tiprankstipranks
Skylight Health Group Posts Loss In Fiscal 2020; Shares Plunge 14%
Market News

Skylight Health Group Posts Loss In Fiscal 2020; Shares Plunge 14%

Skylight Health Group shares fell more than 14% in early trading on Tuesday after the company reported fourth quarter and full-year 2020 results. 

Skylight Health’s (SHG) revenue came in at $3.2 million for 4Q 2020, compared to $3.1 million for 4Q 2019. For the full year, revenue was $13.1 million, a slight drop from $13.4 million in 2019. 

Net loss for the year ended December 31, 2020 came in at $9.4 million, an improvement compared to the net loss of $11 million posted in 2019. Adjusted EBITDA was a loss of $1.8 million, versus a loss of $2.7 million in 2019. 

Skylight’s Co-founder and CEO Prad Sekar said, “We added 6 clinics, strengthened our leadership team, transformed our balance sheet, and made great strides toward transforming our company into a leading multi-state primary care business. We expect to see tremendous growth looking forward as we continue our profitable transition to value-based care across our platform.” 

The multi-state primary care management group forecasts revenue of $40 million in 2021. (See Skylight Health Group stock analysis on TipRanks

Two weeks ago, Echelon Wealth Partners analyst Rob Goff reiterated a Buy rating on the stock with a C$2.35 price target (132% upside potential).  

Goff stated, “We view Skylight as a compelling investment leveraged to its ability to add shareholder value through organic and acquisition-driven growth as a US health clinic consolidator. We believe current healthcare needs together with provider challenges in a fragmented industry present the opportunity for significant and sustained shareholder value creation.” 

Overall, the consensus is that SHG is a Strong Buy, based on 3 Buys. The average analyst price target of C$2.23 implies upside potential of about 121% to current levels. Shares have plunged by almost 30% over the last year. 

Related News: 
WELL Health Announces Shareholder Approval Of CRH Medical Acquisition 
Hello Pal To Acquire Interest In Dogecoin And Litecoin Mining Assets; Shares Plunge 5% 
Hut 8 Enters Into Power Purchase Agreement With Validus Power; Shares Plunge 10% 
 

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles