Shares in Evolent Health (NYSE:EVH) have dropped over 15% today after the value-based healthcare company beat sales expectations but missed earnings per share consensus on Wall Street with its 2nd quarter earnings results.
The Washington D.C.-based company posted losses of $16.9 million, or 28¢ per share, on sales of $107.1 million for the 3 months ended June 30, seeing bottom-line losses grow 101.6% while sales grew 89.4% compared with the same period last year.
Adjusted to exclude 1-time items, losses per share were 13¢, behind the 8¢ loss per share consensus on The Street, where analysts were looking for sales of $104.8 million.
“We are pleased with our 2nd quarter results and our continued strong performance in the market as we build upon our solid reputation for adding value to patients and providers. Entering our 6th year of operations, we continue to see results that prove providers can deliver high-value care when they have built-for-purpose technology and predictive analytics, engaged physicians, and measurable and effective clinical programs. We are excited to announce our partnership with Crystal Run Healthcare in New York, a multi-specialty group medical practice with nearly 50 medical specialties represented across 20 practice locations. Evolent will provide 3rd party administration services and population health management for Crystal Run’s Medicaid and commercial lines of business, including a plan for lower-income residents who do not qualify for Medicaid but need the same essential benefits as other health plans at a lower cost. This focus on providing access, high quality care and coverage for the underserved aligns directly with our mission and our investment in establishing a national Medicaid Center of Excellence. For the remainder of this year, we are focused on delivering value for our partners, continuing to expand the Evolent network and continuing to innovate our platform and approach to maintain our leadership position in a large and growing market,” CEO Frank Williams said in a prepared statement.
Evolent Health released its outlook for the upcoming 3rd quarter and remaining fiscal year, expecting to post sales between $103 million and $105 million for Q3 and between $424 million and $428 million for the full year.
Shares have dropped 15.2% so far today, at $20.25 as of 11:25 a.m. EDT.
DeviceTalks Minnesota's leadership track is designed to provide attendees with insights on topics such as:
Use code SAVE15 to save 15%!