National Vision Q3 Earnings Top Estimates, Revenues Lag, Stock Tumbles

Inogen, Inc. INGN incurred an adjusted loss per share of 11 cents for third-quarter 2024, which was narrower than the adjusted loss per share of 36 cents in the year-ago period and the Zacks Consensus Estimate of a loss of 51 cents per share.

GAAP loss per share for the quarter was 25 cents, narrower than the year-earlier loss of $1.97 per share.

INGN’s Revenues in Detail

Inogen registered revenues of $88.8 million for the third quarter, up 5.8% year over year. The figure surpassed the Zacks Consensus Estimate by 6.2%.

At constant exchange rate (CER), total revenues for the reported quarter increased 6% year over year.

Per management, the year-over-year uptick in the top line was primarily driven by higher demand and new customer gains across the domestic and international business-to-business channels. However, this was partially offset by lower direct-to-consumer sales and rental revenues.

Shares of this company gained nearly 17.2% till last trading.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

Inogen’s Segmental Details

Inogen derives revenues from two sources — rental and sales.

Rental revenues for the reported quarter grossed $13.9 million, down 13.1% from the year-ago period both on a reported basis and at CER. Per management, the decrease resulted from continued lower average billing rates due to the mixed shift to private payers.

Sales revenues were $74.9 million, up 10.2% from the prior-year quarter.

INGN’s Revenues by Region & Category

Domestic business-to-business sales for third-quarter 2024 amounted to $16.5 million, up 35.1% on a year-over-year basis. Per management, this was driven by increased demand from new customers and resellers.

International business-to-business sales for the reported quarter amounted to $32.3 million, up 26.2% year over year on a reported basis and up 26.9% at CER. Per management, this resulted from increased demand from new and existing customers.

Domestic direct-to-consumer sales decreased 23.2% year over year to $19.2 million for the quarter.

Inogen, Inc Price, Consensus and EPS Surprise

Inogen, Inc price-consensus-eps-surprise-chart | Inogen, Inc Quote

Inogen’s Margins

For the quarter under review, Inogen’s adjusted gross profit rose 20.1% from the year-ago period to $44.6 million. The adjusted gross margin expanded 598 basis points to 50.2%.

Sales and marketing expenses increased 1% from the year-ago quarter to $26.4 million. Research and development expenses decreased 21.6% year over year to $3.5 million, while general and administrative expenses increased 13.2% year over year to $19.3 million. Adjusted operating expenses of $49.1 million rose 3.2% year over year.

Adjusted operating loss totaled $4.5 million compared with the prior-year quarter’s $10.5 million.

INGN’s Financial Position

Inogen exited third-quarter 2024 with cash and cash equivalents of $105.7 million compared with $97.9 million at the first-quarter end.

The company ended the quarter with no debt on its balance sheet.

Cumulative net cash provided by operating activities at the end of third-quarter 2024 was $8.9 million against cumulative net cash used in operating activities of $0.1 million a year ago.

Inogen’s Guidance

Inogen has provided its revenue outlook for the full year.

The company now expects the metric to lie between $329 million and $331 million (reflecting growth of 4-5% from the comparable 2023 revenues), up from the prior outlook of $325 million to $330 million (reflecting growth of 3-5% from the comparable 2023 revenues). The Zacks Consensus Estimate currently stands at $326.9 million.

Our Take

Inogen exited the third quarter of 2024 with a narrower-than-expected loss per share and better-than-expected revenues. Solid year-over-year top-line and bottom-line performances were encouraging. The robust year-over-year uptick in domestic and international business-to-business sales was impressive. The expansion of the adjusted gross margin also bodes well.

Last month, INGN commenced the U.S. market release of the Inogen Rove 4 Portable Oxygen Concentrator. This looks promising for the stock.

Yet, a decline in domestic direct-to-consumer sales and rental revenues was concerning. Inogen continued to incur operating losses for the third quarter, which did not bode well.

INGN’s Zacks Rank and Key Picks

Inogen currently has a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space that have announced quarterly results are Quest Diagnostics Incorporated DGX, ResMed Inc. RMD and Boston Scientific Corporation BSX.

Quest Diagnostics, carrying a Zacks Rank of 2 (Buy), reported third-quarter 2024 adjusted earnings per share (EPS) of $2.30, beating the Zacks Consensus Estimate by 1.8%. Revenues of $2.49 billion outpaced the consensus mark by 3.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Quest Diagnostics has a long-term estimated growth rate of 6.5%. DGX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.4%.

ResMed reported first-quarter fiscal 2025 adjusted EPS of $2.20, beating the Zacks Consensus Estimate by 8.4%. Revenues of $1.22 billion surpassed the Zacks Consensus Estimate by 2.9%. It currently carries a Zacks Rank #2.

ResMed has a long-term estimated growth rate of 14.8%. RMD’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.4%.

Boston Scientific reported third-quarter 2024 adjusted EPS of 63 cents, beating the Zacks Consensus Estimate by 8.6%. Revenues of $4.21 billion surpassed the Zacks Consensus Estimate by 4.4%. It currently carries a Zacks Rank #2.

Boston Scientific has a long-term estimated growth rate of 13.8%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.3%.

Zacks Investment Research

Haemonetics Corporation HAE delivered adjusted earnings per share (EPS) of $1.12 in the second quarter of fiscal 2025, up 13.1% year over year. The bottom line surpassed the Zacks Consensus Estimate by 2.8%.

On a GAAP basis, the EPS was 66 cents compared with 48 cents in the prior-year quarter.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

Following the earnings announcement on Nov. 7, shares of HAE increased 1% in Friday’s session, finishing at $87.42.

HAE’s Q2 Total Revenues

Revenues increased 8.6% (up 3.7% on an organic basis) to $345.5 million in the second quarter of fiscal 2025. The top line beat the Zacks Consensus Estimate by 0.7%.

HAE’s Q2 Segmental Details

At Plasma, revenues of $138.6 million (accounting for 40.1% of the total revenues) were down 3% year over year (same on an organic basis) in the reported quarter. Our model projected the unit’s revenues to be $135.4 million.

The decrease resulted from lower sales volumes in North America is related to the previously announced customer transition of CSL Plasma, whose non-exclusive supply agreement with the company is scheduled to expire in December 2025.

Revenues at Blood Center (19.8%) fell 1.6% (down 0.9% on an organic basis) to $68.5 million. Our model forecast stood at $67.6 million. The downside was due to declines in the Whole Blood business.

Hospital revenues (40.1%) rose 30.9% (up 15.8% on an organic basis) to $138.4 million. Our model projected $138.2 million in revenues for this segment.

The revenue increase was led by product lines within the Interventional Technologies franchise and the benefits of Sensor Guided Technologies and Esophageal Protection that were recently acquired. Growth in the Vascular Closure and Blood Management Technologies also contributed.

Haemonetics Corporation Price, Consensus and EPS Surprise

Haemonetics Corporation price-consensus-eps-surprise-chart | Haemonetics Corporation Quote

HAE’s Margin Performance

In the second quarter of fiscal 2025, the company-adjusted gross margin was 56.7%, up 270 basis points (bps) year over year. The primary drivers of the increase were volume, mix and price.

Company-adjusted operating expenses, as a percentage of revenues, were 32.5% in the second quarter of fiscal 2025 compared with 34.2% in the prior-year period.

The decrease was driven by operating leverage and decreased performance-based compensation, partially offset by costs associated with the operations of recent acquisitions and increased headcount.

The company-adjusted operating income was $83.5 million in the quarter under discussion, up 22.2% year over year. The adjusted operating margin was 24.2%, up 270 bps from the year-ago quarter’s levels.

HAE’s Financial Position

Haemonetics exited the second quarter of fiscal 2025 with cash and cash equivalents of $299.3 million compared with $344.4 million at the end of the fiscal first quarter. Long-term debt was $1.22 billion, almost consistent with the reported fiscal first-quarter figure.

The cumulative net cash flow from operating activities at the end of the second quarter of fiscal 2025 was $48.8 million compared with $99.1 million in the year-ago period.

HAE’s Updated 2025 Guidance

The company now expects fiscal 2025 GAAP revenue growth in the range of 5-8% on a reported basis (same as earlier).

Organic revenue growth is anticipated in the range of 1-4% (earlier 0-3%). The Zacks Consensus Estimate for fiscal 2025 revenues is pegged at $1.39 billion.

HAE expects full-year 2025 adjusted EPS in the band of $4.45-$4.75 (unchanged). The Zacks Consensus Estimate for the same is pegged at $4.59.

Our Take on HAE

Haemonetics exited the second quarter of fiscal 2025 with earnings and revenues topping estimates. The solid performance reflects the company’s progress with the execution of its long-range plan and response to market trends. The company continues to set the standard in plasma collection, accelerating center conversions and gaining share with the newest technologies, while expanding its presence and successfully addressing emerging industry trends in attractive hospital markets. Expansion of both margins in the quarter bodes well as well.

Meanwhile, both Plasma and Blood Center businesses saw a decrease in revenues in the quarter.

HAE’s Zacks Rank & Other Key Picks

Haemonetics currently carries a Zacks Rank #2 (Buy).

Some other stocks from the broader medical space are Quest Diagnostics DGX, Intuitive Surgical ISRG and Boston Scientific Corporation BSX.

Quest Diagnostics reported third-quarter 2024 adjus

ted earnings of $2.30 per share, which surpassed the Zacks Consensus Estimate by 1.8%. Revenues of $2.49 billion beat the consensus mark by 3.4%. DGX carries a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

DGX’s 2024 earnings are expected to surge 2.1%. The company’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 3.3%.

Intuitive Surgical, currently carrying a Zacks Rank #2, posted a third-quarter 2024 EPS of $1.84, beating the Zacks Consensus Estimate by 11.5%. Revenues of $2.04 billion surpassed the Zacks Consensus Estimate by 1.2%.

ISRG has an estimated 2024 earnings growth rate of 20.1% compared with the industry’s 13.8% growth. The company’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 10.9%.

Boston Scientific Corporation, currently carrying a Zacks Rank #2, reported third-quarter 2024 adjusted earnings of 63 cents per share, which surpassed the Zacks Consensus Estimate by 8.6%. Revenues of $4.21 billion beat the Zacks Consensus Estimate by 4.5%.

BSX has an estimated 2024 earnings growth rate of 17.6% compared with the industry’s 11.5% growth. The company’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 7.2%.

Zacks Investment Research

Each week, Benzinga’s Stock Whisper Index uses a combination of proprietary data and pattern recognition to showcase five stocks that are just under the surface and deserve attention.

Investors are constantly on the hunt for undervalued, under-followed and emerging stocks. With countless methods available to retail traders, the challenge often lies in sifting through the abundance of information to uncover new opportunities and understand why certain stocks should be of interest.

Read Also: EXCLUSIVE: Top 20 Most-Searched Tickers On Benzinga Pro In October 2024 — Where Do Tesla, Nvidia, Apple, DJT Stock Rank?

Here's a look at the Benzinga Stock Whisper Index for the week of Nov. 8:

Insmed Inc : The biopharmaceutical company saw increased interest from investors over the week, which comes after the company reported third-quarter financial results and provided a company update in late October. The company said ARIKAYCE had revenue of $93.4 million in the quarter, up 18% year-over-year.

Insmed also said its NDA submission for Brensocatib in Bronchiectasis is on track for the fourth quarter and is expected to launch in the U.S. in mid-2025.

H.C. Wainwright reiterated a Buy rating and $90 price target on the stock after the quarterly results. Truist reiterated a Buy rating and raised the price target from $100 to $105. Investor interest could increase in the coming weeks with the company scheduled to participate in several conferences including ones from Guggenheim (Nov. 11), UBS Global (Nov. 12), Wolfe Research (Nov. 20) and Jefferies (Nov. 21).

Insmed shares were up over 8% in the last five trading days, as seen on the Benzinga Pro chart below, and are up over 140% year-to-date in 2024.

OPKO Health, Inc. OPK delivered an earnings per share (EPS) of 3 cents in the third quarter of 2024 against the year-ago period’s loss of 11 cents per share and the Zacks Consensus Estimate of a loss of 10 cents per share.

OPK’s Revenues in Detail

OPKO Health registered revenues of $173.6 million in the third quarter, down 2.8% year over year. The figure missed the Zacks Consensus Estimate by 4.3%.

Lower revenues from products and services dragged the overall top line.

Shares of this company gained nearly 4.1% in yesterday’s after-hours trading.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

OPKO Health’s Segmental Revenues

OPKO Health manages its operations through two reportable segments – Diagnostics and Pharmaceuticals.

Within the Diagnostics arm, revenues from services amounted to $121.3 million in the reported quarter, down 7.9% year over year. This was primarily due to lower clinical test volume, principally resulting from the Labcorp transaction and a reduction in reimbursement rates. This compares to our projection of $128.2 million from services revenues in the third quarter.

Within the Pharmaceuticals arm, revenues from products declined 3.8% to $39.1 million, reflecting lower Rayaldee sales and foreign currency exchange fluctuations. This compares to our projection of $39.9 million from product revenues in the third quarter.

Revenues from sales of RAYALDEE in the third quarter of 2024 were $5.8 million, down 20.5% from the prior-year period.

Revenues from the transfer of intellectual property and other totaled $13.2 million, up 111.6% from the prior-year period. This increase was primarily attributable to $5.5 million from the BARDA Contract. This compares to our projection of $13 million in revenues from the transfer of intellectual property and other in the third quarter.

OPKO Health, Inc. Price, Consensus and EPS Surprise

OPKO Health, Inc. price-consensus-eps-surprise-chart | OPKO Health, Inc. Quote

OPK’s Margin Analysis

In the quarter under review, OPKO Health’s gross profit declined 15.8% to $40.1 million. The gross margin contracted 358 basis points to 23.1%. We had projected 29.7% of gross margin in the third quarter of 2024.

Selling, general and administrative expenses rose 35.9% year over year to $98.2 million. Research and development expenses increased 48% year over year to $28.8 million. Adjusted operating expenses of $126.9 million increased 38.5% year over year.

Adjusted operating loss totaled $86.8 million compared with the prior-year quarter’s adjusted operating loss of $43.9 million.

OPKO Health’s Financial Position

OPKO Health exited third-quarter 2024 with cash and cash equivalents of $406.4 million compared with $40.6 million at the second-quarter end.

Cumulative net cash used in operating activities at the end of third-quarter 2024 was $139.1 million against cumulative net cash provided by operating activities of $10.1 million in the year-ago period.

OPK’s Guidance

OPKO Health has provided its financial outlook for the fourth quarter of 2024.

For the fourth quarter, it expects total revenues between $155 million and $160 million. The Zacks Consensus Estimate currently stands at $163.6 million.

OPKO Health expects its revenues from services to be between $95 million and $98 million. Revenues from product sales are expected to be in the range of $41 million-$44 million. Other revenues are expected to be between $13 million and $18 million, inclusive of the Pfizer gross profit share estimates between $8 and $10 million and BARDA revenues of $5 million to $8 million.

Our Take

OPKO Health exited the third quarter of 2024 with better-than-expected earnings and encouraging revenues from transfer of intellectual property and other. Management’s confirmation that enrollment and dosing is currently underway in the MDX2001 Phase 1 trial for the treatment of solid tumor cancers and announcement of promising results of an orally delivered oxyntomodulin analog raise our optimism about the company. The company has also been awarded $51 million of additional funding under an existing BARDA contract to develop COVID multispecific antibodies and to initiate an influenza program is also encouraging.

However, lower-than-expected revenues and dismal top-line performance were concerning. Lower revenues from products and services were also worrying. The decline in RAYALDEE sales was also disappointing. The contraction of the gross margin and the persistent operating loss for OPKO Health also do not bode well for the company.

OPKO Health’s Zacks Rank and Other Key Picks

OPK currently sports a Zacks Rank #1 (Strong Buy).

A few other top-ranked stocks in the broader medical space that have announced quarterly results are Quest Diagnostics Incorporated DGX, ResMed Inc. RMD and Boston Scientific Corporation BSX.

Quest Diagnostics, carrying a Zacks Rank of 2 (Buy), reported third-quarter 2024 adjusted EPS of $2.30, beating the Zacks Consensus Estimate by 1.8%. Revenues of $2.49 billion outpaced the consensus mark by 3.4%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Quest Diagnostics has a long-term estimated growth rate of 6.5%. DGX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.4%.

ResMed reported first-quarter fiscal 2025 adjusted EPS of $2.20, beating the Zacks Consensus Estimate by 8.4%. Revenues of $1.22 billion surpassed the Zacks Consensus Estimate by 2.9%. It currently carries a Zacks Rank #2.

ResMed has a long-term estimated growth rate of 14.8%. RMD’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.4%.

Boston Scientific reported third-quarter 2024 adjusted EPS of 63 cents, beating the Zacks Consensus Estimate by 8.6%. Revenues of $4.21 billion surpassed the Zacks Consensus Estimate by 4.4%. It currently carries a Zacks Rank #2.

Boston Scientific has a long-term estimated growth rate of 13.8%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.3%.

Zacks Investment Research

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?

Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Intuitive Surgical, Inc. (ISRG).

Intuitive Surgical currently has an average brokerage recommendation (ABR) of 1.67, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 27 brokerage firms. An ABR of 1.67 approximates between Strong Buy and Buy.

Of the 27 recommendations that derive the current ABR, 17 are Strong Buy and two are Buy. Strong Buy and Buy respectively account for 63% and 7.4% of all recommendations.

Brokerage Recommendation Trends for ISRG

The ABR suggests buying Intuitive Surgical, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

In other words, their interests aren't always aligned with retail investors, rarely indicating where the price of a stock could actually be heading. Therefore, the best use of this information could be validating your own research or an indicator that has proven to be highly successful in predicting a stock's price movement.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

Zacks Rank Should Not Be Confused With ABR

In spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is ISRG a Good Investment?

In terms of earnings estimate revisions for Intuitive Surgical, the Zacks Consensus Estimate for the current year has increased 4.3% over the past month to $6.88.

Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #2 (Buy) for Intuitive Surgical. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here

Therefore, the Buy-equivalent ABR for Intuitive Surgical may serve as a useful guide for investors.

Zacks Investment Research

Clover Health Investments, Corp. CLOV delivered a loss per share of 2 cents in the third quarter of 2024, narrower than the year-ago period’s loss of 7 cents per share and the Zacks Consensus Estimate of a loss of 3 cents per share.

CLOV’s Revenues in Detail

Clover Health registered revenues of $330.9 million in the third quarter, up 8.2% year over year. However, the figure missed the Zacks Consensus Estimate by 4.8%.

The top line was aided by robust Insurance revenues and Other income.

Shares of this company plunged nearly 12.7% in yesterday’s after-hours trading.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

Clover Health’s Segmental Details

Clover Health derives its revenues from two business sources — Insurance and Other income.

Insurance revenues in the third quarter totaled $322.6 million, indicating an uptick of 7.1% year over year. Per management, this was primarily driven by strong member retention and continued intra-year growth.

Within CLOV’s Insurance segment, the Insurance Benefits Expense Ratio (BER) was 82.8% in the third quarter of 2024, which contracted 50 basis points (bps) year over year. Insurance medical care ratios (MCR) was 78% in the third quarter of 2024, which also contracted 50 bps year over year.

Clover Health’s Insurance members were 81,110 as of Sept. 30, 2024, down 0.2% year over year.

Other income generated revenues of $8.4 million in the third quarter, implying an improvement of 75.2% year over year.

Clover Health Investments, Corp. Price, Consensus and EPS Surprise

Clover Health Investments, Corp. price-consensus-eps-surprise-chart | Clover Health Investments, Corp. Quote

CLOV’s Operational Update

In the quarter under review, Clover Health’s net medical claims incurred increased 5.9% year over year to $249.8 million. Salaries and benefits expenses decreased 9.2% year over year to $54.9 million, while general and administrative expenses declined 14.2% year over year to $35.2 million. Total adjusted operating expenses of $339.9 million increased 0.8% on a year-over-year basis.

Total adjusted operating loss in the third quarter was $8.9 million compared with the prior-year quarter’s adjusted operating loss of $31.4 million.

Clover Health’s Financial Position

Clover Health exited third-quarter 2024 with cash and cash equivalents and short-term investments of $289.7 million compared with $264.4 million at the end of the second quarter.

Cumulative net cash provided by operating activities from continuing operations at the end of third-quarter 2024 was $129.5 million compared with $79.4 million a year ago.

CLOV’s Guidance

Clover Health has revised its outlook for 2024.

For 2024, Insurance revenues are continued to be estimated in the range of $1.35 billion-$1.375 billion.

For 2024, Insurance MCR is now expected to be in the range of 76-77%, lowered from the previous outlook of 77-79%. Insurance BER is now expected to be in the range of 81-82%, narrowed from the previous outlook of 81-83%.

Our Take

Clover Health exited the third quarter of 2024 with a narrower-than-expected loss per share. The uptick in consolidated revenues and both segments’ revenues was encouraging. The contraction in the Insurance BER and MCR was promising as well.

On the flip side, lower-than-expected revenues and continued dismal bottom-line performance was disappointing. CLOV incurred adjusted operating loss during the quarter, which did not bode well either.

Clover Health’s Zacks Rank & Key Picks

CLOV currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader medical space that have announced quarterly results are Quest Diagnostics Incorporated DGX, ResMed Inc. RMD and Boston Scientific Corporation BSX.

Quest Diagnostics, carrying a Zacks Rank of 2 (Buy), reported third-quarter 2024 adjusted earnings per share (EPS) of $2.30, beating the Zacks Consensus Estimate by 1.8%. Revenues of $2.49 billion outpaced the consensus mark by 3.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Quest Diagnostics has a long-term estimated growth rate of 6.5%. DGX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.4%.

ResMed reported first-quarter fiscal 2025 adjusted EPS of $2.20, beating the Zacks Consensus Estimate by 8.4%. Revenues of $1.22 billion surpassed the Zacks Consensus Estimate by 2.9%. It currently carries a Zacks Rank #2.

ResMed has a long-term estimated growth rate of 14.8%. RMD’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 6.4%.

Boston Scientific reported third-quarter 2024 adjusted EPS of 63 cents, beating the Zacks Consensus Estimate by 8.6%. Revenues of $4.21 billion surpassed the Zacks Consensus Estimate by 4.4%. It currently carries a Zacks Rank #2.

Boston Scientific has a long-term estimated growth rate of 13.8%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.3%.

Zacks Investment Research