Welcome to our dedicated page for SelectQuote news (Ticker: SLQT), a resource for investors and traders seeking the latest updates and insights on SelectQuote stock.
SelectQuote, Inc. (symbol: SLQT) is a leading Direct-to-Consumer (DTC) distribution platform that enables consumers to shop for health, life, auto, and home insurance policies online. Founded over 25 years ago, SelectQuote revolutionized the process of buying term life insurance by providing unbiased price comparisons from highly-rated term life insurance companies. Today, SelectQuote stands as America’s #1 term life sales agency, renowned for its customer-centric approach and innovative technology.
The company functions through three primary lines: SelectQuote Senior, SelectQuote Life, and SelectQuote Auto & Home. These segments are further categorized into four reportable segments: Senior, Healthcare Services, Life, and Auto & Home.
SelectQuote's business model revolves around generating revenues through commissions earned by selling insurance products on behalf of its carrier partners. The trusted companies represented by SelectQuote have been carefully chosen based on their ability to offer favorable rates, especially for individuals with certain risk factors such as smoking or existing health conditions like high cholesterol or blood pressure.
One of the standout features of SelectQuote is its dedicated personal agents who are committed to answering all customer questions, providing comprehensive information for informed decision-making, and diligently shopping for the best prices available. The company’s breakthrough technology has streamlined what is often a lengthy and involved application process, ensuring a hassle-free experience for consumers.
Recent achievements include expanding their Senior and Healthcare Services segments to better cater to an aging population and those seeking specialized healthcare plans. Current projects focus on leveraging technology to enhance customer experience, expand product offerings, and increase market penetration.
Financially, SelectQuote continues to show strong performance, driven by a combination of strategic partnerships and innovative service offerings. The company's commitment to customer satisfaction and operational efficiency positions it well for future growth.
Labaton Sucharow is investigating potential securities violations involving SelectQuote, Inc. (NYSE:SLQT) after the company disclosed its fourth-quarter results would be negatively affected by a 'negative cohort and tail adjustment' related to the 2019 cohort's lower second-term persistency.
This revelation led to a 20% drop in SelectQuote's share price, closing at $21.90 on May 12, 2021. Allegations include that the company made materially misleading statements regarding its financial performance during the Class Period from February 8 to May 11, 2021.
SelectQuote reported a 33% increase in consolidated revenue for Q4 FY2021, totaling $188.4 million, alongside a 42% revenue growth in its Senior segment. However, net income decreased by $16.7 million year-over-year to $3.3 million, and Adjusted EBITDA dropped 47% to $21.3 million. Full-year results showed a 76% revenue increase to $937.8 million with net income rising to $131 million. Growth in Medicare Advantage policies was notable, up 54% YOY, despite pressures on operating metrics in certain segments.
SelectQuote, Inc. (NYSE: SLQT) will announce its fiscal fourth quarter and full year 2021 financial results on August 25, 2021, after market close. The CEO, Tim Danker, and CFO, Raff Sadun, will host a conference call at 5:00 pm ET on the same day to discuss the results. SelectQuote specializes in unbiased insurance price comparisons and operates three main divisions: SelectQuote Senior, SelectQuote Life, and SelectQuote Auto and Home. Recently, it launched a healthcare services platform, Population Health, to enhance service offerings for Medicare Advantage customers.
SelectQuote, Inc. (NYSE: SLQT) has partnered with Zing Health to enhance Medicare services in Indiana, Illinois, and Michigan. This collaboration aims to improve health outcomes for underserved communities in the greater Chicago, Detroit, and Indianapolis areas. Zing Health's community-focused approach integrates various healthcare services like telehealth, fitness memberships, and dental care, enhancing SelectQuote's offerings. With an increasing demand for Medicare as 10,000 individuals turn 65 daily, this partnership positions SelectQuote to better meet the healthcare needs of their clients.
On August 3, 2021, Zing Health announced a partnership with SelectQuote (NYSE: SLQT) to enhance exposure to its Medicare Advantage plans across Illinois, Indiana, and Michigan. This collaboration aims to simplify the enrollment process for seniors, especially those new to Medicare. SelectQuote's commission-agnostic agents will aid in navigating different plans and pricing. The initiative focuses on improving health equity, offering bilingual enrollment specialists, and providing additional benefits like telehealth and specialized care. Zing Health, founded in 2019, emphasizes personalized care for seniors.
SelectQuote, Inc. (NYSE: SLQT) has expanded its relationship with Heal, Inc., enhancing its Population Health's patient engagement model. This partnership aims to improve health outcomes by offering Medicare customers greater access to home-based primary care and personalized solutions. With over 30% of patients emphasizing the importance of value-based care, this collaboration ensures a seamless healthcare experience. Population Health’s SelectRx pharmacy has reported a 95% medication adherence rate, indicating effective management of patient care. This strategic move is expected to reinforce SelectQuote's standing in the Medicare market.
SelectQuote, Inc. (NYSE: SLQT) launched its new healthcare services company, Population Health, on May 3rd. This initiative enhances its Medicare Advantage and Supplement brokerage, focusing on customer education and health management through Customer Success Agents. The company has experienced strong demand for its SelectRx offering, facilitating high medication adherence among seniors. SelectQuote plans to expand its Population Health team and has recently appointed Elise Comiskey as Vice President of Healthcare Operations.
SelectQuote Inc. (NYSE:SLQT) will replace Cooper Tire & Rubber Co. (NYSE:CTB) in the S&P SmallCap 600 index, effective June 10, 2021. This change follows the acquisition of Cooper Tire by The Goodyear Tire & Rubber Co. The update reflects ongoing shifts in market indices and may influence stock performance for both companies.
SelectQuote, Inc. (NYSE: SLQT) will have CEO Tim Danker and CFO Raff Sadun participate in a virtual fireside chat at RBC’s Global Healthcare Conference on May 18, 2021, around 1:55 PM ET. They will discuss the fiscal 3rd quarter earnings and the launch of Population Health, aimed at enhancing Senior healthcare outcomes. The chat will also cover the acquisition of Express Med Pharmaceuticals, set to be branded as SelectRx. Additionally, Mr. Danker and Mr. Sadun will hold 1x1 and small group meetings with investors.
SelectQuote reported a remarkable 80% increase in consolidated revenue for Q3 FY2021, reaching $266.9 million, compared to $148.6 million in Q3 FY2020. Net income jumped to $36.5 million, up from $23.7 million, while Adjusted EBITDA rose 48% to $65.2 million. For the nine-month period, revenue surged 92% to $749.4 million, and net income increased by $66.6 million to $127.7 million. CEO Tim Danker highlighted strong growth in Medicare Advantage policies, which grew 112% year-over-year.
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