Evolent Health, Inc. (EVH) saw its loss narrow to $11.21 million, or $0.26 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $11.98 million, or $0.29 a share.
Revenue during the quarter surged 49.01 percent to $60.21 million from $40.41 million in the previous year period. Gross margin for the quarter expanded 497 basis points over the previous year period to 43.69 percent. Operating margin for the quarter stood at negative 26.31 percent as compared to a negative 42.68 percent for the previous year period.
Operating loss for the quarter was $15.84 million, compared with an operating loss of $17.25 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $6.87 million compared to operating loss of $9.73 million in prior year period.
Frank Williams, Chief Executive Officer of Evolent Health, Inc., commented, "We are pleased to report strong results, having exceeded our financial and operational goals for the quarter as well as strengthening our strategic position in the marketplace. Across the past 90 days, we have had some notable accomplishments, including expanding our partnership with Passport Health Plan to include risk adjustment and pharmacy benefits management services for its 280,000 members, welcoming Valence Health’s partners to the Evolent network including 400,000 MDWise members that go live in early 2017 and welcoming Banner Health and Hill Physicians Medical Group as new long-term operating partners."
For the fourth-quarter, Evolent Health projects adjusted revenue to be in the range of $84 million to $86 million. Evolent Health projects adjusted revenue to be in the range of $250 million to $252 million for financial year 2016.
Operating cash flow remains negative
Evolent Health, Inc. has spent $14 million cash to meet operating activities during the nine month period as against cash outgo of $12.16 million in the last year period.
The company has spent $22.82 million cash to meet investing activities during the nine month period as against cash inflow of $11.14 million in the last year period
Cash flow from financing activities was $0.88 million for the nine month period, down 99.58 percent or $208.30 million, when compared with the last year period.
Cash and cash equivalents stood at $109.78 million as on Sep. 30, 2016, down 47.26 percent or $98.38 million from $208.16 million on Sep. 30, 2015.
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