Welcome to our dedicated page for Evolent Health news (Ticker: EVH), a resource for investors and traders seeking the latest updates and insights on Evolent Health stock.
Evolent Health, Inc. (NYSE: EVH) plays a pivotal role in the healthcare sector by supporting health systems and physician organizations in their transition to value-based care and population health management. Headquartered in Arlington, Virginia, Evolent is backed by major entities such as The Advisory Board Company, University of Pittsburgh Medical Center Health Plan, and TPG Growth. The company’s core business revolves around providing integrated specialty care management services, total cost of care management, and health plan administration through an all-inclusive platform.
Evolent specializes in managing complex conditions in fields such as oncology, cardiology, and musculoskeletal markets, aiming to simplify healthcare and make it more affordable. The company's recent achievements include exceeding profitability expectations in the third quarter of 2023, adding new operating partnerships, and enhancing its financial outlook for the year. Evolent reported robust financial health with $184.5 million in cash and cash equivalents as of September 30, 2023.
The company’s culture is centered around collaboration, innovation, and a supportive work environment. Benefits like treadmill desks, healthy snacks, and wellness challenges underscore its commitment to employee well-being.
Notably, Evolent is also venturing into AI-driven healthcare solutions, as evidenced by its recent agreement to acquire Machinify Auth, a software platform that enhances clinical quality through advanced AI. This acquisition is expected to significantly improve the speed and efficiency of clinical reviews for various conditions.
In summary, Evolent Health continues to be a significant player in the healthcare industry, driving better health outcomes and financial performance through innovative solutions.
Humana (NYSE: HUM) and Evolent Health (NYSE: EVH) have expanded their strategic medical oncology partnership to streamline prior authorization processes for radiation and surgical oncology services. The collaboration aims to expedite approval requests and improve patient access to care through Evolent's advanced technology platform. Under the expanded partnership, Evolent will serve as Humana's designated utilization management and pathway vendor for radiation and surgical oncology services.
The platform enables providers to access up-to-date therapy choices, submit prior authorization requests in minutes, and receive approvals in seconds, reducing administrative burdens while ensuring CMS compliance.
Evolent Health (EVH) reported Q3 2024 revenue of $621.4 million, up 21.6% year-over-year, with a net loss of $(31.2) million. The company faced challenges with Adjusted EBITDA of $31.8 million, down from $48.7 million in Q3 2023, primarily due to a $42 million increase in medical costs. Despite challenges, EVH announced a record six new contract agreements. The company revised its 2024 outlook and expects Q4 2024 revenue between $642-667 million with Adjusted EBITDA of $22-37 million. Full-year 2024 guidance projects revenue of $2.55-2.575 billion and Adjusted EBITDA of $160-175 million.
Define Ventures, a major venture capital firm focusing on early-stage health tech companies, has appointed Bruce Broussard as venture partner. Broussard, former CEO and president of Humana, brings extensive experience in scaling companies and fostering innovation across various healthcare sectors. His role will involve guiding founders, shaping investment strategies, and strengthening partnerships with large healthcare organizations.
Broussard's decision to join Define Ventures is rooted in his belief in the firm's unique position to transform healthcare. His appointment follows that of Frank Williams, co-founder and former CEO of Evolent, who joined as venture partner earlier this year. Define Ventures, with $800 million in assets under management, partners with companies at seed, series A, and series B stages, including notable firms like Hims & Hers and Unite Us.
Evolent Health (NYSE: EVH) reported Q2 2024 results with revenue of $647.1 million, up 37.9% year-over-year. The company posted a net loss of $6.4 million and an Adjusted EBITDA of $52.0 million. Key highlights include:
- Net loss margin of (1.0)%
- Adjusted EBITDA margin of 8.0%
- Narrowed revenue outlook for full year 2024
- Updated 2024 Adjusted EBITDA guidance
- Reiterated confidence in achieving $300 million Adjusted EBITDA run rate exiting 2024
Evolent secured four new revenue agreements and expanded services with existing clients. The company expects Q3 2024 revenue between $615-$635 million and Adjusted EBITDA of $60-$68 million. Full-year 2024 guidance projects revenue of $2.56-$2.60 billion and Adjusted EBITDA of $230-$245 million.
Evolent Health (NYSE: EVH) will announce its Q2 2024 financial results on August 8, 2024, post-market close, followed by a conference call at 5 p.m. ET. Interested participants can access the live broadcast via Evolent's investor relations website or join the call by dialing 855.940.9467 (domestic) or 412.317.6034 (international), referencing the 'Evolent call'. An audio playback will be available on the website for 90 days post-call.
Evolent's executive team will also participate in investor conferences, including the Canaccord Genuity 44th Annual Growth Conference in Boston on August 13, 2024, and the 2024 Bernstein Disruptor Conference in New York on September 24, 2024. Webcasts for these events, if available, will be accessible through their investor relations site.
Evolent Health (EVH) has announced an agreement to acquire certain assets and an exclusive license for Machinify Auth, a proven AI software platform.
This acquisition aims to enhance Evolent's specialty condition management platform through AI-enabled clinical workflow automation.
Machinify's technology uses machine learning, large language models, and data analytics to improve clinical quality, speed, and consistency.
Expected benefits include increased first-pass approvals, streamlined data collection, and reduced clinician workforce time by 55%.
The acquisition, deemed neutral to Adjusted EBITDA in the first year, is expected to close in Q3 2024.
Evolent Health, Inc. (NYSE: EVH) has announced a strategic partnership with digital cancer care platform Careology to enhance cancer care in the U.S. This collaboration aims to provide more coordinated, connected, and empowered journeys for individuals living with cancer. By integrating Careology's digital cancer care technology into Evolent's comprehensive care navigation services, the joint platform will offer personalized information, tools, and support to help patients manage their diagnoses and treatment regimens more effectively. The partnership comes at a important time as global cancer rates are expected to increase significantly, and the U.S. faces challenges such as rising costs and drug shortages in cancer care.
Evolent Health, Inc. announced strong first quarter results, with a revenue increase of 49.6% to $639.7 million and an Adjusted EBITDA of $54.1 million. The company raised its revenue outlook for full year 2024 and reiterated its Adjusted EBITDA guidance. Evolent also highlighted new revenue agreements and an exclusive partnership with Careology. Despite a net loss of $(25.2) million, the CEO remains optimistic about the company's growth potential.
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