RCM - R1 RCM slumps 39% on dismal Q3 result CEO change

• R1 RCM ( NASDAQ: RCM ) is trading 39% lower premarket after the company posted lower-than-expected Q3 result and appointed Lee Rivas to succeed Joseph Flanagan as chief executive officer, effective Jan. 1.
• Revenue rose 30.6% Y/Y to $496M, but missed estimates by $27.69M. While, Q3 GAAP EPS of -$0.07 missed by $0.19.
• "While we made progress on our strategic priorities in the third quarter, including integrating Cloudmed, advancing our technology roadmap, and onboarding new customers, our results fell short of our expectations due to operational and customer-specific factors," said Joe Flanagan, chief executive officer of R1.
• For 2022, R1 now expects to generate revenue of between $1.79B and $1.8B vs. $1.87B Consensus.

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