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.
Evolent Health (NYSE: EVH) has partnered with Florida Blue Medicare to provide comprehensive oncology specialty management services through its subsidiary, New Century Health. This collaboration aims to manage the cost and quality of oncology care for 125,000 Medicare Advantage members across Florida's network of 1,000 physicians in 67 counties. The initiative focuses on evidence-based clinical pathways and aligned payment models to enhance patient outcomes and reduce costs. Full health plan operations are set to begin on January 1, 2021.
Evolent Health (NYSE: EVH) reported its Q3 2020 results with a revenue of $264.6 million, marking a 20.2% year-over-year increase. Despite the revenue growth, the company faced a net loss of $(37.3) million. Adjusted EBITDA improved to $12.7 million from $3.3 million in Q3 2019. The company announced new partnerships and completed the Passport Health Plan asset sale, enhancing operational efficiencies. Evolent has a cash position of $387 million as of September 30, 2020, and aims to optimize capital allocation for long-term shareholder value.
Evolent Health (NYSE: EVH) will release its third quarter 2020 operating results on November 5, 2020, after market close. Following the release, a conference call will be held at 5:00 p.m. Eastern Time. Investors can join the call by dialing 855.940.9467 or 412.317.6034 for international participants. The call will include details about Evolent's clinical and administrative solutions aimed at enhancing health care affordability and quality. An audio replay will be available on Evolent's investor relations website for one week post-call.
Evolent Health (NYSE: EVH) hosted a virtual Investor and Analyst Day on September 29, 2020, presenting its strategy to enhance shareholder value and operational updates. The Company targets approximately 30% year-over-year adjusted services revenue growth for 2020 and aims for mid-teens annual growth in the medium term. Key announcements include partnerships with Physicians Accountable Care of Utah and Tar River Health Alliance, cost-cutting measures targeting $20-25M in SG&A expenses for 2021, and a focus on achieving a mid-teens Adjusted EBITDA margin. Adjusted Revenue guidance for Q3 2020 is set between $258M-272M.
Evolent Health (NYSE: EVH) will hold its annual Investor and Analyst Day on September 29, 2020, from 10:00 a.m. ET to 12:30 p.m. ET virtually. Interested participants can register and find the live webcast on the company's investor relations website. A replay will also be available post-event. Evolent Health specializes in clinical and administrative solutions to enhance health care affordability and simplicity, serving a diverse range of payers and providers nationwide. The company is recognized for its innovative approaches and quality health solutions.
Evolent Health (NYSE: EVH) will have its CEO Frank Williams, President Seth Blackley, and CFO John Johnson participate in the Baird 2020 Global Healthcare Conference on September 10, 2020, at 9:05 a.m. ET. A live webcast can be accessed through the investor relations section of Evolent's website. Evolent Health specializes in clinical and administrative solutions aimed at improving healthcare quality and affordability, serving a broad base of payers and providers. The company is recognized for its population health program accreditation.
Evolent Health (NYSE: EVH) announced that CEO Frank Williams, President Seth Blackley, and CFO John Johnson will present at two upcoming investor conferences. The presentations will take place at the Wells Fargo 2020 Virtual Healthcare Conference on September 9, 2020, at 10:40 a.m. ET and at the Baird 2020 Global Healthcare Conference on September 10, 2020, at 9:05 a.m. ET. Evolent Health specializes in health care solutions that improve health affordability and management, serving a national base of leading payers and providers.
Evolent Health (NYSE: EVH) announced a significant financial maneuver involving the issuance of $117 million principal amount of 3.50% Convertible Senior Notes due 2024. This issuance includes $84.2 million in exchange for existing 2.00% Convertible Senior Notes due 2021, alongside $32.8 million generated through cash subscriptions. Expected net proceeds are estimated at $27.4 million. Following this transaction, $26.7 million of the 2021 Notes will remain outstanding. The new notes will be convertible into cash or Evolent's Class A common stock at an initial price of approximately $18.23 per share, representing a 30% premium over the stock's closing price on August 13, 2020.
Evolent Health (EVH) reported a 24.3% increase in GAAP revenue, reaching $238.6 million for Q2 2020 compared to Q2 2019. Despite this growth, the company recorded a net loss of $(203.5) million, impacted by a non-cash goodwill impairment of $215.1 million. Adjusted EBITDA stood at $9.0 million, showcasing operational improvements. Evolent also added two new partners and anticipates over 30% revenue growth in its Services business for the year, alongside a focus on margin enhancement. There will be a change in leadership with Seth Blackley being promoted to CEO on October 1, 2020.
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