Shares of Evolent Health (NYSE:EVH) plummeted by 32.11% in after-hours trading on November 7, 2024, following the release of the company's disappointing third-quarter financial results and lower full-year guidance.
For the third quarter, Evolent Health reported an adjusted loss per share of $0.27, missing analysts' consensus estimate of $0.34 earnings per share by a wide margin. The company's revenue for the quarter came in at $621.4 million, slightly lower than the expected $627.2 million.
Evolent Health also lowered its full-year 2024 adjusted EBITDA guidance to a range of $160 million to $175 million, down from its previous expectations. The company cited challenges in certain areas of its business for the disappointing performance and reduced outlook.
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