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Evolent Health Piper Sandler 37th Annual Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Piper Sandler 37th Annual Healthcare Conference summary2 Dec, 2025
Market trends and business performance
Specialty care management trends in oncology and cardiology are in line with expectations, with oncology trend just under 11% and cardiology slightly higher due to a benefits rush ahead of premium increases.
Two-thirds of revenue is tied to ACA Marketplace and Medicaid, with the remainder from Medicare Advantage; risk pool adjustments and a growing Medicare Advantage pipeline support forecasting.
Adherence to evidence-based pathways is increased from mid-60% to mid-80% within a few years, driving both quality and cost savings.
Oncology savings are primarily from matching therapeutics to patients, with additional savings in radiation and end-of-life care; cardiology savings focus on reducing or optimizing surgical interventions.
Independent oncology practices are slightly more open to innovation, but strong outcomes are achieved across both independent and large health systems.
Financial guidance and contract structure
2025 adjusted EBITDA is guided to $149 million, with 80% from tech and services and 20% from the Performance Suite; $10 million of this is from a divested asset, making the pro forma number $139 million.
Performance Suite contracts now include protections for case mix, acuity, new drugs, and price changes, with hard loss corridors in all contracts.
New Performance Suite contracts totaling $750 million in ACV are set to go live in 2026, with minimal EBITDA contribution initially and margins expected to reach 10% by mid-to-late 2028.
2025 Performance Suite EBITDA margin is expected at 3%, with care margin at 7% and administrative load at 4%; care margin is expected to improve by about 100 basis points as the business scales.
Fee-based adjusted EBITDA is expected to rebound in 2026, supported by new revenue launches and efficiency improvements, despite 2025 declines due to membership attrition and investments in AI.
Risk management and pricing
ACA Marketplace exposure is about 20% of revenue, with a downside scenario assuming 40%-60% shrinkage; EBITDA is expected to remain flat or grow modestly even in this scenario.
Pricing for 2026 Performance Suite business is designed to float with actual prevalence and case mix, allowing in-year adjustments to maintain margin alignment.
How do new contract terms mitigate Performance Suite risk?
Quantify AI's impact on 2026 fee-based EBITDA?
What is the deleveraging plan for the next two years?
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Next Evolent Health earnings date
Q4 202527 Feb, 2026
Next Evolent Health earnings date
Q4 202527 Feb, 2026
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Evolent Health, Inc. is a U.S.-based healthcare company that provides technology-enabled services and solutions to support value-based care delivery. The company partners with healthcare providers, payers, and other organizations to improve clinical outcomes and reduce costs. Evolent's offerings include population health management, risk adjustment, clinical workflow optimization, and healthcare analytics. The company is headquartered in Arlington, Virginia, and its shares are listed on the New York Stock Exchange.
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