MSP Recovery, Inc. Releases Q3 2024 10-Q Report

MSP Recovery, Inc., a company specializing in claims recovery and data analytics, has released its Form 10-Q report for the third quarter of 2024. The report highlights significant financial and operational developments, showcasing the company's performance and strategic initiatives over the past quarter.

Financial Highlights

• Total Revenues: $10,006 million, reflecting an increase from $6,977 million in the same period last year, driven by higher claims recovery income.
• Operating Loss: $(395,001) million, showing a slight improvement from $(417,849) million in the prior year, indicating efforts in cost management.
• Net Loss: $(578,832) million, compared to $(609,192) million in the previous year, with a significant portion attributable to non-controlling interests.
• Net Loss Attributable to MSP Recovery, Inc.: $(73,865) million, compared to $(32,891) million last year, highlighting increased expenses.
• Basic and Diluted Net Loss Per Share, Class A Common Stock: $(3.97), compared to $(4.63) in the prior year, reflecting the impact of increased shares outstanding.

Business Highlights

• Claims Recovery Income: The company reported claims recovery income of $3.6 million for the three months ended September 30, 2024, and $9.9 million for the nine months ended September 30, 2024, indicating a significant increase from the previous year.
• Geographical Performance: The company operates in the U.S. and Puerto Rico, utilizing its proprietary data analytics platform to identify claims cost recovery rights. This platform allows the company to identify claims that should not have been paid by secondary payers or should have been reimbursed by third-party entities.
• New Settlements: In July 2024, the company reached a comprehensive settlement with a group of affiliated property and casualty insurers, which included a 10-year agreement for data sharing and claims resolution. Additionally, in August 2024, a $3.1 million cash settlement was reached with a pharmaceutical manufacturer over antitrust law violations.
• Operational Collection Floor: The company has secured additional working capital through the Operational Collection Floor, with $5.25 million of remaining capacity as of the date of this filing, to support ongoing operations and claims acquisition.
• Future Outlook: The company anticipates that its liquidity will depend on generating substantial revenue in the near future and securing funding from additional third-party capital sources. The company is also focused on addressing liquidity concerns through various financing arrangements.

SEC Filing: MSP Recovery, Inc. Releases Q3 2024 [ NASDAQ:MSPR ] - 10-Q - Nov. 14, 2024