Tuesday, November 05, 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.
Solid FY Q1 results. The company reported fiscal Q1 revenue growth of 26% to $292.3 million, better than our estimate of $275.1 million. Margins were also better than we anticipated; an adj. EBITDA loss of $1.7 million was significantly better than our estimate of a loss of $6.6 million.
Agents performing well. The company has a high concentration of tenured agents, who performed well in the quarter. A combination of efficient marketing and strong close rates primarily led to the better-than-expected revenue and profitability. Importantly, we believe the demonstrated strength of the company’s tenured agent force and strong consumer engagement this Annual Enrollment Period (AEP) could result in an impressive upcoming fiscal Q2 for the Senior segment.
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