MOBILE, AL – TruBridge, Inc. (NASDAQ:TBRG), a Delaware-incorporated company specializing in computer programming services, announced today a significant amendment to its corporate bylaws. The changes, effective immediately, were enacted by the Board of Directors and include modifications to proxy solicitation rules and definitions related to stockholder engagement, as well as clarifications of officer duties within the company.
The key amendment mandates that any shareholder soliciting proxies must use proxy cards that are distinctly non-white in color, setting a clear visual standard for proxy materials. This move is seen as a way to avoid confusion during the solicitation process and ensure that proxy materials are easily identifiable.
Additionally, the company has narrowed the definitions of "stockholder associated person" and "nominating stockholder associated person," aiming to streamline stockholder interactions and the nomination process. While the specific details of these revised definitions were not disclosed in the press release, such changes are typically made to refine governance processes and enhance clarity.
TruBridge's President and Chief Executive Officer, Christopher L. Fowler, signed off on the report, emphasizing the company's commitment to maintaining a clear and effective governance structure. The full text of the amended and restated bylaws has been filed with the Securities and Exchange Commission and is incorporated into the company's Form 8-K.
In other recent news, RBC Capital Markets has raised the price target for TruBridge Inc from $13 to $14, while maintaining an Outperform rating. The adjustment follows a late filing notice from TruBridge, which RBC analysts believe will not affect the company's long-term performance. TruBridge reassured investors that over 90% of its revenue for fiscal year 2024 is already under contract, despite a recent filing delay.
On the other hand, Deutsche Bank (ETR:DBKGn) has lowered its price target from $12 to $11, but continues to hold a rating on the stock. TruBridge's revised total revenue forecast now stands at a range of $330 million to $340 million, a slight decrease from the initial projection of $340 million to $350 million.
In the second quarter, TruBridge's revenue guidance was set below market expectation, indicating a year-over-year decline of 3.1%. However, the company reaffirmed its full-year adjusted EBITDA to be within the range of $45 million to $50 million.
InvestingPro Insights
TruBridge's recent corporate governance updates align with its financial performance and market position. According to InvestingPro data, TruBridge has a market capitalization of $185.26 million USD, reflecting its position in the computer programming services sector. The company's revenue for the last twelve months as of Q2 2024 stands at $336.56 million USD, with a gross profit margin of 48.7%, indicating a solid financial foundation despite recent challenges.
InvestingPro Tips highlight that TruBridge is expected to become profitable this year, which could be a positive sign for investors following the governance changes. This expectation aligns with the company's efforts to streamline operations and clarify officer duties. Additionally, TruBridge has experienced a large price uptick over the last six months, with a 65.61% total return, suggesting market optimism about the company's direction.
It's worth noting that TruBridge does not pay a dividend to shareholders, which may be a consideration for income-focused investors. For those interested in a more comprehensive analysis, InvestingPro offers 7 additional tips for TruBridge, providing deeper insights into the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.