By Ben Glickman
Shares of Agilon Health fell sharply after the company said it would exit some payor contracts and partnerships and posted a wider-than-expected loss in the third quarter.
The stock was down 31% to $1.94 in Friday afternoon trading, reaching an all-time intraday low. Shares are down about 84% this year.
The Austin, Texas-based company healthcare-management platform said that because of a challenging Medicare Advantage environment, the company would exit two unprofitable partnerships by the end of the year.
Agilon said its medical margins in the quarter were dented by higher medical expenses in the current year and risk adjustments.
The company posted a loss of $117.6 million, or 29 cents a share, in the third quarter, compared with a loss of $31.4 million, or 8 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 12 cents.
Revenue rose 28% from a year earlier to $1.45 billion, below the company's guidance and missing the $1.47 billion forecast by analysts.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 08, 2024 14:03 ET (19:03 GMT)
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