Agilon Health received a notice from the New York Stock Exchange on November 8, 2025 that the company was no longer in compliance with the exchange’s continued‑listing standards. The notice cited an average closing price of less than $1.00 over a consecutive 30‑day period that ended on November 4, 2025, and it gave the company a 30‑day cure window to restore compliance.
In response, Agilon Health has committed to notifying the NYSE by November 19, 2025 that it intends to remain listed. The company plans to seek shareholder approval for a reverse stock split at its 2026 annual general meeting, though the specific split ratio has not yet been disclosed. The reverse split is intended to lift the share price above the $1.00 threshold and avoid delisting, but it will also reduce the number of shares outstanding and could affect liquidity for existing shareholders.
The low share price reflects deeper financial challenges. Agilon’s Q3 2025 medical margin was negative $57 million, a slight improvement from negative $58 million in Q3 2024, yet the company still posted a $0.27 loss per share versus analysts’ expectation of a $0.18 loss—a miss of $0.09. Revenue for the quarter was $1.44 billion, just $10 million above the $1.43 billion consensus, and the company’s Medicare Advantage membership fell to 503,000 from 525,000 in the prior year. These figures illustrate persistent losses, rising medical costs, and a shrinking member base that have eroded investor confidence.
Executive Chair Ronald A. Williams said the company had made “tangible progress executing on its transformation initiatives” while still absorbing the impact of historical challenges. CFO Jeffrey Schwaneke noted that lower‑than‑expected risk‑adjustment revenue and costs associated with exited markets were key factors driving the current financial performance. Both executives emphasized ongoing cost‑control efforts and a focus on improving payer contract economics as the company works toward profitability.
Investors reacted negatively to the notice, citing the risk of delisting and the company’s ongoing financial headwinds. The market’s concern is rooted in the sustained low share price, negative margins, and membership decline—factors that signal a challenging path to profitability even as Agilon pursues strategic initiatives such as cost reductions, operational restructuring, and data‑analytics investments.
The reverse stock split, while a short‑term remedy, does not address the underlying business issues. Agilon’s long‑term success will depend on its ability to stabilize medical margins, grow its Medicare Advantage membership, and execute its value‑based care model in a highly competitive and regulated environment. The company’s current trajectory suggests that it must accelerate its transformation agenda to regain investor confidence and avoid further regulatory scrutiny.
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