Evolent stock tumbles 34% post-market on Q3 report, lowered guidance
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Shares of Evolent Health (NYSE:EVH) tumbled 34% post-market Thursday after the healthcare company released a Q3 earnings report that fell short of Street estimates and lowered its 2024 guidance.
While Evolent’s (EVH) Q3 revenue increased 21.6% year-over-year to $621.4M, it still fell short of the consensus estimate of $627.15. Adjusted EPS fell to $0.04 from $0.18 the prior year. The Street was looking for adjusted EPS of $0.34.
Looking ahead, Evolent (EVH) expects to report Q4 revenue in the range of $642M to $667M, with adjusted EBIDTA of $22M to $37M. For 2024, revenue is seen in the range of approximately $2.55B to $2.575B, with adjusted EBIDTA of approximately $160M to $175M, according to a statement.
Analysts, on average, were expecting Q4 revenue of $663M and 2024 revenue of $2.58B.
In August, Evolent (EVH) said it expected to report 2024 adjusted EBITDA in the range of approximately $230.0 million to $245.0 million, with revenue the range of approximately $2.56 billion to $2.60 billion, according to its Q2 earnings release.
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