TruBridge Announces Fourth Quarter and Full Year 2025 Results
MOBILE, Ala.--( BUSINESS WIRE)--TruBridge, Inc. (NASDAQ: TBRG) (“TruBridge”), a leading provider of healthcare technology solutions for rural and community hospitals, today announced financial results for the fourth quarter and year ended December 31, 2025.
Fourth Quarter Financial 2025 Highlights
All comparisons are to the quarter ended December 31, 2024, unless otherwise noted.
Full Year 2025 Financial Highlights
All comparisons are to the year ended December 31, 2024, unless otherwise noted.
Commenting on the results, Chris Fowler, chief executive officer of TruBridge, stated, “Throughout 2025, we continued to improve the quality of our earnings and strengthen our operational foundation through cost management and execution of our offshoring strategy, resulting in ongoing margin enhancement. The organizational changes we have undertaken have positioned us to drive improved customer satisfaction and results for shareholders.
“As we look to 2026, we remain focused on the fundamentals while strategically pursuing a targeted AI initiative across the organization to enhance our offerings, modernize our technology infrastructure, and deliver an improved customer experience. We're making steady progress on our operational priorities and remain committed to continuous improvement,” concluded Fowler.
We have been engaged in a strategic review process over the past several months with the assistance of outside financial and legal advisors, and we have considered a wide range of alternatives to maximize shareholder value, including, but not limited to, the sale of all or part of the Company or its assets, a joint venture or other business combination, share repurchases and organic growth investments. There can be no assurance that any transaction will be entered into or consummated in connection with these discussions or the strategic review process. We do not intend to make further announcements or provide more detailed commentary regarding the review process unless and until our Board of Directors approves a specific transaction, investment or strategy or otherwise determines that further disclosure is legally required or appropriate.
Revision of Previously Issued Financial Statements
During the preparation of the financial statements for the fiscal year ended December 31, 2025, the Company’s management identified immaterial misstatements affecting its previously issued consolidated financial statements as of and for the years ended December 31, 2024 and December 31, 2023, and the condensed consolidated financial statements for the quarters ended March 31, June 30, and September 30, 2025. These misstatements were related primarily to the timing of revenue recognition and associated contract costs, and the recognition of capitalized software development costs, as well as other unrelated immaterial misstatements. As a result, the Company made revisions to its previously issued consolidated financial statements for the years ended December 31, 2024 and December 31, 2023, filed within the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, in order to recognize such revenues and costs in the appropriate fiscal year.
The Company assessed the materiality of these errors on the prior period consolidated financial statements in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99 (Topic 1M), “Materiality” and SAB No. 108 (Topic 1N), “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements.” In its assessment, the Company concluded based on quantitative and qualitative analysis that these errors were not material to the Company’s consolidated financial statements for the 2025, 2024, and 2023 fiscal years or any interim periods therein.
Conference Call
TruBridge will hold a conference call and live webcast to discuss fourth quarter and full year 2025 results on Tuesday, March 31, 2026, at 3:30 p.m. Central time/4:30 p.m. Eastern time. To access this interactive teleconference, dial (877) 407-0890 and request connection to the TruBridge earnings conference call. A 30-day online replay will be available approximately one hour following the conclusion of the live webcast. To listen to the live webcast or access the replay, visit the Company’s investor relations website, investors.trubridge.com.
About TruBridge
TruBridge proudly supports rural and community hospitals and providers in their efforts to stay strong, independent, and deeply rooted in the communities they serve. Backed by more than 45 years of healthcare experience and trusted by over 1,500 clients nationwide, TruBridge offers a mix of technology, services, and strategic expertise — including revenue cycle management (RCM), electronic health records (EHR) and analytics — all designed singularly for the realities of rural and community healthcare. With a steadfast commitment to keeping care local, TruBridge helps hospitals flourish as the economic heart of their communities, delivering high-quality, personal care close to home. For more information, visit www.trubridge.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as “expects,” “anticipates,” “estimates,” “believes,” “predicts,” “intends,” “plans,” “potential,” “may,” “continue,” “should,” “will” and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to the Company’s future financial and operational results, are forward-looking statements. We caution investors that any such forward-looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. Such factors may include: saturation of our target market and hospital consolidations; unfavorable economic or market conditions that may cause a decline in spending for information technology and services; significant legislative and regulatory uncertainty in the healthcare industry; exposure to liability for failure to comply with regulatory requirements; transition to a subscription based recurring revenue model and modernization of our technology; competition with companies that have greater financial, technical and marketing resources than we have; potential future acquisitions that may be expensive, time consuming, and subject to other inherent risks; our ability to attract and retain qualified personnel in a global workforce; disruption from periodic restructuring of our sales force; slower than anticipated development of the market for Financial Health services; potential inability to properly manage growth in new markets we may enter; potential failure to effectively implement a new enterprise resource planning software solution; exposure to numerous and often conflicting laws, regulations, policies, standards or other requirements through our domestic and international business activities; potential litigation against us and investigations; our use of offshore third-party resources; competitive and litigation risk related to the use of artificial intelligence; potential inability to identify and implement any strategic alternatives in a timely manner or at all; potential failure to develop new products or enhance current products that keep pace with market demands; failure of our products to provide accurate and timely information for clinical decision-making; breaches of security and viruses in our systems resulting in customer claims against us and harm to our reputation; failure to maintain customer satisfaction through new product releases free of undetected errors or problems; failure to convince customers to migrate to current or future releases of our products; failure to maintain our margins and service rates; increase in the percentage of total revenues represented by service revenues, which have lower gross margins; exposure to liability in the event we provide inaccurate claims data to payors; exposure to liability claims arising out of the licensing of our software and provision of services; dependence on licenses of rights, products and services from third parties; failure to protect our intellectual property rights; exposure to significant license fees or damages for intellectual property infringement; interruptions in our power supply and/or telecommunications capabilities; potential inability to secure additional financing on favorable terms to meet our future capital needs; our substantial indebtedness, and our ability to incur additional indebtedness in the future; pressures on cash flow to service our outstanding debt; restrictive terms of our credit agreement on our current and future operations; changes in and interpretations of financial accounting matters that govern the measurement of our performance; significant charges to earnings if our goodwill or intangible assets become impaired; fluctuations in quarterly financial performance due to various factors; volatility in our stock price; failure to maintain effective internal control over financial reporting; inherent limitations in our internal control over financial reporting; vulnerability to significant damage from natural disasters; market risks related to interest rate changes; potential material adverse effects due to macroeconomic conditions; we do not anticipate paying dividends on our common stock; actions of activist stockholders against us; and other risk factors described from time to time in our public releases and reports filed with the Securities and Exchange Commission. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this press release.
2025
2025
$
56,239
$
54,976
$
221,657
$
217,366
30,953
33,143
125,179
124,839
87,192
88,119
346,836
342,205
28,069
27,802
113,891
116,738
12,706
13,355
49,083
52,182
40,775
41,157
162,974
168,920
8,027
8,075
32,557
35,449
4,386
6,420
23,509
25,907
23,719
19,341
80,687
76,992
6,284
6,368
25,185
27,220
246
266
1,092
1,346
83,437
81,627
326,004
335,834
3,755
6,492
20,832
6,371
(2,866
)
(3,820
)
(12,316
)
(16,169
)
(5,213
)
(1,809
)
(4,647
)
(670
)
(8,079
)
(5,629
)
(16,963
)
(16,839
)
(4,324
)
863
3,869
(10,468
)
1,185
5,952
(485
)
10,477
$
(5,509
)
$
(5,089
)
$
4,354
$
(20,945
)
$
(0.37
)
$
(0.34
)
$
0.29
$
(1.41
)
$
(0.37
)
$
(0.34
)
$
0.29
$
(1.41
)
14,531
14,330
14,488
14,300
14,531
14,330
14,488
14,300
$
24,850
$
12,324
54,970
52,952
2,437
4,663
623
767
7,240
2,991
14,078
19,386
445
606
104,643
93,689
2,476
2,294
42,262
39,451
2,010
3,092
494
232
13,553
7,786
64,517
76,707
172,573
172,573
$
402,528
$
395,824
$
19,554
$
15,040
3,384
2,980
9,210
13,678
4,882
4,770
235
3,538
20,694
15,994
57,959
56,000
161,241
168,598
1,346
2,293
1,438
-
2,583
1,863
224,567
228,754
15
15
209,727
201,066
(12,223
)
(16,577
)
(133
)
45
(19,425
)
(17,479
)
177,961
167,070
$
402,528
$
395,824
2025
$
4,354
$
(20,945
)
3,002
3,669
716
2,205
8,661
5,520
1,092
1,346
(53
)
(1,529
)
12,190
12,505
12,995
14,715
512
504
5,000
(1,044
)
304
-
1,106
2,273
(120
)
3,895
(4,758
)
895
1,701
(68
)
144
(292
)
(2,956
)
2,475
4,965
3,734
(3,490
)
2,557
(1,143
)
(1,842
)
(167
)
(2,411
)
(7,089
)
2,979
36,966
31,141
-
(664
)
2,102
21,410
300
2,475
(15,806
)
(16,463
)
(1,321
)
(1,643
)
(14,725
)
5,115
70,000
-
(57,250
)
(7,500
)
112,868
29,497
(131,784
)
(48,803
)
(1,603
)
(529
)
(1,946
)
(404
)
(9,715
)
(27,739
)
12,526
8,517
-
(41
)
12,324
3,848
$
24,850
$
12,324
2025
2024
2025
2024
$
11,735
$
8,515
$
47,727
$
48,860
8,096
5,750
35,201
33,214
$
19,831
$
14,265
$
82,928
$
82,074
(1)
(2)
2025
2025
$
11,735
$
47,727
7,136
23,162
$
18,871
$
70,889
2025
2024
2025
2024
$
2,844
$
2,477
$
16,008
$
24,035
8,891
6,038
31,719
24,825
4,199
3,461
13,472
16,001
3,897
2,289
21,729
17,213
$
19,831
$
14,265
$
82,928
$
82,074
(1)
(2)
(3)
2025
2025
$
2,844
$
16,008
8,891
31,719
4,199
13,473
2,937
9,689
$
18,871
$
70,889
2025
2025
$
12,233
11,365
$
39,978
$
36,845
6,969
6,578
28,691
19,054
$
19,202
17,943
$
68,669
$
55,899
2025
2025
$
(5,509
)
$
(5,089
)
$
4,354
$
(20,945
)
(6.3
%)
(5.8
%)
1.3
%
(6.1
%)
1,185
5,952
(485
)
10,477
(4,324
)
863
3,869
(10,468
)
246
266
1,092
1,346
3,238
3,242
12,995
14,715
3,046
3,126
12,190
12,505
3,562
1,823
8,661
5,520
5,355
2,993
12,899
15,442
3,079
3,691
12,136
15,517
5,000
-
5,000
(1,044
)
-
2,247
(120
)
3,895
-
(308
)
(53
)
(1,529
)
$
19,202
$
17,943
$
68,669
$
55,899
22.0
%
20.4
%
19.8
%
16.3
%
2025
2025
$
(5,509
)
$
(5,089
)
$
4,354
$
(20,945
)
3,046
3,126
12,190
12,505
3,562
1,823
8,661
5,520
5,355
2,993
12,899
15,442
3,501
184
3,111
504
-
(308
)
(53
)
(1,529
)
5,000
-
5,000
(1,044
)
(3,549
)
(1,642
)
(6,961
)
(6,594
)
10
5
(660
)
772
$
11,416
$
1,092
$
38,541
$
4,631
14,531
14,330
14,488
14,300
$
0.79
$
0.08
$
2.66
$
0.32
2025
2025
$
55,193
$
53,871
$
217,783
$
212,054
26,337
28,645
109,370
111,325
81,530
82,516
327,153
323,379
1,046
1,105
3,874
5,312
4,616
4,498
15,809
13,514
5,662
5,603
19,683
18,826
$
87,192
$
88,119
$
346,836
$
342,205
Revision of Previously Issued Financial Statements
As described above, the Company made revisions to its previously issued consolidated financial statements for the years ended December 31, 2024 and December 31, 2023, filed with its Annual Reports on Form 10-K for the years then ended, in order to recognize certain of revenues and costs in the appropriate fiscal year. These revisions were made to correct errors related primarily to the timing of revenue recognition and associated contract costs, and the recognition of capitalized software development costs, as well as other unrelated immaterial misstatements. The revisions to the consolidated financial statements for the three months and twelve months ended December 31, 2024, are disclosed in the tables below.
2024
$
55,053
$
(77
)
$
54,976
33,177
(34
)
33,143
$
88,230
$
(111
)
$
88,119
27,840
(38
)
27,802
13,220
135
13,355
41,060
97
41,157
7,827
248
8,075
6,708
(288
)
6,420
6,470
(102
)
6,368
6,558
(65
)
6,493
929
(66
)
863
5,978
(26
)
5,952
(5,049
)
(40
)
(5,089
)
$
(0.34
)
$
-
$
(0.34
)
$
(0.34
)
$
-
$
(0.34
)
2024
$
217,672
$
(306
)
$
217,366
124,974
(135
)
124,839
$
342,646
$
(441
)
$
342,205
116,891
(153
)
116,738
51,640
542
52,182
168,531
389
168,920
34,456
993
35,449
27,059
(1,152
)
25,907
27,627
(407
)
27,220
6,635
(264
)
6,371
(10,204
)
(264
)
(10,468
)
10,235
242
10,477
(20,439
)
(506
)
(20,945
)
$
(1.38
)
$
(0.03
)
$
(1.41
)
$
(1.38
)
$
(0.03
)
$
(1.41
)
$
53,753
$
(801
)
$
52,952
2,886
105
2,991
15,275
4,111
19,386
41,474
(2,023
)
39,451
10,653
3,025
13,678
1,871
(8
)
1,863
(14,952
)
(1,625
)
(16,577
)
$
(20,439
)
$
(506
)
$
(20,945
)
(14,952
)
(1,625
)
(16,577
)
$
(20,439
)
$
(506
)
$
(20,945
)
1,859
346
2,205
15,122
(407
)
14,715
94
801
895
3,576
(1,101
)
2,475
2,580
(23
)
2,557
3,083
(104
)
2,979
(17,457
)
994
(16,463
)
$
(20,439
)
$
(506
)
$
(20,945
)
10,235
242
10,477
15,122
(407
)
14,715
56,570
(671
)
55,899
Explanation of Non-GAAP Financial Measures
We report our financial results in accordance with accounting principles generally accepted in the United States of America, or “GAAP.” However, management believes that, in order to properly understand our short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures that are prepared in accordance with GAAP. These items result from facts and circumstances that vary in frequency and impact on continuing operations. Management uses these non-GAAP financial measures in order to evaluate the operating performance of the Company and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management’s ability to make useful forecasts. In addition, management understands that some investors and financial analysts find these non-GAAP financial measures helpful in analyzing our financial and operational performance and comparing this performance to our peers and competitors.
We do not provide a reconciliation of the non-GAAP guidance measure Adjusted EBITDA for the first quarter of 2026 or the fiscal year 2026 to net income for such periods, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, which affect net income but not Adjusted EBITDA, without unreasonable effort.
As such, to supplement the GAAP information provided, we present in this press release and during the live webcast discussing our financial results the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Non-GAAP net income, and Non-GAAP earnings per share (“EPS”).
We calculate each of these non-GAAP financial measures as follows:
Certain of the items excluded or adjusted to arrive at these non-GAAP financial measures are described below:
Management considers these non-GAAP financial measures to be important indicators of our operational strength and performance of our business and a good measure of our historical operating trends, in particular the extent to which ongoing operations impact our overall financial performance. In addition, management may use Adjusted EBITDA, Non-GAAP net income and/or Non-GAAP EPS to measure the achievement of performance objectives under the Company’s stock and cash incentive programs. Note, however, that these non-GAAP financial measures are performance measures only, and they do not provide any measure of cash flow or liquidity. Non-GAAP financial measures are not alternatives for measures of financial performance prepared in accordance with GAAP and may be different from similarly titled non-GAAP measures presented by other companies, limiting their usefulness as comparative measures. Non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Additionally, there is no certainty that we will not incur expenses in the future that are similar to those excluded in the calculations of the non-GAAP financial measures presented in this press release. Investors and potential investors are encouraged to review the “Unaudited Reconciliation of Non-GAAP Financial Measures” above.