Selectquote Inc Stock Price, News & Analysis

SelectQuote, Inc. (NYSE: SLQT) plans a special meeting on March 2, 2023, to seek stockholder approval for a reverse stock split of its common stock with a par value of $0.01. Stockholders of record as of January 11, 2023, will be eligible to vote. The reverse stock split is designed to not affect stockholders' ownership percentages, though fractional shares may be converted to cash. Details regarding the split ratio will be communicated later. The Board has the discretion to delay or abandon the proposal if deemed unbeneficial.

SelectQuote, Inc. (SLQT) reported consolidated revenue of $162.5 million for Q1 FY 2023, up from $156.1 million in Q1 FY 2022. The company experienced a net loss of $42.5 million, improved from a loss of $48.2 million a year prior. Adjusted EBITDA was $(27.5) million, compared to $(47.9) million. Segment highlights included Senior Revenue of $77.5 million and Healthcare Services Revenue of $43.1 million. SelectQuote reaffirmed its FY 2023 guidance, expecting revenue between $850 million and $950 million.

SelectQuote, Inc. (NYSE: SLQT) has received a notice from the NYSE for failing to meet compliance with the stock price requirement, as its average closing price was below $1.00 over 30 consecutive trading days. The company plans to notify the NYSE of its intent to remedy this deficiency within a six-month cure period. During this time, SLQT's stock will continue trading on the NYSE, provided it meets other continued listing standards. The company aims to meet the $1.00 stock price requirement to regain compliance.

SelectQuote, Inc. (NYSE: SLQT) will release its fiscal Q1 2023 financial results on November 3, 2022, before market opening. The CEO Tim Danker and interim CFO Ryan Clement will host a conference call at 8:00 am ET to discuss the results. Investors can register for the call through a provided link, which also ensures a follow-up confirmation with entry details. SelectQuote has positioned itself as a leader in providing unbiased insurance comparisons, utilizing a skilled agent workforce and proprietary technology to serve consumers in various insurance sectors.

SelectQuote (NYSE: SLQT) has partnered with Symetra Life Insurance Company and Munich Re Life US to launch SwiftTerm Select, an innovative instant decision term life insurance product. This offering allows qualified consumers aged 18-60 to secure up to $2 million in same-day coverage without a medical exam, starting Q4 2022. The product emphasizes a premium, seamless experience through advanced technology and is aimed at transforming the life insurance market.

SelectQuote (NYSE: SLQT) has partnered with Rocket Lawyer to enhance its consumer offerings. Starting September 2022, SelectQuote customers will have access to Rocket Lawyer's legal services while shopping for insurance. This collaboration aims to provide an affordable solution for legal needs, allowing members to create customizable documents and connect with attorneys. SelectQuote's VP of Business Development, Phil Williamson, emphasized the importance of understanding consumer needs to develop integrated services. The partnership seeks to improve customer confidence in managing legal affairs alongside insurance.

SelectQuote (NYSE: SLQT) reported a fourth-quarter revenue of $139.4 million, down from $185.3 million a year prior. The company experienced a net loss of $104.7 million, compared to a net income of $0.8 million in Q4 2021. Adjusted EBITDA was $(60.8) million versus $18.1 million the previous year. For fiscal year 2023, revenue guidance is projected between $850 million and $950 million, with net losses expected to range from $113 million to $89 million.

SelectQuote, Inc. (NYSE: SLQT) has appointed Alan Muney, MD, as part-time Chief Medical Officer and Simeon Schindelman as Senior Executive Healthcare Advisor. Dr. Muney brings over 35 years of experience from Cigna and aims to enhance healthcare strategy, focusing on member engagement and clinical quality. Schindelman, a healthcare veteran, will develop innovative solutions across healthcare channels. These appointments are expected to strengthen SelectQuote's healthcare services and improve operational effectiveness, helping the company grow its business in a competitive market.

SelectQuote, Inc. (NYSE: SLQT) is in advanced talks with lenders to amend its credit agreement, ensuring continued compliance with debt covenants. The company plans to release its fiscal Q4 and full-year 2022 results on August 29, 2022, before market opening. CEO Tim Danker and Interim CFO Ryan Clement will hold a conference call at 8:30 am ET the same day to discuss the results. Notably, a definitive agreement with lenders is expected by that date.