Evolent Health, Inc. (EVH) saw its loss narrow to $18.01 million, or $0.34 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $122.74 million, or $2.91 a share. On the other hand, adjusted net loss for the quarter widened to $9.77 million, or $0.14 a share from a loss of $9.72 million or $0.16 a share, a year ago. Revenue during the quarter surged 114.84 percent to $106.24 million from $49.45 million in the previous year period. Gross margin for the quarter contracted 571 basis points over the previous year period to 36.44 percent.
Operating loss for the quarter was $21.46 million, compared with an operating loss of $175.08 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $9.06 million compared to operating loss of $10 million in prior year period.
Frank Williams, chief executive officer of Evolent Health, Inc., commented, "We are pleased with our first quarter results and our continued strong performance in the market. We continue to see demand across all segments as providers face increasing pressure on fee-for-service reimbursement from government and commercial payers. We believe that our focus on transforming clinical care to drive improved quality and lower cost care is a critical differentiator in the market as providers work to elevate performance in value-based care arrangements."
For the second-quarter, Evolent Health forecasts adjusted revenue to be in the range of $103 million to $105 million. Evolent Health forecasts adjusted revenue to be in the range of $415 million to $425 million for fiscal year 2017.
Operating cash flow remains negativeEvolent Health, Inc. has spent $34.76 million cash to meet operating activities during the quarter as against cash outgo of $20.80 million in the last year period. Cash flow from investing activities was $4.62 million for the quarter as against cash outgo of $13.66 million in the last year period.
The company has spent $0.12 million cash to carry out financing activities during the quarter as against cash inflow of $0.02 million in the last year period.
Cash and cash equivalents stood at $104.30 million as on Mar. 31, 2017, down 6.29 percent or $7 million from $111.29 million on Mar. 31, 2016.
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