Performant Financial Corp. yesterday reported first quarter net income of $8.5 million, up from a loss of $3 million during the same period a year ago.
The company also reported revenue of $57 million, up from $33 million last year.
Performant, one of two companies that was awarded a contract in January to collect on defaulted student loans guaranteed by the federal government, learned with the rest of us last week that the contract was being canceled. The company said yesterday that it disagreed with the decision to cancel the contract, but would “stay close to the situation because default rates are going to necessitate that actions be taken before long,” said Lisa Im, the company’s chief executive.
Revenue from the company’s student lending activities was $19.1 million, down from $24.5 million a year ago. The amount of defaulted student loans placed with the agency totaled $900 million in the first three months of 2018, up from $700 million a year ago.
Healthcare revenue was $31.3 million during the first quarter, up from $29.7 million a year ago.
