Following the bell, enterprise healthcare management company Castlight Health reported its second-quarter financial performance, including revenue of $18.5 million, and a per-share loss of $0.19. The street expected Castlight to lose 18 cents per-share net income, off revenue of $17.8 million.
Castlight is up in after-hours trading following its mixed earnings. The company finished its second quarter with $164.4 million in cash and equivalents. Compared to the year-ago quarter, Castlight’s revenue is up 76 percent from the second quarter of 2014. On a dollar basis, Castlight lost $17.6 million, compared to a non-GAAP operating loss of $18.8 million in the same period last year.
Looking ahead, Castlight expects to generate revenue of $19.2 million to $19.5 million in the current quarter, representing about 57 percent to 60 percent growth compared to the third quarter of 2014. Investors expect the company to lose $0.17 per share in its third quarter, on revenue of $19.7 million.
Subscription revenue was at $17.3 million for the quarter, an increase of 80 percent on a year-over-year basis. Part of that increase was likely due to the introduction of an employee behavioral health resource called Castlight Elevate, and an employer analytics solution known as Castlight Pulse.
“Castlight continues to gain momentum among large enterprises and we are pleased to now count 10 percent of the Fortune 500 as our customers. Importantly, we are also seeing our customers expand their relationship with Castlight as we build out our platform,” Castlight co-founder Giovanni Colella said.