Castlight Health (CSLT) Up 30% After Earnings - FBR
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Shares of Castlight Health (NYSE: CSLT) spiked 30% this morning after the company announced 2Q16 results above expectations with Revenue of $23.6M, and adjusted loss per share of $0.11. This was $0.02 better than the street consensus loss per share of $0.13.
However, the headline does not tell the full story. CSLT's net annual recurring revenue (ARR) metric increased 26% YOY, to $117.8M as new customers helped drive the increase. Additionally, management noted that new customers are increasingly buying more than one solution.
FBR analyst, Steven Halper, stated "While 2Q16 results represent a step in the right direction, it is still too early to tell whether the company has truly turned the corner. CSLT's recently announced agreement with SAP and the success seen with the Anthem partnership provide an indication that performance has improved, but we prefer to see more consistent results as we evaluate our view on the shares".
**CSLT was highlighted in the Stealth Growth Insider newsletter on 5/19. Archives are available to newsletter subscribers. For a free trial, click here
FBR Capital Market Perform Castlight Health Inc. (NYSE: CSLT) price target of $4.00
Shares of Castlight Health Inc. closed at $3.39 yesterday.
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