| Over a month ago | ||||
Virtual Meeting to be… Virtual Meeting to be held on March 5 hosted by William Blair. | ||||
Virtual Meeting to be… Virtual Meeting to be held on March 5 hosted by William Blair. | ||||
Canaccord analyst Richard… Canaccord analyst Richard Close raised the firm's price target on Evolent Health to $24 from $22 and keeps a Buy rating on the shares. The analyst called Evolent "the hidden gem in our coverage list" as the company exited the health plan business in 2020 and focused on growth efforts on specialty care management services which he said has served investors well. | ||||
Cowen analyst Charles… Cowen analyst Charles Ryhee raised the firm's price target on Evolent Health to $25 from $19 and keeps an Outperform rating on the shares. The analyst remains bullish following Q4 results and better than expected 2021 guidance. He raised his estimates but believes his medium term margin assumptions are still quite conservative. | ||||
BTIG analyst David Larsen… BTIG analyst David Larsen raised the firm's price target on Evolent Health to $25 from $20 and keeps a Buy rating on the shares. The company reported an "excellent" quarter as Q4 revenue and EBITDA topped expectations, the analyst tells investors in a research note. Larsen adds that given the divestiture of True Health New Mexico, and the roll-off of Passport, he had been worried about Evolent 's 2021 outlook, and the quarter is a "relief". | ||||
Piper Sandler analyst… Piper Sandler analyst Sean Wieland raised the firm's price target on Evolent Health to $27 from $25 and reiterates an Overweight rating on the shares following the company's Q4 results. The analyst is "encouraged" by Evolent's "solid" execution and believes the stock's "deep multiple discount is unwarranted." | |
Evolent Health announced… Evolent Health announced 40% growth from 2020 in the population served by its Evolent Care Partners network. With the addition of new partners beginning January 1, including Physicians Accountable Care of Utah and Tar River Health Alliance, as well as two new physician groups, Evolent Care Partners' 2021 network will consist of approximately 500 primary care physicians. This represents 30% growth in participating primary care physicians from 2020. Evolent Care Partners also establishes payer partnerships in which it manages total cost of care for its partners' Medicare Advantage and Commercial populations. Evolent Care Partners recently expanded regionally with Blue Cross Blue Shield of Texas for its Commercial population. With the addition of the expanded payer and provider partnerships, Evolent Care Partners now manages approximately 90,000 Traditional Medicare and Commercial lives, which represents 40% growth from 2020 and approximately $900M of premium equivalent under management. | |
Adjusted EBITDA is… Adjusted EBITDA is expected to be $10M-$14M. | |
Adjusted EBITDA is… Adjusted EBITDA is expected to be $40.0M-$50.0M. | |
Reports Q4 revenue… Reports Q4 revenue $271.9M, consensus $261.55M. CEO Seth Blackley commented, "Overall, we are very pleased with our results for the quarter and the year, having exceeded the high-end of ranges for both our top and bottom line targets. We also continue to make strong progress on executing our strategic priorities: strong organic growth, expanding margins and optimal capital allocation. Our differentiated products and strong market momentum led to the addition of eight new payer and provider partners and strong same-store sales growth in 2020. (...) Our pipeline remains strong and we are seeing robust demand for our solutions due to macro trends, including increasing pressure on Medicare and Medicaid budgets and the acceleration of cost reducing measures. In 2020, we achieved positive cash flow ahead of schedule. Our cost reduction effort continues to be in line with our expectations and we are on track with margin expansion. Furthermore, across 2020, we delivered on our commitment to further focus on our core and exit the health plan business as we have now monetized, or entered into agreements to monetize, all health plan assets. The monetization of our plans and our disciplined focus on our cost structure have allowed us to de-lever, and as of today, we have a strong cash position and no senior debt." |