” “forecast,” “goal,” “intend,”
“may,” “outlook,” “plan,” “predict,” “project,” “see,” “seek,”
“target,” “would” and similar expressions or variations or
negatives of these words, although not all forward-looking
statements contain these identifying words. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of the Company’s
management and are not predictions of actual performance. Actual
outcomes and results may differ materially from those contemplated
by these forward-looking statements as a result of uncertainties,
risks and changes in circumstances, including but not limited to
risk and uncertainties related to: (i) the impact of the
restatements of the financial statements, and the non-compliance
notice from Nasdaq relating to the Company’s late Form 10-Q, on the
price of our common stock, our reputation, our relationships with
our investors, suppliers, customers, employees and other parties
and (ii) the Company’s ability to remediate the material weakness
in its internal control over financial reporting. Additional risks
and uncertainties that could cause actual outcomes and results to
differ materially from those contemplated by the forward-looking
statements are included under the heading “Risk Factors” in the
Company’s Amendment No. 1 to Annual Report on Form 10-K/A for the
year ended December 31, 2022 and any other periodic reports that
the Company may file with the Securities and Exchange Commission.
Subsequent events and developments, including actual results or
changes in the Company’s assumptions, may cause the Company’s views
to change. The Company assumes no obligation and does not intend to
update these forward-looking statements, except as required by law.
You are cautioned not to place undue reliance on such
forward-looking statements.
About R1 RCM
R1 is a leading provider of technology-driven solutions that
transform the patient experience and financial performance of
healthcare providers. R1’s proven and scalable operating models
seamlessly complement a healthcare organization’s infrastructure,
quickly driving sustainable improvements to net patient revenue and
cash flows while reducing operating costs and enhancing the patient
experience. To learn more, visit: r1rcm.com.
Contact:
R1 RCM Inc.
Investor Relations:Evan Smith,
CFA516-743-5184investorrelations@r1rcm.com
Media Relations:Allison+PartnersAmanda
CritelliR1PR@allisonpr.com
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