Evolent Health Q4 Top-Line Beats Expectation, Analyst Points To Visible Growth Outlook

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  • Evolent Health Inc EVH reported Q4 adjusted EPS of $0.10, missing the consensus of $0.16, compared to $0.08 a year ago.
  • Revenues increased 54% Y/Y to $382.43 million, beating the consensus of $372.93 million.
  • Total Lives on the Platform of 20.6 million as of Dec. 31, 2022, compared to 17.7 million a year ago.
  • Total cases managed during the quarter within surgical management and advanced care planning totaled 15.7k, yielding an average per case revenue of $2.8k.
  • Guidance: Evolent Health sees Q1 revenue of $420-$440 million and FY23 sales of $1.92-$1.96 billion, versus the consensus estimate of $410.36 million and $1.76 billion, respectively.
  • William Blair writes that Evolent Health remains well-positioned for robust and profitable growth. It maintains an Outperform rating and reiterates EVH shares as its top pick for 2023.
  • The analyst says that the management highlighted its goal to hit roughly $300 million in run-rate adjusted EBITDA by the end of 2024—driven by solid performance in the core business, cost discipline, and synergies and growth associated with recent transactions.
  • The analyst views EVH's 2023 sales multiple of 2x and EBITDA multiple of 20x as an attractive risk/reward level, given the company's unique market position, large and growing addressable market, and still-robust longer-term growth outlook. 
  • Price Action: EVH shares are up 10.13% at $34.78 on the last check Thursday.
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