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      Why Castlight Health Inc. (CSLT) turnaround in the after-hours on Tuesday? - Stocks Telegraph

      By Asim Kamal

      Published on

      July 7, 2021

      5:54 AM UTC

      Why Castlight Health Inc. (CSLT) turnaround in the after-hours on Tuesday? - Stocks Telegraph

      Castlight Health Inc. (CSLT) shares soared 6.75% in after-hours on Tuesday, July 6, 2021, and closed at $2.53 per share. Earlier in the morning session on Tuesday, CSLT’s stock lost 2.87% to close Tuesday’s morning session at $2.37 per share. CSLT shares have risen 191.41% over the last 12 months, and they have moved up 3.95% in the past week. Over the past three months, the stock has gained 49.06%, while over the past six months, it has lost 82.31%.

      Let’s have a look at its recent news.

      Impact of social determinants of health

      On June 16, 2021, Castlight Health, Inc announced the results of a new study on the impact of social determinants of health (SDoH) factors on workforce health. The results were published in the Journal of Primary Care and Community Health.

      The study found that 27 percent of more than five million commercially insured people live in a zip code where the median income is at or below 200 percent of the Federal Poverty Level (FPL).

      Participation in the recent investor conference

      The senior management of Castlight Health recently participated in the William Blair 41st Annual Growth Stock Conference which held on June 3, 2021. The company’s management had one-on-one meetings with investors.

      Earlier the company’s chief financial officer, Will Bondurant presented the company at the Needham 16th Annual Virtual Technology & Media Conference which held on Tuesday, May 18, 2021.

      Castlight Health’s Navigation solution helping employees in reducing medical bills

      On May 24, 2021, Castlight Health, Inc announced the results of a study by actuarial firm Santa Barbara Actuaries Inc. (SBA), which found that employers who implemented Castlight’s navigation solution experienced significant financial savings, including a 9.1% year-over-year reduction in medical spend among members who use Castlight compared to a matched control group.

      New appointment

      On May 6, 2021, Castlight Health, Inc appointed Erik Sossa, former vice president of Global Benefits and Wellness at PepsiCo, as a strategic advisor. Sossa brings decades of HR benefits and industry experience to Castlight’s market-leading health navigation solution that helps power America’s largest employers.

      Recent financial results announcement

      On April 29, 2021, Castlight Health, Inc released its financial results for its first quarter ended March 31, 2021.

      Q1 2021 financial highlights

      • Castlight Health reported revenue of $35.1 million in Q1 2021 compared to $39.0 million in Q1 2020.
      • Total operating expenses were $25.4 million in Q1 2021 compared to $81.2 million in Q1 2020.
      • The GAAP-Gross margin was 63.6% in Q1 2021 compared to 62.9% in Q1 2020.
      • The company suffered an operating loss of $3.1 million in Q1 2021, compared to $56.6 million in Q1 2020.
      • In Q1 2021, GAAP net loss per basic and diluted share was $0.02compared to a net loss per basic and diluted share of $0.38 in Q1 2020.
      • As of March 31, 2021, the company had total cash of $56.5 million.

      Conclusion

      As of this writing, there is no recent news or development which could be the reason behind its early loss and later gains on Tuesday. We hope that CSLT stock will perform well in the coming days.

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