Wednesday, August 12, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
George Proost, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 results reflect ongoing transformation. Continuing operations revenue declined 11.9% to $531 million, while adjusted EBITDA was $16 million, or a 3.0% margin. Commercial remained pressured by contract losses and lower volumes, while Government results reflected the timing of Medicaid implementation activity.
Guidance supports a stronger second half. Management established 2026 continuing operations guidance of $2.15-$2.25 billion of revenue and $140-$170 million of adjusted EBITDA, implying a roughly 7% EBITDA margin at the midpoint. Our estimates of $2.21 billion and $157 million, respectively, are modestly above the midpoint of guidance.
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