Livongo Health Inc. (LVGO), a digital health company, touched a new high of $56.63 in early trading and is currently at $55.21, up 17.56%, following solid first-quarter financial results and a rosy outlook for 2020.
On a non-GAAP basis, the Company has reported a net income of $3.9 million or $0.03 per share compared to a net loss of $8.85 million or $0.49 per share in the year-ago quarter. Total revenue for the first quarter of 2020 is $68.8 million, up 115% year-over-year, driven by the continued adoption of the Company's Applied Health Signals platform.
Analysts polled by Thomson Reuters were expecting a loss of $0.04 per share on revenue of $65.83 million.
The Company ended Q1, 2020 with cash and cash equivalents of $218 million.
With the COVID-19 pandemic accelerating the need for new virtual care delivery models, Livongo Health has been experiencing a significant demand for its services, which has lead to the Company raising its full-year revenue guidance for the year.
For the second quarter of 2020, the Company has forecast revenue to range between $73 million and $75 million.
Looking ahead to full-year 2020, the Company now expects revenue to be in the range of $290 million to $303 million, up from its prior forecast range of $280.0 million to $290.0 million.
We had alerted our premium subscribers to LVGO on April 24, 2020, when it was trading around $41. (Report titled "In Good Health…")
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