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    LifeWallet Announces First Quarter 2024 Financial Results

    5/15/24 7:45:52 PM ET
    $LIFW
    $PLTR
    EDP Services
    Technology
    Computer Software: Prepackaged Software
    Technology
    Get the next $LIFW alert in real time by email

    CORAL GABLES, Fla., May 15, 2024 (GLOBE NEWSWIRE) -- MSP Recovery, Inc. d/b/a LifeWallet (NASDAQ:LIFW) ("LifeWallet," or the "Company"), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery and technology leader, today announced financial results for the quarter ended March 31, 2024.

    LifeWallet will host a conference call and live webcast to review the Company's first quarter 2024 results for investors and analysts at 8:30 a.m. Eastern Time on Thursday, May 16, 2024. To access this call, we encourage you to pre-register using this link: LifeWallet Q1 2024 Earnings Pre-Registration.

    A live webcast of the conference call will be accessible from the Investors section of LifeWallet's website here: LifeWallet Investors.

    A replay of the webcast will be archived and accessible here: LifeWallet Investors.

    First Quarter Highlights

    • The Company achieved its most successful quarter to date since becoming a publicly traded company, as it relates to claims recovery income, achieving two comprehensive settlements.

    Comprehensive Settlements

    • The Company announced two comprehensive settlements with more than 28 property and casualty insurers ("P&C Insurers"). In addition to settling existing claims, these settlements establish a process to collaboratively and timely resolve future claims that are owed to LifeWallet from the Company's portfolio of assigned claims. Through collaborative data sharing, these settlements provide the Company with additional data that enhances its ability to identify the parties responsible for unreimbursed medical liens owned by LifeWallet. It also allows the Company to identify any recoverable claims for future business that pertain to the settling counterparties.
    • The Company began implementing the terms of its March 2024 settlement by entering into a tri-party data collaboration agreement between LifeWallet, Palantir Technologies (NYSE:PLTR), and the settling counterparties. The collaboration agreement allows for data sharing in order to reconcile potential Medicare liabilities and existing owned claims. This is part of the Company's initiative to maximize its Chase-to-Pay platform.
    • In addition to the settlements described above, the Company continues to progress with settlement negotiations involving other P&C Insurers to resolve pending litigation under the same or similar framework. The Company's goal is to bring additional P&C Insurers into a similar settlement structure, building a potential revenue stream that is diversified and predictable.

    Utilizing First-Quarter Settlements to Identify Additional Recoveries

    • By processing historical claims data received from settlements, LifeWallet has been able to match first and/or third-party claimants with specific claims that were paid by LifeWallet's assignor clients using Medicare Trust funds. As a result, the Company has launched a targeted claims recovery process with third parties.
    • The historical claims data enhances LifeWallet's ability to discover liens and recover payments owed, more quickly than through litigation. It also enables LifeWallet to pursue a diversified number of entities that failed to pay liens or collected twice for the same bills, both from the insurer and LifeWallet's assignor clients.
    • LifeWallet believes additional value lies in the Company's identification and collection of unreimbursed liens from these other responsible parties. To date, the Company has identified thousands of unreimbursed claims and initiated the collections process. Any additional revenue from these potential collections would be reflected in future filings.

    Developing Business Solutions for Medicare Advantage Subrogation and More

    • As previously announced, LifeWallet has developed a comprehensive clearinghouse platform with Palantir Technologies, utilizing Palantir Foundry as the foundation of the data ecosystem, enabling healthcare entities and P&C Insurers to efficiently coordinate benefits. The platform was built with LifeWallet's unique healthcare data industry knowledge and Palantir's advanced technology, which has universal applications, and can resolve all types of liens, not just Medicare and Medicaid.
    • The clearinghouse directly connects healthcare entities and P&C Insurers, reducing the need to subrogate or investigate when or if a Medicare or Medicaid entity is a secondary payer. This system can substantially improve the Medicare and Medicaid payment coordination system, helping eliminate improper payments.
    • LifeWallet Founder and CEO, John H. Ruiz, is confident in the Company's outlook, stating: "We identified an industry-wide problem over a decade ago and these recent settlements prove the need for LifeWallet's comprehensive solutions, which utilize data analytics and technological innovations to positively impact the U.S. healthcare system. By providing a first-of-its-kind coordination of a benefits clearinghouse, we are revolutionizing healthcare claims adjudication and payment integrity, while creating a repository of information that benefits patients, payers and providers. Our systems help discover historical unpaid medical liens and provide a platform for the reconciliation of future claims owned or processed by LifeWallet. This can be used by lawyers, providers, payers, and beneficiaries alike."

    First Quarter Financial Highlights

    • Revenue: Total revenue for the three months ended March 31, 2024 was $6.0 million compared to $4.0 million for three months ended March 31, 2023, out of which $498 thousand pertained to claim recovery service income, which was terminated at the beginning of 2023.
    • Operating loss: Operating loss for the three months ended March 31, 2024 was $130.2 million, compared with $140.6 million during three months ended March 31, 2023. Adjusted operating loss for the three months ended March 31, 2024 was $8.7 million, excluding non-cash claims amortization expense of $121.0 million and shared-based compensation of $469 thousand.
    • Net loss: Net loss for the three months ended March 31, 2024 was $176.6 million and $157.7 million to controlling members, or net loss per share of $1.26 per share, based on 15,013,881 million weighted average shares outstanding. Adjusted net loss for the three months ended March 31, 2024 was $8.5 million, excluding the non-cash item noted above, change in fair value of warrant and derivative liabilities of $51.3 million, and $98.0 million of non-cash expenses related to paid in kind interest.
    • Liquidity: As of March 31, 2024, cash totaled $12.0 million. The Company has in place other sources of potential funding, including its working capital facility and Yorkville standby equity purchase agreement. The Company continually monitors its liquidity, and may in the future access debt and equity markets as necessary in order to meet its ongoing liquidity needs.

    Assigned Recovery Rights Claims Paid and Billed Value

    The table below outlines the Company's claims data for the most recent periods. The amounts represent data received from current and new assignors:

    $ in billionsThree Months Ended

    March 31, 2024
     Year Ended

    December 31, 2023
     Year Ended

    December 31, 2022
     
    Paid Amount$370.0 $369.8 $374.8 
    Paid Value of Potentially Recoverable Claims(2) 86.6  88.9  89.6 
    Billed Value of Potentially Recoverable Claims 363.8  373.5  377.8 
    Recovery MultipleN/A(1)(3) N/A(1) N/A(1) 
    Penetration Status of Portfolio 86.8% 86.8% 85.8%


    (1) During the three months ended March 31, 2024, the Company has received total recoveries of $6.1 million with a recovery multiple of 1.53x. However, the settlement amounts do not provide a large enough sample to be statistically significant, and are therefore not shown in the table.

    (2) On August 10, 2022, the United States Court of Appeals, Eleventh Circuit held that a four-year statute of limitations period applies to certain claims brought under the Medicare Secondary Payer Act's private cause of action, and that the limitations period begins to run on the date that the cause of action accrued. This opinion may render certain Claims held by the Company unrecoverable and may substantially reduce PVPRC and BVPRC as calculated. As our cases were filed at different times and in various jurisdictions, and prior to data matching with a defendant we are not able to accurately calculate the entirety of damages specific to a given defendant, we cannot calculate with certainty the impact of this ruling at this time. However, the Company has deployed several legal strategies (including but not limited to seeking to amend existing lawsuits in a manner that could allow claims to relate back to the filing date as well as asserting tolling arguments based on theories of fraudulent concealment) that would apply to tolling the applicable limitations period and minimizing any material effect on the overall collectability of its claim rights. In addition, the Eleventh Circuit decision applies only to district courts in the Eleventh Circuit. Many courts in other jurisdictions have applied other statutes of limitations to the private cause of action, including borrowing the three-year statute of limitations applicable to the government's cause of action; and borrowing from the False Claims Act's six-year period. The most recent decision on the issue from the District Court of Massachusetts, for example, applies the same statute of limitations as Eleventh Circuit, but expressly disagrees with the Eleventh Circuit's application of the "accrual" rule and instead adopted the notice-based trigger that the company has always argued should apply. This would mean that the limitations period for unreported claims has not even begun to accrue. This is a complex legal issue that will continue to evolve in jurisdictions across the country. Nevertheless, if the application of the statute of limitations as determined by the Eleventh Circuit was applied to all Claims assigned to us, we estimate that the effect would be a reduction of PVPRC by approximately $8.3 billion. As set forth in our Risk Factors, PVPRC is based on a variety of factors. As such, this estimate is subject to change based on the variety of legal claims being litigated and statute of limitations tolling theories that apply.

    (3) The Recovery Multiple for the three months ended March 31, 2024 cannot yet be accurately determined as, pursuant recent settlement agreements, in addition to cash payments, we were assigned additional claims to pursue recoveries, for which recovery efforts are ongoing.



    Non-GAAP Financial Measures

    Additional information regarding the non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading "Non-GAAP Financial Measures." A reconciliation of GAAP to non-GAAP financial measures has also been provided in the financial tables included below.

    About LifeWallet

    Founded in 2014 as MSP Recovery, LifeWallet has become a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recoveries from responsible parties. LifeWallet innovates technologies and provides comprehensive solutions for multiple industries including healthcare, legal, and sports NIL. For more information, visit: LIFEWALLET.COM

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance or results and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by MSP Recovery, Inc. d/b/a LifeWallet (NASDAQ:LIFW) herein speaks only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for LIFW to predict or identify all such events or how they may affect it. LIFW has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to, LIFW's ability to capitalize on its assignment agreements and recover monies that were paid by the assignors; the inherent uncertainty surrounding settlement negotiations and/or litigation, including with respect to both the amount and timing of any such results; the validity of the assignments of claims to LIFW; the ability to successfully expand the scope of LIFW's claims or obtain new data and claims from LIFW's existing assignor base or otherwise; LIFW's ability to innovate and develop new solutions, and whether those solutions will be adopted by LIFW's existing and potential assignors; negative publicity concerning healthcare data analytics and payment accuracy; and those other factors included in LIFW's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by it with the SEC. These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Contact

    Media:

    ICR, Inc.

    [email protected]

    Investors:

    [email protected]



    MSP RECOVERY, INC. and Subsidiaries

    Consolidated Balance Sheets

    (Unaudited)



      March 31,  December 31, 
    (In thousands except per share amounts) 2024  2023 
    ASSETS      
    Current assets:      
    Cash $11,973  $11,633 
    Accounts receivable  —   217 
    Affiliate receivable (1)  1,242   1,188 
    Prepaid expenses and other current assets (1)  6,018   8,908 
    Total current assets  19,233   21,946 
    Property and equipment, net  4,886   4,911 
    Intangible assets, net (2)  3,011,882   3,132,796 
    Right-of-use assets  315   342 
    Total assets $3,036,316  $3,159,995 
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Accounts payable $11,507  $6,244 
    Affiliate payable (1)  19,822   19,822 
    Commission payable  924   821 
    Derivative liability  190   37 
    Warrant liability (1)  33,316   268 
    Other current liabilities (1)  17,008   19,314 
    Total current liabilities  82,767   46,506 
    Guaranty obligation (1)  984,450   941,301 
    Claims financing obligation and notes payable (1)  575,021   548,276 
    Lease liabilities  204   235 
    Loan from related parties (1)  130,328   130,709 
    Interest payable (1)  20,047   73,839 
    Total liabilities $1,792,817  $1,740,866 
           
    Commitments and contingencies (Note 13)      
           
    Stockholders' Equity (Deficit):      
    Class A common stock, $0.0001 par value; 5,500,000,000 shares authorized; 15,636,062 and 14,659,794 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively $2  $1 
    Class V common stock, $0.0001 par value; 3,250,000,000 shares authorized; 124,067,498 and 124,132,398 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively  12   12 
    Additional paid-in capital  367,079   357,928 
    Accumulated deficit  (104,433)  (85,551)
    Total Stockholders' Equity $262,660  $272,390 
    Non-controlling interest  980,839   1,146,739 
    Total equity $1,243,499  $1,419,129 
        Total liabilities and equity $3,036,316  $3,159,995 


    1. As of March 31, 2024 and December 31, 2023, the total affiliate receivable, prepaid expenses, affiliate payable, other current liabilities, warrant liability, guaranty obligation and loan from related parties balances are with related parties. In addition, the prepaid expenses and other current assets, claims financing obligation and notes payable, and interest payable includes balances with related parties. See Note 15,Related Party Transactions, for further details.

    2. As of March 31, 2024 and December 31, 2023, intangible assets, net included $2.1 billion and $2.2 billion, respectively, related to a consolidated VIE. See Note 9,Variable Interest Entities, for further details.



    The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



    MSP RECOVERY, INC. and Subsidiaries


    Condensed Consolidated Statements of Operations

    (Unaudited)



      Three months ended March 31, 
    (In thousands except per share amounts) 2024  2023 
    Claims recovery income $6,001  $3,497 
    Claims recovery service income  —   498 
    Total Claims Recovery $6,001  $3,995 
           
    Operating expenses      
    Cost of claim recoveries  1,673   1,021 
    Claims amortization expense  121,014   113,469 
    General and administrative (1)  5,566   6,855 
    Professional fees  4,420   9,728 
    Professional fees – legal (2)  3,467   8,551 
    Allowance for credit losses  —   5,000 
    Depreciation and amortization  67   9 
    Total operating expenses  136,207   144,633 
    Operating Loss $(130,206) $(140,638)
           
    Interest expense (3)  (97,953)  (42,390)
    Other income (expense), net  252   6,627 
    Change in fair value of warrant and derivative liabilities  51,307   2,255 
    Net loss before provision for income taxes $(176,600) $(174,146)
           
    Provision for income tax expense  —   — 
    Net loss $(176,600) $(174,146)
           
    Less: Net (income) loss attributable to non-controlling interests  157,718   169,230 
    Net loss attributable to MSP Recovery, Inc. $(18,882) $(4,916)
           
    Basic and diluted weighted average shares outstanding, Class A Common Stock  15,013,881   3,544,381 
    Basic and diluted net income per share, Class A Common Stock $(1.26) $(1.39)
     
    • For the three months ended March 31, 2024 general and administrative expenses included $45.1 thousand of related party expenses. See Note 15, Related Party Transactions, for further details. No such related party expenses were present for the three months ended March 31, 2023.
    • For the three months ended March 31, 2024 and 2023, Professional Fees—legal included $3.0 million and $4.2 million, respectively, of related party expenses related to the Law Firm. See Note 15, Related Party Transactions, for further details.
    • For three months ended March 31, 2024 and 2023, interest expense included $73.4 million and $37.1 million, respectively, related to interest expense due to VRM. See Note 15, Related Party Transactions, for further details.

    The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

    Non-GAAP Financial Measures

    MSP RECOVERY, INC. and Subsidiaries

    Non-GAAP Reconciliation



      Three Months Ended March 31, 
    (In thousands) 2024  2023 
    GAAP Operating Loss $(130,206) $(140,638)
    Professional fees paid in stock  469   7,557 
    Claims amortization expense  121,014   113,469 
    Allowance for credit losses  —   5,000 
    Adjusted Operating Loss $(8,723) $(14,612)
           
    GAAP Net Loss $(176,600) $(174,146)
    Professional fees paid in stock  469   7,557 
    Claims amortization expense  121,014   113,469 
    Allowance for credit losses  —   5,000 
    Interest expense  97,953   42,390 
    Change in fair value of warrant and derivative liabilities  (51,307)  (2,255)
    Adjusted Net Loss $(8,471) $(7,985)
     

    In addition to the financial measures prepared in accordance with GAAP, this press release also contains non-GAAP financial measures. We consider "adjusted net loss" and "adjusted operating loss" as non-GAAP financial measures and important indicators of performance and useful metrics for management and investors to evaluate our business's ongoing operating performance on a consistent basis across reporting periods. We believe these measures provide useful information to investors. Adjusted net loss represents net loss adjusted for certain non-cash expenses set forth in the table above, and adjusted operating loss represents operating loss adjusted for certain non-cash expenses set forth in the table above.



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      Fourth Quarter Revenue of $28.05 Million Rose 5% Compared with Revenue of $26.8 Million in the Prior Year, Exceeding Expectations of $25 - $28 Million Fourth Quarter Adjusted EBITDA Loss of $6.9 Million Improved by $11.5 Million, or 63%, Versus the Prior Year, Within the Guidance Range of $5 - $8 Million Full Year Revenue of $119.4 Million Rose 6% Compared with Pro Forma Revenue of $112.9 Million in the Prior Year Full Year Adjusted EBITDA Loss of $44.1 Million Improved by $6.8 Million, or 13%, Versus the Prior Year on a Pro-Forma Basis Company Launched SurfOS with Six Beta Users Surf Air Mobility Inc. (NYSE:SRFM) (the "Company"), a leading regional air mobility platform, today reporte

      3/18/25 4:05:00 PM ET
      $PLTR
      $SRFM
      Computer Software: Prepackaged Software
      Technology
      Transportation Services
      Consumer Discretionary
    • Palantir Announces Date of Fourth Quarter 2024 Earnings Release and Webcast

      Palantir Technologies Inc. (NASDAQ:PLTR) announced today that results for its fourth quarter and fiscal year ended December 31, 2024 will be released on Monday, February 3, 2025, following the close of U.S. markets. Palantir will host a webcast to discuss its results at 3:00 PM MT / 5:00 PM ET. A live webcast and replay will be available at investors.palantir.com, and participants can pre-register here. In addition, shareholders can submit and vote on questions by visiting https://app.saytechnologies.com/palantir-2024-q4. About Palantir Technologies Inc. Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com. View source

      1/13/25 4:05:00 PM ET
      $PLTR
      Computer Software: Prepackaged Software
      Technology

    $LIFW
    $PLTR
    Large Ownership Changes

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    • Amendment: SEC Form SC 13D/A filed by MSP Recovery Inc.

      SC 13D/A - MSP Recovery, Inc. (0001802450) (Subject)

      12/17/24 4:05:04 PM ET
      $LIFW
      EDP Services
      Technology
    • Amendment: SEC Form SC 13G/A filed by Palantir Technologies Inc.

      SC 13G/A - Palantir Technologies Inc. (0001321655) (Subject)

      11/14/24 5:47:09 PM ET
      $PLTR
      Computer Software: Prepackaged Software
      Technology
    • Amendment: SEC Form SC 13G/A filed by MSP Recovery Inc.

      SC 13G/A - MSP Recovery, Inc. (0001802450) (Subject)

      11/8/24 8:06:45 PM ET
      $LIFW
      EDP Services
      Technology

    $LIFW
    $PLTR
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    • DoorDash, TKO Group Holdings, Williams-Sonoma and Expand Energy Set to Join S&P 500; Others to Join S&P 100, S&P MidCap 400 and S&P SmallCap 600

      NEW YORK, March 7, 2025 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 100, S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, March 24, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 100 are more representative of the mega-cap market space. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P

      3/7/25 6:19:00 PM ET
      $ALK
      $AMBC
      $ATI
      $BBWI
      Air Freight/Delivery Services
      Consumer Discretionary
      Property-Casualty Insurers
      Finance
    • Palantir's Inaugural Warp Speed Cohort to Power Manufacturing and Production Capabilities Through Advanced AI & Technology

      Palantir Technologies Inc. (NASDAQ:PLTR) today announced its first Warp Speed cohort, comprised of companies committed to reindustrializing America's manufacturing and production capabilities through advanced AI and technology. The inaugural members include: Anduril Industries, L3Harris, Panasonic Energy of North America (PENA), and Shield AI. Palantir's Warp Speed is the manufacturing operating system that provides the speed, flexibility, and security required for the modern manufacturer. It is architected on the principle that software should adapt to the business, not the other way around. The inaugural cohort is already using the software to gain an advantage in dynamic production sch

      12/11/24 6:59:00 AM ET
      $PLTR
      Computer Software: Prepackaged Software
      Technology
    • Palantir Technologies, Dell Technologies, and Erie Indemnity Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

      NEW YORK, Sept. 6, 2024 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, September 23, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space. The companies being removed from

      9/6/24 6:43:00 PM ET
      $AAL
      $ADMA
      $ADNT
      $AMCX
      Air Freight/Delivery Services
      Consumer Discretionary
      Biotechnology: Biological Products (No Diagnostic Substances)
      Health Care