Brookfield-based Connecture Inc. narrowed its loss, but pulled in less revenue in its third quarter than in the same period last year.
The health insurance marketplace software developer reported a third-quarter net loss of $171,000, or 8 cents lost per diluted share, compared with a net loss of $3.1 million, or 18 cents lost per share, in the same period last year.
The company’s revenue totaled $20.5 million in the second quarter, down from $24.7 million in the third quarter of 2016.
Connecture’s operating income was $725,000 in the third quarter, up from from an operating loss of $2.5 million in the same period in 2016.
“We entered 2017 determined to improve our year-over-year operating results,” said Jeff Surges, president and CEO. “I am pleased that our results reflect significant progress on that goal as we improved both our year-to-date net loss from operations and Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) by over $9 million, and improved our net loss by over $11 million, from 2016.”
“We remain centered on our objective of achieving sustained profitability,” Surges added. “We are especially encouraged with our performance given the current year headwinds from an uncertain macro environment in the commercial health insurance marketplace.”
Total revenue is expected to be in the range of $73 million to $78 million this year, the company said.
For the first nine months of 2017, the company reported a net loss of $8.9 million, or 60 cents lost per share, compared to $20.3 million, or 99 cents lost per share, in the same period last year.
Revenue was $57.1 million in the first nine months of 2017, compared to $61 million in the same period in 2016, a year-over-year decrease of 6.4 percent.
In October, Connecture announced plans to withdraw its stock from the Nasdaq Stock Market and list its shares on the OTCQX market. The company received a deficiency notice from Nasdaq in May, indicating it had not met the required $15 million minimum market value of publicly held shares for the past 30 consecutive business days. Per Nasdaq rules, it had until Oct. 31 to bring its market value into compliance with the rule or its stock would be delisted.
