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Benefitfocus Q4 revenue up by 35%

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By Liz Segrist
lsegrist@scbiznews.com
Published Feb. 25, 2016

Strong sales and quick implementations boosted fourth-quarter revenues at Daniel Island-based Benefitfocus, CEO Shawn Jenkins said during an earnings call.

The software firm, which provides services for the benefits industry, reported fourth-quarter total revenue of $54.3 million, up 35% from the same time last year.

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Of that, software services revenue was $46.3 million, up 28%; professional services revenue was $8.1 million, up 95%; employer revenue was $30.4 million, up 56%; and insurance carrier revenue was $24 million, up 16%.

“This growth was driven by continued acceleration in our employer business, which grew 56% during the quarter,” Jenkins said during the call.

The company’s fourth-quarter net loss was $12.5 million, down about 9% from the same time last year. Net loss per share was 43 cents for the quarter, compared with 54 cents from the year prior.

Benefitfocus ended the fourth quarter with 723 large-employer customers, up from 553 last year. One new, unnamed customer has more than 75,000 employees.

“The larger employers continue to shift core operational activities to the cloud, and benefits management is high on their list. ... As our momentum continues to build, we have a gigantic market opportunity in front of us,” Jenkins said, referring to the more than 18,000 large employers in the United States.

Total revenue for 2015 was $185.1 million, up 35% compared with the full year 2014.

The tech firm also had a recent software release that includes improved data visibility, personalized benefits management and benefits communications, according to a company news release.

Reach staff writer Liz Segrist at 843-849-3119 or @lizsegrist on Twitter.

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