- Evolent Health ( NYSE: EVH ), a service provider focused on value-based care, added ~8% on Thursday after the company announced an expansion to its collaboration with Humana ( HUM ) in oncology.
- The new partnership adds Arizona and Florida for the Performance Suite side of Humana ( HUM ), bringing over $250M annual revenue for the company, Evolent ( EVH ) Chief Executive Seth Blackley remarked at the J.P. Morgan Healthcare Conference late Thursday.
- The company has a technology and services relationship with Humana ( HUM ) in cancer spanning 36 states in the country.
- "It's obviously a very significant expansion given the size of those states at run rate," Blackley said, noting the new partnership will take effect in H2 2023, adding about 500K lives on the Performance Suite.
- Seeking Alpha contributor, The Value Investor argued in November that Evolent's ( EVH ) recent deal to acquire Centene's ( CNC ) specialty benefit management unit NIA "looks interesting, but the issue is that there are still no real earnings to show for."
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Evolent spikes as Humana partnership expands