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.
Impressive results. The company reported fiscal Q3 revenue of $376.4 million, beating our estimate of $341.8 million. Adj. EBITDA in the quarter was $46.6 million, also beating our estimate, which was $40.3 million. The robust 26% revenue growth was driven primarily by Pharmacy revenue, which grew 80% over the prior year period.
Strong OEP. Revenue from the Senior segment was 20% better than our estimate, indicating a favorable Medicare Advantage Open Enrollment Period for the company. Notably, Senior segment adj. EBITDA margins were 30% in the quarter.
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