RCMT Q2 2026 - Preliminary Earnings Alert
Verdict
- Revenue beat hard: $93.8m against $81.8m consensus, +14.8%, and up 20.0% on $78.2m a year ago.
- Adjusted EPS beat: $0.82 against $0.62 consensus, +32.3%, versus $0.69 a year ago. GAAP diluted EPS was $0.68 against $0.50.
- No guidance given. RCM does not publish financial guidance and the release adds none.
- The one thing that matters: the 20% revenue growth converted into only 8.1% gross profit growth. Specialty Health Care revenue rose 49% to $39.5m while its gross margin fell to 17.8% from 24.5%, dragging consolidated gross margin down 280bps to 25.7%. The beat is a volume beat in the lowest-margin business, not a pricing or mix improvement.
- Tone flag: the release leads with the revenue and adjusted-EPS increases and never mentions the margin compression that produced them.
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue (consolidated revenue) | $93.816m | $81.750m | Beat +$12.066m | +14.8% |
| EPS (adjusted non-GAAP diluted) | $0.82 | $0.62 | Beat +$0.20 | +32.3% |
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Revenue | $93.816m | $78.166m | +20.0% |
| Gross profit | $24.082m | $22.277m | +8.1% |
| Gross margin | 25.7% | 28.5% | -280bps |
| Operating income | $7.956m | $6.601m | +20.5% |
| Adjusted EBITDA | $9.338m | $8.135m | +14.8% |
| Diluted shares | 7.188m | 7.538m | -4.6% |
Engineering revenue grew 4.5% to $44.7m at a 29.4% margin; Life Sciences, Data and Solutions grew 8.4% to $9.6m at 40.6%.
Guidance changes
No financial guidance change disclosed.
Quality of earnings
- The adjusted-to-GAAP gap is equity compensation, and it is shrinking. Adjusted net income of $5.866m sits $0.965m above GAAP net income of $4.901m, of which $0.824m is equity compensation — down from $1.133m a year ago, so $0.03 of the $0.13 adjusted-EPS increase is simply a smaller add-back.
- Buybacks did roughly a fifth of the per-share work. Diluted shares fell 4.6% to 7.19m from 7.54m; net income rose 29.5% while GAAP diluted EPS rose 36.0%.
- Operating leverage is real but narrow. SG&A of $15.568m was near-flat against $15.275m on 20% more revenue, which is the only reason operating income grew 20.5% on 8.1% gross profit growth.
Gotchas & watch items
- Specialty Health Care gross margin of 17.8% against 24.5% is the whole story of the quarter; at prior-year margin that segment would have added roughly $2.6m more gross profit.
- Deferred revenue fell to $8.204m from $14.761m at year-end, a $6.553m drawdown that flattered operating cash flow of $13.540m for the half.
- The revolver still carries $23.383m against $6.585m of cash, and $6.657m went to treasury stock in the half.
- Consolidated gross margin for the half is 26.1% against 27.2%, so this is a two-quarter trend rather than one bad quarter.
Event: https://web.quartr.com/companies/13729/events/673335/overview Retrieved: 2026-08-14T10:35:00Z Comparison mode: maximal · Scorecard contract: v1 The consensus row is dated 2026-08-12 against a 2026-08-13 Quartr event, within the tolerated provider drift for an evening release.