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Evolent Health, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a total revenue of $621.4 million for the quarter, an increase from $511.0 million in the same quarter of the previous year. This growth is attributed to the expansion of the Performance Suite and Specialty Technology and Services Suite.
Cost of revenue rose to $540.7 million, representing 87% of revenue, up from 75.7% in the previous year. This increase is due to higher claims costs and a shift in the service mix.
Selling, general, and administrative expenses decreased to $67.1 million from $96.6 million, primarily due to lower TSA fees and professional fees related to the 2023 Repositioning Plan.
The company reported an operating loss of $16.3 million, compared to a loss of $17.9 million in the previous year.
Evolent completed the acquisition of Machinify, Inc. on August 1, 2024, for $28.5 million, with additional earn-out consideration up to $12.5 million.
The company noted an increase in specialty pharmacy costs, particularly in oncology, affecting its Performance Suite business.
Interest expense for the quarter was $6.0 million, down from $14.6 million in the previous year, due to the repayment of the Term Loan Facility.
Evolent's cash and cash equivalents were reported at $96.6 million, with restricted cash and investments totaling $31.3 million as of September 30, 2024.
The company does not anticipate cash dividend payments on its Class A common stock in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Evolent Health Inc Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.