The share price of Israeli digital insurance company Lemonade (NYSE: LMND) fell 7.23% in after-market trading on Wall Street after the company announced its fourth quarter and full year 2020 financial results and 2021 guidance, even though revenue was slightly higher and losses slightly lower than analysts’ expectations.
Lemonade’s market cap is $7.5 billion, representing a 324% return since the company’s IPO eight months ago, although the share price is down 33% from its peak in January.
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Lemonade reported revenue of $20.5 million in the fourth quarter of 2020, up 12.8% from the fourth quarter of 2019, and a net loss of $33.9 million ($0.60 per share), 3.7% higher than the fourth quarter of 2019.
2020 revenue totaled $94.4 million, up 40.3% from 2019 and net loss was $122 million, up from $109 million in 2019.
Lemonade, founded by CEO Daniel Schreiber and president and COO Shai Wininger, provides online home and pet insurance using big data and AI algorithms.
Lemonade sees revenue of $21.5-22.5 million in the first quarter of 2021, meeting analysts’ forecasts, and revenue in all of 2021 of $114-117 million, above analysts’ forecasts. Lemonade sees negative EBITDA of $40-43 million in the first quarter and negative EBITDA of $163-173 million in all of 2021.
Published by Globes, Israel business news – en.globes.co.il – on March 2, 2021
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