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In recent transactions disclosed by American Well Corp (NYSE:AMWL), a telehealth company currently valued at $116 million, Vukasin Paunovich, the Executive Vice President of Enterprise Platforms, sold 444 shares of Class A Common Stock. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 2.92x, though it faces profitability challenges. The shares were sold at an average price of $7.1688 each, amounting to a total value of approximately $3,182. Following this transaction, Paunovich retains ownership of 116,121 shares in the company.
The sale was conducted as part of an automatic "sell to cover" transaction to address tax liabilities related to the vesting of restricted stock units on January 2, 2025. This type of transaction is not discretionary and is executed automatically to fulfill tax obligations.
In other recent news, American Well Corporation (Amwell) reported stable third-quarter revenues of $61 million, despite a slight decrease in visits and subscription revenue. The company's adjusted EBITDA improved to negative $31 million, marking progress from the previous quarter and year. In addition, Amwell announced the adoption of a new inducement plan and the granting of awards to its newly appointed CFO, Mark Hirschhorn. The plan allows for equity or equity-based awards and has earmarked 1,222,960 shares of Class A common stock for awards under this plan.
In other developments, Amwell is set for the full deployment of its Defense Health Agency contract by the end of 2024 and expects to achieve cash flow positivity by 2026. The company revised its revenue guidance for 2024 to $247-$252 million and maintains a strong balance sheet with $245 million in cash and no debt. Lastly, analysts noted a decline in sales and marketing expenses, indicating a potential reduction in growth investments, and new contracts are expected to contribute significantly to subscription revenue growth in 2025.
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