Shares of insurance services provider Lemonade Inc (NYSE:LMND) are on the rise today after the company delivered healthy second-quarter numbers.
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Revenue exploded 114.9% year-over-year to $95.2 million, outperforming estimates by $7 million. Net loss per share at $0.96 too came in narrower than estimates by $0.12. Despite a challenging macroeconomic environment and severe weather events, the company’s In Force Premium rose by 56% to $653 million in Q1.
Additionally, its Annual Dollar Retention reached a record 87% and Premium Per Customer increased by 26%. Looking ahead, for Q2 2023, Lemonade expects In force Premium between $665 million and $668 million. Adjusted EBITDA loss is anticipated between $58 million and $55 million.
For the full year 2023, the company sees In Force Premium hovering between $700 million and $705 million. Adjusted EBITDA loss is expected between $205 million and $200 million.
Overall, the Street has a $20.42 consensus price target on LMND, implying a potential upside of 84.1% in the stock.
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