Evolent Health ( NYSE: EVH ) stock rose 8% after-hours on Aug. 2 after Q2 results beat analysts' estimates and the company raised its FY22 outlook, placing it above consensus.
Q2 adjusted EPS rose to $0.10, compared to an adjusted loss per share of -0.02. Meanwhile, revenue grew + 44.1% Y/Y to $319.9M.
"This year, we have added 10 new operating partnerships in 2022, already exceeding our annual goal of 6-to-8 additions for the second year in a row," said Evolent Co-Founder and CEO Seth Blackley.
Revenue from Clinical Solutions grew +54.6% Y/ to $227.6M; whereas revenue from Evolent Health Services segment rose +23.3% Y/Y to $92.3M.
The company said Total Lives on Platform of 21.9M as of June 30, composed of 2.1M Evolent Health Services Lives, and 19.8M Clinical Solutions Lives on Platform.
Q2 adjusted EBITDA of $21.7M, resulting in an Adjusted EBITDA margin of 6.8%.
Blackley added that the company also closed the acquisition of IPG.
Outlook :
Q3 : The company expects Q3 revenue to be in the range of ~$343.0M to $363.0M. Consensus Revenue Estimate for Q3 is $314.44M.
Adjusted EBITDA is expected to be in the range of ~$24.0M to $29.0M.
2022 : Evolent expects Q3 revenue to be in the range of ~$1.32B to $1.36B, prior estimate provided in May was $1.16B to $1.21B. Consensus Revenue Estimate for 2022 is $1.23B.
Adjusted EBITDA is expected to be in the range of ~$95M to $105M.
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Evolent stock rises after FY22 outlook raised, seen above estimates following Q2 beat