Castlight Health, a company that uses data analytics to help employers and others make the best decisions about healthcare purchasing, has reported total revenue of $8.4 million for the first quarter, a 339 percent increase over the first quarter of 2013.
The Q1 results report follows Castlight Health's explosive initial public offering in March, which valued the company well in excess of the predicted $2 billion despite the fact the company had reported a mere $13 million in revenue in 2013.
The period ended March 31 saw a spike in business for the company. "We executed 29 customer implementations during the first quarter, including successful launches for a number of Fortune 500 companies," Giovanni Colella, MD, Castlight Health's co-founder and CEO, said in a news release. "This was nearly three times as many deployments as we had executed in any previous quarter, which gives us great confidence in our ability to meet the increasing demand that we are seeing in the market."
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