Evolent Health (EVH) saw its loss widen to $17.41 million, or $0.33 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.12 million, or $0.10 a share. On the other hand, adjusted net loss for the quarter widened to $12 million, or $0.18 a share from a loss of $3.15 million or $0.05 a share, a year ago.
Revenue during the quarter surged 91.09 percent to $88.01 million from $46.06 million in the previous year period. Gross margin for the quarter contracted 1431 basis points over the previous year period to 31.96 percent. Operating margin for the quarter stood at negative 38.49 percent as compared to a negative 30.80 percent for the previous year period.
Operating loss for the quarter was $33.87 million, compared with an operating loss of $14.19 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $11.99 million compared to operating loss of $9.07 million in prior year period.
Frank Williams, chief executive officer of Evolent Health, Inc., commented, "We are pleased with our results for the quarter and calendar year, having achieved our strategic, operational and financial objectives, as well as advancing our position as the preferred provider partner for the movement to value-based care."
For the first-quarter, Evolent Health projects revenue to be $104.20 million. It forecasts adjusted revenue to be in the range of $103 million to $106 million.
For financial year 2017, Evolent Health projects revenue to be $419 million . It forecasts adjusted revenue to be in the range of $415 million to $425 million.
Operating cash flow remains negativeEvolent Health has spent $35.51 million cash to meet operating activities during the year as against cash outgo of $18.47 million in the last year. The company has spent $97.80 million cash to meet investing activities during the year as against cash outgo of $43.68 million in the last year.
Cash flow from financing activities was $122.14 million for the year, down 41.24 percent or $85.73 million, when compared with the last year.
Cash and cash equivalents stood at $134.56 million as on Dec. 31, 2016, down 7.66 percent or $11.16 million from $145.73 million on Dec. 31, 2015.
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