The Mountain View, Calif.-based company reported losses of -$25.5 million, or -26¢ per share, on sales of $106.1 million for the three months ended Sept. 30, for a sales growth of 126.4% compared with Q3 2019.
Adjusted to exclude one-time items, earnings per share were 16¢, 10¢ ahead of The Street, where analysts were looking for sales of $99.1 million.
“Livongo delivered another quarter of greater than 100% revenue growth, driven by stronger than expected enrollment during the third quarter. Our whole-person approach to care, which includes multiple product offerings, and our proven track record of driving positive clinical and financial outcomes continues to resonate with our Clients and their Members. We generated new record-high EVA (Estimated Value of Agreements) of $146 million in the third quarter, which we believe demonstrates the continued strong momentum in our business,” CEO Zane Burke said in a news release. “The proven strength and breadth of Livongo’s solutions were once again validated by our new business wins during the third quarter, including our partnership with Fresenius Medical Care North America for chronic kidney disease, our partnership with Magellan Health for behavioral health, and continued competitive displacements with large employers for our diabetes prevention program.”
Livongo did not provide a financial outlook for the rest of the year.
Shares in LVGO were down -4.15% to $139.45 apiece in mid-morning trading.