Evolent Health Inc · Q3 2023 earnings

Briefing

Evolent Health reported revenue of $511.0 million, representing a 44.9% increase year-over-year, and a net loss attributable to common shareholders of $33.2 million for Q3 2023.

Evolent Health announced strong Q3 2023 results, with revenue reaching $511.0 million, a 44.9% increase compared to the previous year. The company's specialty care offerings experienced significant growth. Evolent is raising the mid-point of its outlook for revenue and Adjusted EBITDA in 2023.

• Revenue of $511.0 million, an increase of 44.9% from the three months ended September 30, 2022.
• Specialty care offerings grew 80% compared to the three months ended September 30, 2022, with the NIA acquisition contributing approximately 24% of the growth.
• Net loss attributable to common shareholders of Evolent Health, Inc. of $33.2 million resulting in a net loss margin of (6.5)%.
• Adjusted EBITDA of $48.7 million resulting in an Adjusted EBITDA margin of 9.5%.

Headline financials

Revenue & EPS history

For the fourth quarter of 2023, revenue is expected to be in the range of approximately $537 million to $557 million. Adjusted EBITDA is expected to be in the range of approximately $45 million to $53 million. The Company is reiterating its previously-stated guidance for revenue and raising its Adjusted EBITDA guidance for the year ending December 31, 2023, with revenue expected to be in the range of approximately $1.945 billion to $1.965 billion and Adjusted EBITDA expected to be in the range of approximately $192 million to $200 million.