agilon health, inc.
Company Name | agilon health, inc. |
Stock Symbol | AGL |
On November 2, 2023, agilon released its third quarter 2023 financial results, reporting lower-than-expected numbers due to increased utilization and medical costs. Additionally, the Company lowered its full-year guidance, stating that it had increased its incurred-but-not-reported (“IBNR”) reserve to account for prior expenses.
On this news, agilon’s stock price fell $2.23, or 13.2%, to close at $14.66 per share on November 3, 2023, thereby injuring investors.
Then, on January 5, 2024, agilon lowered its 2023 Medical Margin outlook by approximately $110 million and its Adjusted EBITDA outlook by $73 million, citing higher-than-expected medical costs. Further, the Company announced the retirement of its Chief Financial Officer.
On this news, agilon’s stock price fell $3.45, or 28.6%, to close at $8.63 per share on January 5, 2024, thereby injuring investors further.
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