Evolent Health reports Q3 adjusted EPS 4c, consensus 34c

Reports Q3 revenue $621.4M, consensus $627.15M. Seth Blackley, co-founder and Chief Executive Officer of Evolent stated, “In the face of significant shifts in medical expenses experienced in the managed care industry, we believe the need for Evolent’s solutions is very high – a belief supported by our record new business announcements during the quarter. Outside of our Performance Suite, our diversified business is performing at or better than our expectations. Despite the clinical value we believe our solutions create, our third quarter Adjusted EBITDA result was negatively impacted by losses in our Performance Suite, driven both by new information from our partners regarding claims paid in prior periods and an industry-wide spike in oncology costs during the third quarter. We are taking aggressive actions with the goal of increasing profitability heading into 2025.”