Shares of healthcare navigation specialist Castlight Health (CSLT) are rising sharply on Friday after the company announced better than expected first-quarter 2021 financial results. Castlight Health's stock was up by 11.6% as of 2:39 p.m. EDT.
During the first quarter, Castlight Health recorded revenue of $35.1 million, compared to the $39 million in revenue it recorded during the first quarter of the fiscal year 2020. Also, the company reported a net loss per share based on generally accepted accounting principles (GAAP) of $0.02, compared to a GAAP net loss per share of $0.38 in the first quarter of 2020. Analysts tend to be more interested in non-GAAP (adjusted) bottom lines, however.
On that front, Castlight Health reported adjusted earnings per share (EPS) of $0.01 after recording a non-GAAP net loss per share of $0.01 during the year-ago period. Analysts tracking the company expected to see revenue of $34.73 million and an adjusted loss per share of $0.01. Castlight Health's revenue and earnings coming in above analyst estimates probably explains why the company's stock is jumping today.
Castlight Health and its shareholders have more to look forward to as the healthcare company increased its guidance for the second quarter and the full fiscal year 2021. Castlight Health expects revenue between $33 million and $35 million during the second quarter, which at the midpoint is above the $33.75 million analysts are predicting. For the full year, the company thinks it will report revenue in the range of $135 million to $140 million, well above the $132.68 million analysts are looking for.