Castlight Health Q3 Loss Widens, Backs 2014 Loss Outlook

(RTTNews) - Castlight Health, Inc.(CSLT) reported third-quarter net loss of $20.20 million or $0.23 per share, compared to net loss of $16.60 million or $1.63 per share in the prior-year quarter.

Excluding items, adjusted net loss for the quarter was $16.09 million or $0.18 per share, compared to loss of $18.77 million or $0.21 per share in the year-ago quarter.

Revenue for the quarter soared 238 percent to $12.25 million from $3.21 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.21 per share on revenues of $11.53 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, the company expects adjusted loss in a range of $0.22 to $0.23 per share, on projected revenues between $12.8 million and $13.2 million. Analysts currently expect the company to report a loss of $0.20 per share on revenues of $12.59 million.

For fiscal 2014, the company continues to expect adjusted loss in the range of $1.00 to $1.01 per share, but raised revenue forecast to between $43.9 million and $44.3 million from the prior projection between $42.6 million and $43.2 million.

Street is currently looking for full-year 2014 loss of $1.01 per share on annual revenues of $43.02 million.