Evolent Health shares dip on mixed-bag Q3 results

Evolent Health (NYSE:EVH) posted third-quarter results yesterday that beat the earnings consensus on Wall Street but missed revenue estimates.

The Arlington, Virginia-based company reported profits of $2.1 million, or 2¢ per share, on sales of $352.6 million for the three months ended September 30 on a bottom-line gain over Q3 2021 when it reported $13 million in losses. Evolent Health also had 58.5% sales growth year-over-year.

Adjusted to exclude one-time items, earnings per share were 59¢, 49¢ ahead of The Street, where analysts were looking for sales of $356.78 million.

“Our third quarter results were strong across organic growth, margin expansion and product innovation. We also achieved another successful quarter of sales momentum, signing three new operating partnerships, bringing our total new partnership announcements to 13 for the year versus our target of 6-8,” CEO and co-founder Seth Blackley said in a news release.

“In addi…

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Evolent Health names Dan McCarthy as president

Evolent Health announced that it named Dan McCarthy as president of the company, effective Sept. 15, 2022.

Arlington, Virginia-based Evolent Health made the announcement on Sept. 1.

McCarthy, 38, held the role of New Century Health — a subsidiary of Evolent — from 2019. He will continue to serve in this role. Before his time at New Century Health, he served as SVP in partner development and as chief growth officer. He initially joined in 2014.

In connection with his promotion, McCarthy’s base salary increased to $460,000. He will be eligible for the company incentive plan with a target bonus of up to 175% of his base compensation. He will also be entitled to rewards under stock incentive plans. Evolent also announced that Frank Williams expressed his intent to not stand for re-election as director. He will continue to serve as director until the 2023 annual meeting, according to a news release. The company provides support leading providers and heal…
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