Lemonade Stock Sinks 15% after Guidance Leaves a Sour Taste

seekingalpha02-28

Lemonade (NYSE:LMND) stock dropped 15% in Tuesday after-hours trading after the insurer disclosed plans to double its growth budget this year, but doesn't expect Q1 or full-year revenue to reach the ...

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In dollar terms, Lemonade expects to add about 50% more in force premium in 2024 than it did in 2023.The AI-driven insurer expects Q1 revenue of $111M-$113M compared with the average analyst estimate of $119.5M and the $115.5M it reported in Q4 2023. Adjusted EBITDA is expected to come in at -$43M to -$41M, improving from -$29M in the prior quarter.In force premium is expected to rise to $789M-$791M at March 30, 2024 vs. $747M at Dec. 31, 2023.For the full year 2024, the company expects: revenue to grow to $505M-$510M, less than the $520.9M consensus, from $315.2M in 2023; adjusted EBITDA of -$160M to -$155M, compared with -$172.6M in 2023; and in force premium of $938M-$942M vs. $747.3M at Dec. 31, 2023.However, Lemonade (LMND) said it's on track to turn cash flow positive in 2025 and adjusted EBITDA positive in 2026.Q4 GAAP EPS of -$0.61, better than the -$0.80 consensus, improved from -$0.88 in Q3 and -$0.93 in Q4 2022. 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