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Evolent Health (EVH)

Evolent Health, Inc. (NYSE: EVH) specializes in improving health outcomes for individuals with complex medical conditions by offering solutions that simplify and reduce the cost of healthcare. The company partners with leading payers and providers across the United States, focusing on value-based care to enhance patient experiences, promote healthy lifestyles, and lower preventable healthcare costs. Evolent provides a range of services, including performance-based contracts, specialty care services, and administrative solutions, supported by advanced technology and service offerings.

  1. Performance Suite - Delivers value-based care solutions, including risk-based contracts where Evolent assumes financial responsibility for the cost of care, ranging from shared savings to full cost accountability.
  2. Specialty Technology and Services Suite - Offers specialty care management solutions, such as managing orthopedic surgery costs and utilization, as well as other advanced healthcare technologies.
  3. Administrative Services - Provides administrative support, including insurance claims processing and management of employee benefit plans.
  4. Cases - Focuses on managing specific healthcare cases to improve outcomes and reduce costs for targeted patient populations.

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NamePositionExternal RolesShort Bio

Aammaad Shams

Executive

Chief Accounting Officer

None

CAO since August 2022. Joined EVH in 2020, previously Controller and Assistant Corporate Controller.

Dan McCarthy

Executive

President

None

Joined EVH in 2014, previously CEO of New Century Health and Chief Growth Officer. Promoted to President in September 2022.

Emily Rafferty

Executive

Chief Operating Officer

None

Joined EVH in 2016. Previously President of Market Operations and Pharmacy Services. Became COO in July 2023.

John Johnson

Executive

Chief Financial Officer

None

CFO since July 2019. Previously held roles at PSA Healthcare and Riverbend Analytics. Joined EVH in 2016.

Jonathan Weinberg

Executive

General Counsel

None

General Counsel since January 2014. No other positions listed within EVH.

Seth Blackley

Executive

Chief Executive Officer

None

Co-founder of EVH in 2011, became CEO in October 2020. Previously served as President of EVH and held roles at The Advisory Board and McKinsey & Company.

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Brendan Springstubb

Board

Independent Director

Principal at Bedell Canyon LLC

Appointed to EVH Board in February 2025. Extensive healthcare investment experience. Former board member at SunOpta Inc..

Cheryl Scott

Board

Independent Board Chair

Principal at McClintock Scott Group; Board Member at Progyny, Inc.

Director since November 2015. Independent Board Chair since June 2022. Former Senior Advisor to the Bill & Melinda Gates Foundation.

Craig Barbarosh

Board

Independent Director

Chairman of Lifecore Biomedical; Board Member at Sabra Health Care REIT

Director since December 2020. Extensive healthcare and governance experience. Chairs Lifecore Biomedical and serves on Sabra Health Care REIT's board.

Diane Holder

Board

Independent Director

EVP at UPMC; President of UPMC Insurance Services Division

Director since August 2011. EVP at UPMC and President of UPMC Health Plan. Focuses on integrating clinical delivery and financing strategies.

Kim Keck

Board

Independent Director

President and CEO of Blue Cross Blue Shield Association

Director since January 2021. CEO of Blue Cross Blue Shield Association. Extensive healthcare and finance expertise.

Peter Grua

Board

Independent Director

Managing Partner at HLM Venture Partners; Director at multiple organizations

Director since January 2020. Co-Chair of EVH's Strategy Committee. Extensive healthcare investment experience.

Richard Jelinek

Board

Independent Director

Managing Partner at Czech One Capital Partners; Board Member at Altimar Acquisition Corp. III

Director since 2023. Set to become EVH Board Chair in 2025. Extensive healthcare leadership experience, including roles at CVS Health and Aetna.

Toyin Ajayi, MD

Board

Independent Director

CEO and Co-Founder of Cityblock Health

Appointed to EVH Board in July 2023. CEO of Cityblock Health, focused on integrated care for underserved populations.

  1. With oncology costs rapidly increasing and impacting adjusted EBITDA, what specific measures are you taking to mitigate this, and how confident are you in securing the additional $100 million in rate increases from payer partners to offset these costs?

  2. Given that only about 50% of your Performance Suite revenue includes mechanical contract protections, how do you plan to rework existing contracts to ensure adjustments become automatic and self-executing to protect against adverse trends?

  3. Can you provide more details on the accounts receivable slowdown from health plan partners, your expected timeline for recovery, and how this might affect your liquidity and need for additional financing?

  4. Considering you've seen cancer prevalence increases of up to 50% year-over-year in some markets, how are you adjusting your forecasting models and risk management strategies to account for such significant variability in medical trends?

  5. With the spike in medical expense trends affecting all cohorts, how does this impact your long-term margin targets for the Performance Suite business, and what steps are you taking to ensure you achieve your mid-teens margin goal under current underwriting?

Research analysts who have asked questions during Evolent Health earnings calls.

Charles Rhyee

TD Cowen

4 questions for EVH

Also covers: AMWL, BTSG, CAH +18 more

Daniel Grosslight

Citigroup

4 questions for EVH

Also covers: AGL, CAH, COR +12 more

Matthew Gillmor

KeyCorp

4 questions for EVH

Also covers: ACHC, ADUS, ALHC +11 more

David Larsen

BTIG

3 questions for EVH

Also covers: ACCD, AGL, AMWL +19 more

Jeffrey Garro

Stephens Inc.

3 questions for EVH

Also covers: ACCD, CERT, DH +7 more

Jessica Tassan

Piper Sandler

3 questions for EVH

Also covers: ACCD, ALHC, AMWL +11 more

Matthew Shea

Needham & Company

3 questions for EVH

Also covers: AGL, AMWL, CHGG +5 more

Ryan Daniels

William Blair & Company, L.L.C.

3 questions for EVH

Also covers: ACCD, AGL, ALHC +12 more

Jailendra Singh

Truist Securities

2 questions for EVH

Also covers: ACCD, AGL, AMWL +16 more

Kevin Caliendo

UBS

2 questions for EVH

Also covers: AHCO, ALGN, AMWL +14 more

Richard Close

Canaccord Genuity Group

2 questions for EVH

Also covers: ACCD, AHCO, CLOV +15 more

Andrea Zayco Narvaez Alfonso

UBS

1 question for EVH

Also covers: ELAN, LFST, ZTS

Anne Samuel

JPMorgan Chase & Co.

1 question for EVH

Also covers: DOCS, HQY, OMCL +3 more

Constantine Davides

Citizens JMP

1 question for EVH

Also covers: ADUS, AMN, CCRN +9 more

Eduardo Ron

Truist Securities, Inc.

1 question for EVH

Also covers: AGL

Jared Haase

William Blair & Company

1 question for EVH

Also covers: ADUS, ALHC, DH +9 more

Jeff Garro

Stephens Inc.

1 question for EVH

Also covers: CERT, DOCS, IQV +6 more

Jenny Shen

TD Cowen

1 question for EVH

Also covers: AGL, CCSI, CYRX +7 more

John Stansel

JPMorgan Chase & Co.

1 question for EVH

Also covers: ALHC, CAH, CNC +4 more

Kyle Aikman

JPMorgan Chase & Co.

1 question for EVH

Kyle Ekman

JPMorgan Chase & Co.

1 question for EVH

Sean Dodge

RBC Capital Markets

1 question for EVH

Also covers: CDMO, CTLT, GDRX +9 more

Stephanie Davis

Barclays

1 question for EVH

Also covers: ACCD, CAH, COR +19 more
CustomerRelationshipSegmentDetails

Humana Insurance Company

Provides value-based care solutions

All

Accounts for 19.3% of total revenue in 2024.

Molina Healthcare, Inc.

Collaborates on integrated healthcare services

All

Contributes 13.7% of total revenue in 2024.

Florida Blue Medicare, Inc.

Offers specialty care management and support

All

Represents 12.9% of total revenue in 2024.

Cook County Health and Hospitals System

Partners on patient care and cost management

All

Makes up 11.5% of total revenue in 2024 and 45.8% of short-term trade accounts receivable.

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Machinify, Inc.

2024

Evolent Health acquired Machinify, Inc. for a total consideration of $28.5 million (comprising cash and an earn-out) on August 1, 2024, to integrate the AI-powered Machinify Auth platform into its clinical workflow automation strategy and enhance specialty condition management.

National Imaging Associates, Inc.

2023

Evolent Health acquired National Imaging Associates, Inc. for $715.7 million using a mix of cash, Class A common shares, and an earn-out contingent on operating metrics, aiming to diversify revenue streams and accelerate value-based specialty care solutions while assuming significant tangible and intangible assets.

Implantable Provider Group (IPG)

2022

Evolent Health completed the acquisition of IPG for $461.7 million through a combination of cash, newly issued shares, and an earn-out, to bolster its value-based specialty care offerings—especially in musculoskeletal conditions—and drive immediate accretion to its Adjusted EBITDA margins and cash flow.

Recent press releases and 8-K filings for EVH.

Evolent Health Announces Divestiture of Evolent Care Partners and Reaffirms 2025 Financial Outlook
·$EVH
M&A
Guidance Update
  • Evolent Health, Inc. (EVH) announced the strategic divestiture of its value-based primary care business, Evolent Care Partners (ECP), to Privia Health Group, Inc. for a total transaction value of up to $113 million.
  • The transaction includes $100 million at closing and a contingent payment of up to $13 million, with the closing expected in the fourth quarter of 2025.
  • Proceeds from the divestiture will be used to prepay senior term debt, which is anticipated to improve Evolent's annual free cash flow by more than $7 million.
  • Evolent reiterated its Q3 2025 Revenue outlook of $460 million to $480 million and Adjusted EBITDA outlook of $34 million to $42 million.
  • For full year 2025, the company reaffirmed its Revenue outlook of $1.85 billion to $1.88 billion and Adjusted EBITDA of $140 million to $165 million, excluding the impact of the divestiture.
Sep 23, 2025, 8:13 PM
Evolent Health Announces Divestiture of Evolent Care Partners
·$EVH
M&A
Guidance Update
  • Evolent Health, Inc. announced it has agreed to sell its value-based primary care business, Evolent Care Partners (ECP), to Privia Health Group, Inc..
  • The total transaction value is up to $113 million, with $100 million payable at closing, and is expected to close during the fourth quarter of 2025.
  • Proceeds from the transaction will be used to prepay senior term debt, which is projected to improve Evolent's annual free cash flow by more than $7 million and reduce interest expense by approximately $10 million.
  • Evolent reiterated its Q3 2025 outlook for Revenue of between $460 and $480 million and Adjusted EBITDA of $34 and $42 million, and its full-year 2025 outlook for Revenue of $1.85-$1.88 billion and Adjusted EBITDA of $140-$165 million, all excluding the effect of this transaction.
Sep 23, 2025, 8:10 PM
Evolent Health, Inc. Issues Convertible Senior Notes
·$EVH
Debt Issuance
Share Buyback
  • Evolent Health, Inc. issued $145.0 million principal amount of 4.50% Convertible Senior Notes due 2031, with an option for initial purchasers to buy an additional $21.75 million principal amount.
  • The notes will mature on August 15, 2031, and will accrue interest at 4.50% per annum, payable semi-annually beginning on February 15, 2026.
  • The initial conversion price is approximately $13.53 per share, which represents a 50.0% premium over the Class A common stock's closing price of $9.02 per share on August 18, 2025.
  • The company expects to use approximately $100.2 million of the net proceeds to repurchase approximately $167.4 million aggregate principal of its 1.50% convertible senior notes due 2025, and approximately $40.0 million to repurchase shares of its Class A common stock.
Aug 21, 2025, 12:00 AM
Evolent Health CFO Discusses Q2 Performance and Outlook
·$EVH
Guidance Update
New Projects/Investments
  • Evolent Health outperformed on EBITDA in Q2 and subsequently raised the bottom end of its EBITDA guidance for the year.
  • The company's revenue guidance for 2025 was adjusted downward primarily due to the timing shift of a large new partnership with Aetna, now expected to go live in Q1 2026 instead of Q3 2025.
  • Evolent Health maintains a conservative reserving posture for oncology, forecasting a 12% trend for the rest of the year, despite experiencing a lower 10.5% trend so far this year.
  • The company is confident in achieving or exceeding $2,500,000,000 in revenue for 2026, supported by existing contracts and a robust weighted pipeline.
  • Evolent Health expects to generate approximately $65,000,000 in cash from operations for the remainder of the year and aims to delever by about one turn per year.
Aug 13, 2025, 2:25 PM
Evolent Health Inc. Announces Q2 2025 Results and Updates 2025 Outlook
·$EVH
Earnings
Guidance Update
Debt Issuance
  • For Q2 2025, Evolent Health Inc. reported revenue of $444.3 million and Adjusted EBITDA of $37.5 million, resulting in an Adjusted EBITDA margin of 8.5%. The GAAP net loss attributable to common shareholders was $51.1 million.
  • The company announced four new revenue arrangements in Q2 2025, bringing the year-to-date total to 11.
  • As of June 30, 2025, Evolent Health Inc. held $151.0 million in cash and cash equivalents with $62.5 million in revolver availability. The period-end net leverage was 5.3x on LTM Adjusted EBITDA of $128.8 million.
  • For Q3 2025, the company forecasts revenue between $460 million and $480 million and Adjusted EBITDA between $34 million and $42 million. The full-year 2025 outlook projects revenue from $1.85 billion to $1.88 billion and Adjusted EBITDA from $140 million to $165 million.
Aug 7, 2025, 9:00 PM
Evolent Health Q1 2025 Financial Results & Operational Update
·$EVH
Earnings
Guidance Update
Revenue Acceleration/Inflection
Product Launch
Debt Issuance
  • Q1 Financial Highlights: Revenue reached $483.6 million (including a $55 million uplift and -$12.9 million true-up impact), with a net loss of $72.25 million and Adjusted EBITDA of $36.86 million.
  • Guidance: Full-year 2025 revenue is expected between $2.06B and $2.11B with adjusted EBITDA estimated at $135M to $165M, while Q2 guidance projects revenue between $440.0M and $470.0M and Adjusted EBITDA between $33.0M and $40.0M.
  • New Revenue Initiatives: Announced five new revenue agreements that added approximately 1 million new lives to the platform and are set to deliver about $10M in incremental annualized revenue, alongside the launch of the Oncology Navigation Solution targeting over 300,000 members by end of May.
  • Organic Growth & Operational Enhancements: Reported significant organic growth with operational improvements in specialty care solutions, including scaling an innovative oncology condition management offering.
  • Liquidity & Capital Actions: Ended Q1 with about $247 million in cash (noted as $246.5M in one report) and $62.5 million in revolver capacity, while also executing strategic capital measures such as retiring convertible notes and managing net debt, which increased by $162.5 million following facility adjustments.
May 8, 2025, 9:01 PM