Shares of Alignment Healthcare, Inc. (NASDAQ: ALHC) surged 5.03% on Wednesday, closing at $14.62, following the company's impressive third-quarter 2024 earnings report and upbeat growth outlook. The healthcare services provider reported a 52% year-over-year increase in revenue to $692.4 million, surpassing analyst estimates of $663.2 million.
While Alignment Healthcare reported a net loss of $26.4 million, or $0.14 per share, the loss narrowed by 25% compared to the same period last year. Earnings per share also beat analyst expectations by $0.01. The company's strong top-line growth and improving profitability were well-received by investors, driving the stock's sharp rally.
Looking ahead, Alignment Healthcare is forecasting robust revenue growth of approximately 19% per annum on average over the next three years. This growth projection outpaces the 6.7% average forecast for the broader healthcare industry in the United States. With its promising growth prospects and improving financial performance, Alignment Healthcare appears well-positioned to continue its upward trajectory in the coming quarters.
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