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Jun 30, 2023
Evolent Health Q2 2023 Earnings Report
Evolent Health reported strong second-quarter results, marked by revenue growth and new business momentum.
Key Takeaways
Evolent Health announced financial results for Q2 2023, featuring a 46.6% increase in revenue to $469.1 million compared to the same period last year. The company reported a net loss attributable to common shareholders of $41.4 million, with an adjusted EBITDA of $47.4 million. Evolent also highlighted new operating partnerships and expansions, raising its Adjusted EBITDA range for 2023.
Revenue increased by 46.6% to $469.1 million compared to Q2 2022.
Net loss attributable to common shareholders was $41.4 million.
Adjusted EBITDA reached $47.4 million, with a margin of 10.1%.
Total Lives on Platform increased to 78.6 million.
Forward Guidance
For the third quarter of 2023, Evolent Health expects revenue to be in the range of $500 million to $520 million and Adjusted EBITDA to be in the range of $42 million to $47 million. The company is reiterating its previously-stated revenue guidance and raising its 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 $185 million to $200 million.
Positive Outlook
- Revenue is expected to be in the range of approximately $500 million to $520 million for Q3 2023.
- Adjusted EBITDA is expected to be in the range of approximately $42 million to $47 million for Q3 2023.
- Revenue expected to be in the range of approximately $1.935 billion to $1.965 billion for the year ending December 31, 2023.
- Adjusted EBITDA expected to be in the range of approximately $185 million to $200 million for the year ending December 31, 2023.
- 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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