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Sharecare (SHCR) investor relations material
Sharecare Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue for Q2 2024 was $94.3 million, down 15% year-over-year, with declines in the enterprise channel offsetting modest growth in provider and life sciences channels.
Net loss for Q2 2024 was $42.0 million, compared to $35.6 million in Q2 2023, reflecting lower revenue and higher general and administrative expenses.
Sharecare entered into a definitive merger agreement with Altaris affiliates; shareholders to receive $1.43 per share in cash, with closing expected in the second half of 2024.
Adjusted EBITDA for Q2 2024 was $7,000, compared to $3.3 million in Q2 2023.
The company continues to face a contract dispute with a customer, impacting enterprise revenue and overall financial results.
Financial highlights
Q2 2024 revenue decreased by $16.1 million year-over-year, primarily due to enterprise channel declines from customer disputes and contract expirations.
Net loss per share for Q2 2024 was $(0.12), compared to $(0.10) in Q2 2023; adjusted loss per share was $(0.04), versus $(0.03) in Q2 2023.
Cash and cash equivalents as of June 30, 2024, were $85.2 million, with $52.4 million available under the revolving credit facility.
Total costs and operating expenses for Q2 2024 were $135.4 million, down from $144.5 million in Q2 2023.
Stockholders' equity decreased to $379.6 million from $429.9 million at December 31, 2023.
Outlook and guidance
The pending merger with Altaris is expected to close in the second half of 2024, subject to shareholder approval and customary conditions.
No financial guidance provided for the remainder of 2024 due to the pending acquisition by Altaris.
Management expects continued cost savings from globalization efforts, targeting $30 million in annualized reductions.
Ongoing contract disputes and the impact of the merger process are expected to continue affecting financial results in the near term.
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