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Castlight Health (CSLT)

Castlight is on a mission to make it as easy as humanly possible for its users to navigate the healthcare system and live happier, healthier, more productive lives. Its health navigation platform connects hundreds of health vendors, benefits resources, and plan designs into one comprehensive health and wellbeing experience. The platform guides individuals-based on their unique profile-to the best resources available to them, whether they are healthy, chronically ill, or actively seeking medical care. Castlight transforms the employee benefit experience into a deeply personalized, yet simple, guided one, empowering better-informed patient decisions to unlock better healthcare outcomes and maximizing return on healthcare investments.

Company profile

Ticker
CSLT
Exchange
CEO
Maeve O'Meara
Employees
Location
Fiscal year end
Former names
MARIA HEALTH INC, VENTANA HEALTH SERVICES, INC.
SEC CIK
Subsidiaries
Engage Technologies, Inc. • Jiff, Inc. ...

CSLT stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

3 Nov 21
27 Sep 22
31 Dec 22
Quarter (USD) Sep 21 Jun 21 Mar 21 Dec 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 66.91M 66.91M 66.91M 66.91M 66.91M 66.91M
Cash burn (monthly) (no burn) (no burn) 628.33K 732.5K (no burn) (no burn)
Cash used (since last report) n/a n/a 7.5M 8.74M n/a n/a
Cash remaining n/a n/a 59.41M 58.17M n/a n/a
Runway (months of cash) n/a n/a 94.6 79.4 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Feb 22 Chan M.P. Eric Class B Common Stock Sale back to company Dispose D No No 0 126,058 0 0
17 Feb 22 Chan M.P. Eric Employee Stock Option Class B Common Stock Sale back to company Dispose D No No 3.22 10,000 32.2K 0
17 Feb 22 Chan M.P. Eric Employee Stock Option Class B Common Stock Sale back to company Dispose D No No 3.6 8,000 28.8K 0
17 Feb 22 Chan M.P. Eric RSU Class B Common Stock Sale back to company Dispose D No No 0 81,250 0 0
17 Feb 22 Chan M.P. Eric RSU Class B Common Stock Sale back to company Dispose D No No 0 56,250 0 0
17 Feb 22 Chan M.P. Eric RSU Class B Common Stock Sale back to company Dispose D No No 0 9,375 0 0
17 Feb 22 Chan M.P. Eric RSU Class B Common Stock Sale back to company Dispose D No No 0 1,555 0 0
17 Feb 22 Cohen Seth B. Class B Common Stock Sale back to company Dispose D No No 0 208,712 0 0
17 Feb 22 Cohen Seth B. Director Stock Option Class B Common Stock Sale back to company Dispose D No No 2.99 3,386 10.12K 0
17 Feb 22 Eberhard Michael L. Class B Common Stock Sale back to company Dispose D No No 0 425,809 0 0
1.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1 2 -50.0%
Opened positions 0 0
Closed positions 1 106 -99.1%
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 3.43M 4.43M -22.5%
Total shares 2.23M 2.87M -22.5%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Gagnon Neil 2.23M $3.43M 0.0%
Largest transactions Shares Bought/sold Change
Allspring Global Investments 0 -646.3K EXIT
Gagnon Neil 2.23M 0 0.0%

Financial report summary

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Competition
Cigna HoldingAetnaSpokLimeadeAccoladeWellTokNantHealthCigna
Risks
  • We rely on Anthem for a substantial portion of our revenue.
  • If our new products and services are not adopted by our customers, or if we fail to continue to innovate and develop new products and services that are adopted by customers, then our revenue and operating results will be adversely affected.
  • If our existing customers, including health plan customers, do not continue or renew their agreements with us, renew at lower fee levels or decline to purchase additional products and services from us, our business and operating results will be harmed.
  • Our growth depends in part on the success of our strategic relationships with third parties.
  • We operate in a competitive industry. If we are not able to compete effectively, our business and operating results will be harmed.
  • Our business depends, in part, on sales, direct or indirect, to government organizations, and significant changes in the contracting or fiscal policies of such government organizations could have an adverse effect on our business and operating results.
  • Our proprietary software may not operate properly, which could damage our reputation, give rise to claims against us or divert application of our resources from other purposes, any of which could harm our business and operating results.
  • Any failure by us to offer high-quality technical support services may adversely affect our relationships with our customers and harm our reputation and financial results.
  • If we cannot implement our offerings for customers in a timely manner, we may lose customers and our reputation and financial results may be harmed.
  • Our marketing efforts depend significantly on our ability to receive positive references from our existing customers.
  • We have a history of significant GAAP losses, which we expect to continue for the foreseeable future, and we may never achieve or sustain profitability in the future.
  • The market for our offerings is immature and volatile, and if it does not further develop, if it develops more slowly than we expect, or if our offerings do not drive employee engagement, the growth of our business will be harmed.
  • We incur significant upfront costs in our customer relationships, and if we are unable to maintain and grow these customer relationships over time, we are likely to fail to recover these costs and our operating results will suffer.
  • Our ability to deliver our full offerings to customers depends in substantial part on our ability to access data and other resources that are managed by a limited number of health plans and other third parties.
  • A significant portion of our revenue comes from a limited number of customers, the loss of which would adversely affect our financial results.
  • Because we generally bill our customers and recognize revenue over the term of the contract, near term declines in new or renewed agreements may not be reflected immediately in our operating results and may be difficult to discern.
  • Our sales and implementation cycle can be long and unpredictable and require considerable time and expense, which may cause our operating results to fluctuate.
  • The health care industry is heavily regulated. Our failure to comply with regulatory requirements could create liability for us, result in adverse publicity and otherwise negatively affect our business.
  • If we fail to comply with applicable health information privacy and security laws and other applicable state, federal and international privacy and security laws, we may be subject to significant liabilities, reputational harm and other negative consequences, including decreasing the willingness of current and potential customers to work with us.
  • Shifts in health care benefits trends, including any potential decline in the number of self-insured employers, or the emergence of new technologies, may render our offerings obsolete or require us to expend significant resources in order to remain competitive.
  • We may require additional capital to support business growth, and this capital might not be available to us on acceptable terms, or at all.
  • The information that we provide to our customers, and their employees and families, could be inaccurate or incomplete, which could harm our business, financial condition and results of operations.
  • If we cannot maintain our corporate culture as we grow, we could lose the elements of our culture that we believe contribute to our success and, as a result, our business may be harmed.
  • If we fail to develop widespread brand awareness cost-effectively, our business may suffer.
  • Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.
  • Any failure to protect our intellectual property rights could impair our ability to protect our proprietary technology and our brand.
  • We could incur substantial costs as a result of any claim of infringement of another party’s intellectual property rights.
  • Our use of open source technology could impose limitations on our ability to commercialize our software platform.
  • We may not be able to utilize a significant portion of our net operating loss or research tax credit carryforwards, which could adversely affect our profitability.
  • The stock price of our Class B common stock may be volatile or may decline regardless of our operating performance.
  • If we are unable to meet the continued listing requirements of the NYSE, the NYSE may delist our Class B common stock.
  • If there are substantial sales of shares of our Class B common stock, the price of our Class B common stock could decline.
  • The dual class structure of our Class A and Class B common stock will have the effect of concentrating significant voting influence or control with our directors and their affiliates; this will limit or preclude a stockholder's ability to influence corporate matters.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • Anti-takeover provisions under Delaware law and in our restated certificate of incorporation and restated bylaws could make a merger, tender offer, or proxy contest difficult, limit attempts by our stockholders to replace or remove members of our board of directors or current management and depress the trading price of our Class B common stock.
  • Our quarterly results may fluctuate significantly, which could adversely impact the value of our Class B common stock.
  • The loss of one or more of our executive officers or key employees, or an inability to attract and retain highly skilled employees or key subcontractor services, could adversely affect our business.
  • If we fail to manage our growth effectively, our expenses could increase more than expected, our revenue may not increase and we may be unable to implement our business strategy.
  • If we are unable to implement and maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our Class B common stock may be negatively affected.
  • We may face risks related to securities litigation that could result in significant legal expenses and settlement or damage awards.
  • The development and expansion of our business through acquisitions of other companies or technologies or other strategic transactions could divert our management’s attention, result in dilution to our stockholders and otherwise disrupt our operations and adversely affect our operating results.
  • Changes in accounting principles may cause previously unanticipated fluctuations in our financial results, and the implementation of such changes may impact our ability to meet our financial reporting obligations.
  • We incur significantly increased costs and devote substantial management time as a result of operating as a public company.
  • Natural or man-made disasters and other similar events may significantly disrupt our business and negatively impact our results of operations and financial condition.
Management Discussion
  • ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • This Quarterly Report on Form 10-Q includes forward-looking statements. All statements, other than statements of historical fact, contained in this Quarterly Report on Form 10-Q, including statements regarding the impact our future results of operations, financial position and cash flows, our business strategy, expansion opportunities, results and outcomes for customers and users, plans and our objectives for future operations, and the impact of the coronavirus ("COVID-19") pandemic on our business and the U.S. and global economies, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “can,” “will,” “would,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in Part II, Item 1A “Risk Factors.” Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
  • You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We undertake no obligation to update any of these forward-looking statements after the date of this Quarterly Report on Form 10-Q or to conform these statements to actual results or revised expectations, except as required by law.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Good
New words: foreign
Removed: Journal, percent, published, sheet, Sunnyvale