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Castlight Health's CSLT Giovanni Colella on Q3 2014 Results Greetings. And welcome to the Castlight Health Third Quarter 2014 Earnings Conference. At this time all participants are in a listen only mode. (Operator Instructions). As a reminder this conference is being recorded. I would now like to turn the conference over to your host Ms. Nita Sommers, VP moncler outlet milano of Corporate and Business Development for Castlight Health. Thank you. You hogan outlet scarpe may now begin. Good afternoon and welcome to Castlight's third quarter 2014 conference call for the period ended September 30, 2014. With me on today's call are Giovanni Colella, our Co Founder and CEO and John Doyle, our CFO. Following the prepared remarks we will take questions. Our press release was issued after close of market today and is posted on our website where this call is being simultaneously webcast. During the course of this call we will make forward looking statements regarding our trends, strategies and anticipated performance of our business including our guidance for the fourth quarter and full year 2014. These statements reflect management's current views and expectations and are subject to risk various risks, uncertainties and assumptions. Please refer to the press release and the risk factors included in the company's filings with the Securities and Exchange Commission for discussion of important factors that may cause actual events or results to differ materially from those contained in our forward looking statements. Forward looking statements made during the call are being made as of today. If this call is replayed or viewed after today, the information hogan outlet 2015 presented during this call may not contain current or accurate information. We disclaim any obligation to update or revise any forward looking statements. We will provide guidance on today's call, but we will not provide any further guidance nike air jordan or updates on our performance during the quarter unless we do so in a public forum. On the call we will also discuss certain non GAAP metrics that we believe aid in understanding of our financial results. A reconciliation to comparable GAAP metrics on a historical basis can be found in today's earnings release which is available on our website and as an exhibit to the Form 8K filed with the SEC just before the call. With that, let me turn this call over Gio. Thank you, Nita. And thank all of you for joining us to discuss our third quarter results. I am pleased to share that Castlight has an outstanding third quarter. We executed well across the business, driving great results for customers and record new bookings, while expanding our product offerings through innovation and access to more data than ever before. It is widely known that healthcare has been way beyond other industries when it comes to leveraging technology to improve results, but that is changing. These are exciting air max pas cher homme times for technology companies focused on healthcare and Castlight is one of the visionary companies driving this change. We are seeing the market for transparency solutions becoming increasingly mainstream. The opportunity to move beyond hogan outlet roma transparency to help companies truly take control of the healthcare investment is unfolding before us. We believe the opportunities ahead of us are enormous and there are many, which makes focus critical to achieving our air max pas cher goals. We plan carefully and we measure our progress diligently so we can effectively allocate our resources to drive rapid growth and solidify our leadership position. As I mentioned on our last call, we track four key drivers of our business very closely. These are growth, customer success, chaussure air max pas cher ecosystem relationships and innovation. Let's start with growth. Revenue were $12.2 million representing 238% growth compared to Q3 last year. This was ahead of our expectations, thanks to more great work by our customer implementations team. Q3 was also a terrific quarter for sales with record new sales. Our experience to date is that the third quarter is typically the high water mark in the years for the new sales. As we discussed last quarter, the second half of the year is when the vast majority of customers typically make their human resource and benefits decisions for the coming year. Adopting the Castlight platform tends to be part of that cycle. This means that for us it is really important to be ready to support prospects and customers as they plan their work with Castlight for the coming year. Well, we were ready and our sales team delivered in the third quarter. The details are impressive. We ended Q3 with 159 signed customers compared to 130 at the end of last quarter and 88 at the end of Q3 last year. We saw a strong increase in average deal size during the quarter and we added seven new air jordan femme pas cher Fortune 500 customers, including AT Land O'Lakes and Anthem, who in addition of being a health plan partner will also giuseppe zanotti sneakers be deploying Castlight to his own employees. One of the reasons for our success in Q3 was our decision earlier this year to focus our sales effort on the higher end of the market. This is where the key market influences are. They are the most innovative companies and have the largest IT budget. We are seeing strong demand across the market as more and more large businesses see the importance of deploying new technologies to get more from the healthcare spending. As before, the new customers we signed in Q3 are across a diverse set of industries. While every one of these firms is focused on getting more value from their healthcare spending, what we find most interesting is the diversity of strategic business objective that our customers are asking for our help to address. Evidence is building, that American enterprises are beginning to manage healthcare spending in a fundamentally new way to make the most out of their investments, ensure employees and their families get the right care at the right cost, at the right time and to help reduce overuse and waste in chaussure nike blazer pas cher the healthcare system. Let's walk through a few examples. In this past quarter alone we signed a large automotive manufacturer that selected Castlight as part of its strategy to michael kors watches create a best in class benefit package. They reported to us that they expect Castlight to help them achieve their talent recruitment goals. We signed a technology company that were seeking drive employee engagement to their existing health and wellness program. We also signed a manufacturer that needed a technology platform to enable cost savings and help facilitate a company wide transition to consumer driven health plans. And lastly, we signed a healthcare provider looking for partner that can rapidly innovate with them to create and introduce a unique benefit experience for their employees. This diversity of objective creates an enormous opportunity for Castlight to drive value for our customers. Our best in class transparency solution is an important starting point, but the breadth of our canada goose outlet industry leading enterprise healthcare cloud solutions, means that we are strongly positioned to help our customers accomplish a wide range of goals. For example, many customers focus on our ability to impact yearly cost or help them reduce overuse and wasted healthcare spend. Others are much more interested in measuring improvements and employee engagement and satisfaction with employee of benefit options as part of their broader initiative to attract and retain louboutin pas cher femme top talent. Still others ask us to track adoption and utilization of key programs designed to support employee productivity goals. We believe that no other technology company offers enterprises the power and flexibility michael kors sale to achieve their healthcare benefits goals as effectively as Castlight. This brings us to our second key business driver, michael kors clearance customer success. One of the important goals ghd lisseur that many companies have when they work with us is to reduce cost, as the market for healthcare technology expands it is important to sac longchamp cuir pas cher understand what works and what doesn't work. When it comes to helping our customers lower healthcare cost. While it is admittedly premature to draw further conclusion, it is not too soon to take a close look at early experiences and see what we can learn. In this context we were thrilled last week by the publication of our study giuseppe zanotti homme that provides an important validation of the potential of the Castlight platform to help our customers reduce cost. The Journal of American Medical Association, one of the most widely circulated peer reviewed medical journals in the world, published a study affirming the positive impact of Castlight's platform on a selected set of healthcare services. The study examining the impact of Castlight across 18 employers who had employees using Castlight between 2010 and 2015. The study found that employees who searched on Castlight saved money for themselves and their employers. Specifically, employees assessing Castlight saw cost reductions averaging 14% on lab test and 13% on imaging services when compared with employees who didn't search moncler piumini outlet in Castlight. As expected the study also supported the notion that primary care office visits present less opportunities for savings. While exciting, these findings are just the beginning. The JAMA study evaluated the first years use of Castlight by employers and employees at the dawn of healthcare consumers in the US.
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