MSP Recovery, Inc. Reports Q3 2024 Earnings

Msp Recovery, Inc. ( (LIFW) ) has released its Q3 earnings. Here is a breakdown of the information Msp Recovery, Inc. presented to its investors.

MSP Recovery, Inc., operating under the trade name LifeWallet, is a recovery specialist company focused on identifying and processing claims under the Medicare Secondary Payer Act, leveraging proprietary algorithms to identify recovery opportunities from health claims data. In its latest earnings report for the quarter ending September 30, 2024, LifeWallet announced total revenues of $3.7 million, marking an improvement from $440,000 in the same period last year. However, the company reported a net loss of $190 million, although this was a reduction compared to a $224 million loss in the prior year. Key financial metrics from the report include a significant increase in claims recovery income and a continued focus on strategic settlements, including a substantial July 2024 settlement with property and casualty insurers and a $3.1 million settlement with a pharmaceutical manufacturer. Notably, the company is also dealing with challenges related to Nasdaq listing requirements and has initiated a reverse stock split to address compliance issues. Moving forward, MSP Recovery remains committed to leveraging its proprietary platforms to maximize recovery opportunities, while addressing financial and operational challenges to enhance its market position.