CHARLOTTE, NC – Premier Inc., a $2.1 billion healthcare management services company with a "GREAT" financial health score according to InvestingPro, announced the outcomes of its Annual Meeting of Stockholders held on Thursday.
The meeting, which had a 74.29% turnout of voting power, resulted in the election of two Class II Directors, ratification of the company's independent auditor, and approval of executive compensation.
Stockholders elected Richard J. Statuto and Ellen C. Wolf to the company's Board of Directors for three-year terms, with 56,510,364 and 62,710,917 votes in their favor, respectively. Votes withheld and broker non-votes were also reported, but these did not affect the overall election results.
Ernst & Young LLP will continue as Premier's independent registered public accounting firm for the fiscal year ending June 30, 2025, following a decisive shareholder vote with 70,337,459 votes in favor.
Additionally, shareholders approved the compensation of Premier's named executive officers as disclosed prior to the meeting. The advisory vote garnered 46,164,492 votes for the executive pay proposal, with 18,657,011 against and 41,978 abstentions.
The company, headquartered on Ballantyne Corporate Place, has its Class A Common Stock listed on the NASDAQ Global Select Market under the ticker symbol NASDAQ:PINC. According to InvestingPro analysis, Premier currently trades below its Fair Value with an attractive 10% free cash flow yield.
The information provided in this article is based on a press release statement filed with the Securities and Exchange Commission. For comprehensive analysis and 8 additional ProTips about Premier, visit InvestingPro.
In other recent news, Premier Inc. disclosed mixed Q1 results, with total net revenue falling 8% to $248.1 million, yet slightly exceeding expectations. The Supply Chain Services segment showed robust performance, while the Performance Services revenue fell short of the company's projections. Notably, GAAP net income included a $57 million gain from a derivative lawsuit settlement, culminating in a total of $72.9 million.
The company also reported a cash dividend payout of $21.3 million and a repurchase of $23 million of Class A common shares. Despite an anticipated sequential decline in net administrative fees revenue in Q2, Premier maintains its full-year guidance, citing strong member relationships and high contract renewal rates as key to their strategy.
CFO Craig McKasson's impending retirement in December after a 27-year tenure was also announced. In terms of future expectations, Premier Inc. plans to continue its disciplined approach to capital deployment while exploring growth opportunities. The company's commitment to technology investments, such as e-invoicing and e-payables, to enhance supply chain efficiencies was reiterated.
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