Agilon Health, a medical and nursing services company, experienced a 17% drop in its shares, with the stock reaching a 52-week low of $12.14. Over the past 12 months, the stock has seen a 27% decline.
During the third quarter, Agilon Health reported a loss of $31.4 million, or 8 cents per share, compared to a loss of $30.7 million, or 7 cents per share, in the same quarter last year. Analysts had predicted a loss of $22.9 million, or 5 cents per share. Despite this, revenue for the quarter reached $1.22 billion, surpassing last year's $694.9 million and the expected $1.13 billion.
As of September 30, the number of total members on the Agilon platform increased to 508,000. Looking ahead, the company anticipates revenue between $4.31 billion and $4.32 billion for fiscal year 2023, falling short of the analysts' projections of $4.53 billion.
Agilon Health faces challenges with a wider-than-expected loss in Q3. However, despite the setback, the company's revenue has shown significant growth and the number of members on the platform continues to rise. With a revised revenue projection for fiscal year 2023, Agilon Health seeks to navigate the industry landscape and capitalize on future opportunities.