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| And I would just add to that David, it's Jeff, not only great quarter strong pipeline but we're starting to get in a lot of results from our Sharecare+ deployments some in conjunction with Carillon and the results have been really great like satisfaction really high, outcomes coming in better than expected and so we're super encouraged by that |
| We grew nicely from Q2 to Q3 |
| In addition to continuing to execute our near-term business objectives, as represented in our strong third quarter results, we are also positioning the business for operational excellence and sustained growth with the appointment of Centene Corporation's former President and Chief Operating Officer, Brent Layton as the next CEO of Sharecare |
| And then we think our platform is really well positioned for value-based care |
| This was driven by the strong execution of our teams, record revenues in our Provider segment and realizing the benefits of our expense reduction program |
| In fact, our adjusted EBITDA was an improvement of over $4 million versus the prior year quarter |
| Importantly, we remain on track to deliver our year-end commitments to be cash flow breakeven as well as service 12.9 million eligible lives through our high-tech, high-touch platform that delivers personalized and proven health and well-being solutions to our clients', members populations including large employers, health systems, payers, TPAs and government customers and it was a strong quarter |
| The exchange side I think is going to be -- bring us a lot of upside opportunity but definitely sees the benefit in the employer side as well |
| I also want to spend a moment highlighting what sets Sharecare apart within the Digital Health Space and why we are well positioned to benefit from the industry's transition from fee-for-service to value-based care |
| Our platform has proven successful in engaging with our users whether people simply require routine preventative care or managing high risk and chronic conditions by delivering personalized recommendations and interventions, resulting in better health outcomes and lowering costs for both our members and our customers |
| Our continued investments in Generative AI Technology, leveraging our expansive and ever-growing data sets, continue to enhance efficiencies and improve our capabilities |
| And as I said Brent have formed Board member joining the team and obviously has incredible strengths in the MCL market and on the payer |
| Our integrated and tech-enabled home care solution CareLinx, continues to be another key differentiator in our ability to improve outcomes and lower cost |
| So, that's given us some good tailwinds that -- so -- of being a standalone provider being part of a TPA has given us some good momentum on the wellness side, which we love that business because it gives us the land-and-expand opportunity |
| And so we're really pleased with the quarter |
| Congratulations on the excellent EBITDA growth |
| It's kind of the same story as the last question, I answered is that, we've got current clients with Carillon that we're executing against, which we believe become great reference sites for us and the results have been really good |
| It's a very strong pipeline |
| It's the reason why our Q4 and Q3 grow over Q1 and Q2 is because, we perform better and then we get more share |
| We've made significant progress in our globalization and cost improvement efforts as planned, without sacrificing customer service and with our margin improvements on track |
| We think that our assets and our programs performed very well which is the reason why we get buy-ups in the back half of the year |
| And the good news is that we've been able to reimagine that contract and are in later-stage conversation with better pricing |
| In closing, I want to reiterate that we are very pleased with the financial performance this quarter |
| And we're confident in Sharecare today and into the future |
| And I just want to reiterate that in our EBITDA guide even with the call it a headwind of adding additional expense to our non-GAAP measures, we're going to have another record EBITDA margin in Q4 |
| And I think, I speak for all of us we're super excited about getting on the field with him in 2024 and growing especially within these government-funded programs |
| Centene grew annual revenues from $300 million to $144 billion during Brent's tenure |
| I am confident that with the combination of Brent's expertise in driving growth at scale with large value-based contracts and my extensive experience in digital health M&A and product innovation, we are well-positioned to continue to execute our strategy for growth and profitability and deliver enhanced value for our users, customers and shareholders |
| We have a strong path ahead and our distinct advantages set us apart from the rest of the industry |
| And when I think about our community well-being index and I think about our kind of whole person strategy and I think of clients like Georgia that who's been with us for 10 years, it's just a massive growth opportunity for us not just within state health benefit plans but also within Medicaid, which obviously, I would argue that Brent might be the – maybe the best expert in the country on Medicaid, as well as Medicare Advantage |
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| It is important to note that we have taken a conservative approach to our revenue guide in Q4 due to the aforementioned softness in pharma marketing spend |
| And we just wanted -- it's still a tough market out there |
| We are down year-over-year slightly, whereas the market is all down double digits |
| You talked about Life Sciences and the macro pressure |
| I know you kind of saw some pressure with PMPMs, earlier in the year |
| We just want to be somewhat conservative because it is a tough market still |
| We've seen some delays in decision-making but ultimately seeing the pull-through at the end of the day like we had one this week that we were a finalist |
| As we continue to advance toward our target of achieving cash flow breakeven, we reduced cash burn in Q3 to approximately $6.9 million, excluding the impact of stock buybacks and other one-time non-operating payments in the quarter, which compares to $8 million burn in Q2, which had one fewer payroll period |
| Life Sciences' Q3 revenue was in line with expectations and with the prior year period, despite softness in macro pharma spend across the industry as we anticipated and have seen throughout the year |
| The -- so it will be -- so Enterprise will be slightly down single-digits then our Provider business will be up about 10% sequentially |
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