DISTRESSED DAILY: Cutting Costs Not Enough to End Symplr’s Ills

Despite several cost cutting measures, healthcare software provider Symplr Software Inc. is still at risk of not “comfortably meeting its financial commitments,” S&P Global Ratings said.

The Houston, Texas-based company has inadequate liquidity as it reports its third consecutive free operating cash flow deficit and only $4 million in cash balances, S&P analysts Sarah Kahn and Matthew Todd wrote in a Dec. 8 note.

Symplr could tap into another $57 million available through its $100 million revolver credit facility. But even with the extra cash, the company has capital expenditures, debt amortization, capital outflow and equity payments that total ...