Shares of R1 RCM Inc. (RCM) are slipping over 40% on Tuesday morning after the company announced its third-quarter results and appointed Lee Rivas as CEO.
RCM is currently trading at $8.51, down $6.24 or 42.31%, on the Nasdaq.
Revenue rose 30.6% to $496.0 million from $379.7 million last year. Net loss for the quarter was $29.5 million or $0.07 per share, compared to net income of $17.0 million or $0.05 per share last year.
Analysts polled by Thomson Reuters expected earnings of $0.10 per share on revenues of $523.71 million.
Looking forward to 2022, R1 now expects to revenues of between $1.79 billion and $1.80 billion.
In a separate press release, R1 RCM also announced that its Board of Directors has appointed Lee Rivas to succeed Joseph Flanagan as Chief Executive Officer, effective January 1, 2023, and Rivas will join the company's Board. John Sparby, who currently serves as Chief Operating Officer, has been named President, effective January 1, 2023.
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