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Mar 31, 2023
Evolent Health Q1 2023 Earnings Report
Evolent Health's Q1 2023 revenue increased by 44.0% year-over-year, reaching $427.7 million, driven by growth in total lives on the platform and strong performance across its Performance Suite, Specialty Technology and Services Suite, and Administrative Services platforms. However, the company reported a net loss of $26.3 million, although adjusted EBITDA reached $50.5 million.
Key Takeaways
Evolent Health reported strong first-quarter results with a 44.0% increase in revenue, reaching $427.7 million. The company's total lives on the platform grew significantly, driven by expansion in Performance Suite, Specialty Technology and Services Suite, and Administrative Services. Despite the revenue growth, Evolent Health reported a net loss of $26.3 million, but adjusted EBITDA was $50.5 million.
Revenue increased by 44.0% to $427.7 million compared to the same period last year.
Net loss attributable to common shareholders was $26.3 million, resulting in a net loss margin of (6.1)%.
Adjusted EBITDA was $50.5 million, resulting in an Adjusted EBITDA margin of 11.8%.
Total Lives on Platform reached 65.6 million, up from 17.9 million in the prior year.
Forward Guidance
For the second quarter of 2023, Evolent Health expects revenue to be in the range of $455 million to $470 million and Adjusted EBITDA to be in the range of $45 million to $49 million. The company is raising its guidance for revenue and reiterating its previously-stated Adjusted EBITDA guidance for the full year 2023, with revenue expected to be in the range of $1.935 billion to $1.965 billion and Adjusted EBITDA expected to be in the range of $180 million to $200 million.
Positive Outlook
- Revenue for Q2 2023 is expected to be between $455 million and $470 million.
- Adjusted EBITDA for Q2 2023 is expected to be between $45 million and $49 million.
- Full year 2023 revenue guidance is raised to a range of $1.935 billion to $1.965 billion.
- Full year 2023 Adjusted EBITDA guidance is reiterated in the range of $180 million to $200 million.
- Cash deployed for software development is expected to be in the range of $35 million - $40 million for the year ended December 31, 2023.
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