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.
- 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.
- 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.
- Administrative Services - Provides administrative support, including insurance claims processing and management of employee benefit plans.
- Cases - Focuses on managing specific healthcare cases to improve outcomes and reduce costs for targeted patient populations.
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| Name | Position | External Roles | Short 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. | View Report → |
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. |
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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?
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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?
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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?
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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?
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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
Daniel Grosslight
Citigroup
4 questions for EVH
Jeffrey Garro
Stephens Inc.
4 questions for EVH
Matthew Gillmor
KeyCorp
4 questions for EVH
David Larsen
BTIG
3 questions for EVH
Jessica Tassan
Piper Sandler
3 questions for EVH
Matthew Shea
Needham & Company
3 questions for EVH
Ryan Daniels
William Blair & Company, L.L.C.
3 questions for EVH
Jailendra Singh
Truist Securities
2 questions for EVH
Kevin Caliendo
UBS
2 questions for EVH
Richard Close
Canaccord Genuity Group
2 questions for EVH
Andrea Zayco Narvaez Alfonso
UBS
1 question for EVH
Anne Samuel
JPMorgan Chase & Co.
1 question for EVH
Constantine Davides
Citizens JMP
1 question for EVH
Eduardo Ron
Truist Securities, Inc.
1 question for EVH
Jared Haase
William Blair & Company
1 question for EVH
Jenny Shen
TD Cowen
1 question for EVH
John Stansel
JPMorgan Chase & Co.
1 question for EVH
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
Stephanie Davis
Barclays
1 question for EVH
| Customer | Relationship | Segment | Details |
|---|---|---|---|
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.
| Company | Year | Details |
|---|---|---|
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, Inc. announced a new partnership model with American Oncology Network (AON) to provide high-quality, more affordable, and connected cancer care without relying on prior authorization.
- This model will introduce quality-focused interventions and leverage an innovative data and analytics platform to drive clinical insights.
- Providers demonstrating adherence to quality will be "gold-carded," exempting them from seeking authorization from payers for most tests and treatments.
- Evolent intends to use its care navigation program to complement AON's existing capabilities, with the model expected to roll out in select markets in the year ahead.
- This initiative is part of the global digital health market, which is projected to grow from $427.24 billion in 2025 to $1,500.69 billion by 2032, exhibiting a CAGR of 19.66%.
- Evolent reported Q3 2025 revenue of $479.5 million, representing 8% sequential growth driven by new launches, and Adjusted EBITDA of $39.0 million, a 23% year-over-year increase.
- The company narrowed its full-year 2025 revenue outlook to between $1.87 billion and $1.88 billion and its Adjusted EBITDA outlook to between $144 million and $154 million.
- In Q3 2025, Evolent repurchased 4.4 million shares for $40.0 million.
- The company issued $166.8 million of 4.50% 2031 Notes and repaid $167.4 million of 2025 Notes, and exchanged $175.0 million of Series A Preferred Stock for a second lien term loan.
- As of September 30, 2025, cash and cash equivalents were $116.7 million, with period-end net leverage at 6.7x on LTM Adjusted EBITDA of $136.0 million.
- Evolent (EVH) reported Q3 2025 revenue of $479.5 million and adjusted EBITDA of $39 million, both exceeding expectations.
- The company narrowed its full-year 2025 guidance, expecting revenue between $1.87 billion and $1.88 billion and adjusted EBITDA between $144 million and $154 million.
- EVH announced new contracts for 2026 go-lives, including a significant Performance Suite oncology contract, contributing to over $550 million in new 2026 revenue and an annualized contract value exceeding $750 million. Total revenue under contract for 2026 is now approximately $2.5 billion.
- The sale of Evolent Care Partners is on track to close later this year, with proceeds used to pay down approximately $100 million in debt, reducing annual cash interest by about $10 million.
- John Johnson will transition from CFO to Chief Strategy Officer, and Mario Ramos will assume the CFO role on January 1, 2026.
- Evolent Health reported revenue of $479.5 million and Adjusted EBITDA of $39.0 million for the third quarter ended September 30, 2025.
- The company announced more than $500 million in newly-contracted annualized revenue expected to launch in 2026, bringing the preliminary 2026 revenue forecast to $2.5 billion.
- For the full year ending December 31, 2025, Evolent Health expects revenue to be in the range of $1.87 billion to $1.88 billion and Adjusted EBITDA between $144 million and $154 million.
- Mario Ramos has been appointed as the new Chief Financial Officer, effective January 1, 2026, with John Johnson transitioning to Chief Strategy Officer on the same date.
- Evolent Health reported revenue of $479.5 million and Adjusted EBITDA of $39.0 million for the three months ended September 30, 2025. The net loss attributable to common shareholders for the quarter was $(26.9) million.
- The company announced more than $750 million in new annualized revenue expected to launch during 2026, following two new customer agreements in Q3 2025, bringing the year-to-date total to thirteen new contracts.
- For the fourth quarter of 2025, Evolent expects revenue in the range of $462 million to $472 million and Adjusted EBITDA between $30 million and $40 million. Full-year 2025 revenue is projected to be $1.87 billion to $1.88 billion, with Adjusted EBITDA between $144 million and $154 million.
- Mario Ramos has been appointed as the new Chief Financial Officer, effective January 1, 2026, while John Johnson will transition to Chief Strategy Officer on the same date.
- 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.
- 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.
- 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.
- 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.
- 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.