Livongo Health (NSDQ:LVGO) this week posted fourth-quarter results that beat the consensus forecast on Wall Street.
The Mountain View, Calif.-based company reported losses of -$6 million, or -6¢ per share, on sales of $50.4 million for the three months ended Dec. 31, 2019, for a bottom-line sales growth of 137.5% compared with Q4 2018.
Adjusted to exclude one-time items, earnings per share were 2¢, 7¢ ahead of The Street, where analysts were looking for sales of $49.3 million.
“Livongo finished the year with excellent momentum, exceeding all of our guidance metrics, achieving record signings in the fourth quarter and expanding our reach to over 30% of Fortune 500 companies,” CEO Zane Burke said in a news release. “We enter the year well-positioned to continue driving rapid growth with our extension into the fully insured health plan market and expanded our strategic partnerships with CVS Health and Express Scripts, positioning us to better serve their health plan and self-insured employer clients.”
The company expects revenue to grow between 65% and 71% to the range of $280 million to $290 million during fiscal year 2020. Adjusted EBITDA is expected to be in the range of -$22 million to -$20 million.
“2019 was a banner year for Livongo, with a noteworthy expansion of members using our Livongo for Diabetes solution, a meaningful contribution from our new solutions and sustained margin improvement,” chief financial officer Lee Shapiro said. “As we turn to 2020, we are focused on driving rapid growth in our solutions to address the needs of clients and members, while we continue to grow our investments to address this massive market opportunity.”
Shares in LVGO were up 2.21% to $27.29 apiece at the market open.