MSP Recovery Inc

msprecovery.com

What Do They Do?

Recovers improper healthcare payments for Medicare, Medicaid and commercial health insurers, and provides data and claims-recovery tools and services to health plans, providers and patients.

Who Are Their Customers?

Medicare Advantage organizations, health plans, hospitals and other healthcare entities assign claims recovery rights directly to the company; clients can also hire it for recovery services.

Do Revenues Turn Into Profits?

No. It lost $360.5M in .

Operating income,

−6983% of revenue

▲ +128% (Loss) vs (−$559.9M, −7266%)

Net income,

−1975% of revenue

▲ +540% (Loss) vs (−$56.3M, −731%)

Free cash flow,

−91% of revenue

▼ −60% (Loss) vs (−$41.8M, −542%)

How Are They Changing?

Since the FY2024 annual report

Latest quarter: Q3 FY2025, the three months to Sep 30, 2025

Net income: ▲ +462% (Loss); vs −$29.8M in Q3 FY2024

From blank-check vehicle to healthcare recovery The older report described a blank-check company seeking a business combination, with an intended focus on real estate technology; the latest describes a healthcare claims recovery and data analytics business.

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