Friday, May 10, 2024
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q1 results. The company reported Q1 revenue of $185.6 million, in line with our estimate of $183.0 million. Adj. EBITDA of $26.9 million was below our forecast of $30.4 million. Management indicated that market dynamics in Q1, which featured the Medicare Advantage Open Enrollment Period, were fairly consistent with the Annual Enrollment Period in Q4.
Demonstrating model integrity. During the quarter, the company reaffirmed 94,000 health insurance policies, even though such outcomes do not generate incremental revenue for the company. In our view, this serves to highlight the company’s commitment to putting the consumer first and we believe the company could be rewarded for this in the long run.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
