Evolent Health raises $167m

Evolent Health (NYSE:EVH) said yesterday that it raised nearly $167 million in a secondary offering, saying it could use some of the proceeds on the M&A trail. The Arlington, Va.-based value-based healthcare company said it sold more than 8.8 million shares at $19.85 apiece, for net proceeds of roughly $166.8 million. “Evolent Health expects to use such net proceeds for working capital and other general corporate purposes, including to expand its business through acquisitions and investments,” the company said in a regulatory filing. The closure of the offering yesterday started the clock on a 30-day underwriters over-allotment of another 1.3 million shares that would bring in another $26.2 million if exercised in full, according to the filing. In July 2016, Evolent agreed to put up roughly $145 million for value-based administration, population health and advisory services provider Valence Health. Evolent took itself public in a $195.5 million offering in 2015. Earlier this month the company beat sales expectations but missed the earnings consensus on Wall Street with its second-quarter results. Evolent posted losses of -$16.9 million, or -28¢ per share, on sales of $107.1 million for the three months ended June 30, widening its losses by 101.6% on sales growth of 89.4% compared with Q2 2016. Adjusted to exclude one-time items, losses per share were -13¢, missing the -8¢ consensus on The Street, where analysts were looking for sales of $104.8 milli...
Source: Mass Device - Category: Medical Devices Authors: Tags: Funding Roundup Wall Street Beat Evolent Health valuebasedhealthcare Source Type: news