- MSP Recovery, Inc. (MSPR, Financial) revenue surged by 136% in FY 2024, reaching $18.2 million.
- The company reported a net loss of $1,556.8 million, alongside a significant operating loss of $1,274 million.
- Debt restructuring efforts include a $144 million debt-to-equity conversion and $9.75 million in bridge funding.
MSP Recovery, Inc. (MSPR) reported its fiscal year and fourth quarter 2024 financial results, showcasing an impressive 136% increase in revenue, totaling $18.2 million compared to $7.7 million in 2023. Despite this increase, the healthcare reimbursement recovery company faced substantial financial losses, with a net loss of $1,556.8 million and an operating loss of $1,274 million.
A significant portion of MSP Recovery's strategic efforts is directed towards debt restructuring. The company announced a $144 million debt-to-equity conversion and secured $9.75 million in bridge funding as part of its agreement with Virage Capital and Hazel Partners. Additionally, a potential $25 million in working capital has been earmarked for a newly created servicing entity.
In 2024, MSP Recovery achieved over $18 million in settlements, including over $8 million from pharmaceutical litigation and more than $10 million from property and casualty insurers. However, the company issued a going concern warning, flagging concerns about its ability to maintain operations due to its cash position of $12.3 million as of December 31, 2024.
Despite these challenges, MSP Recovery reported a total paid amount for owned claims increased 2.9% to $380.4 billion, although the value of potentially recoverable claims saw a slight decrease of 1.3% to $87.7 billion.
MSP Recovery continues to innovate in legal strategies and technological advancements, focusing on reducing systemic healthcare waste and enhancing efficiencies in claims recovery.
