Castlight's revenue rises, but so do losses

Castlight Health, a developer of an online healthcare pricing service for patients, payers and self-insured employers, is still in search of profits, but its revenue continues to increase, according to its quarterly financial report to the Securities and Exchange Commission.

Revenue for the company's third quarter ending Sept. 30, 2014, was $12.2 million, up 238% compared with the $3.6 million for the same period in 2013, the company reported. But Castlight posted a third-quarter 2014 net loss of nearly $20.2 million, larger by 22% than its $16.6 million net loss for the third quarter of 2013.

On its balance sheet, Castlight listed $224 million in assets, including $25.2 million in cash and nearly $156.9 million in marketable securities against total liabilities of $44 million and current liabilities of $35.7 million.

Founded in 2008, Castlight uses claims data to create an online tool that helps patients and employers determine in advance the cost of healthcare services.

When it launched its initial public stock offering March 14, Castlight's shares opened at $16 and soared to $39.80 at the close, a one-day run-up of 149%.

But within a month, those shares lost more than half their value and haven't closed above $20 since April. The stock closed at $13 on Thursday, its highest price this month. At roughly midday Friday, it was down 4.85%, trading at $12.37 per share.

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