SelectQuote slides after lowering FY26 guidance

Shares of insurance comparison platform SelectQuote SLQT.N fall 23% to $1.1

Co now expects FY26 revenue between $1.61 billion and $1.71 billion from a prior range of $1.65 billion to $1.75 billion

Co says fiscal 2026 guidance impacted by a national carrier's decision to limit Medicare Advantage policy volume and pharmacy benefit manager reimbursement changes

MA plans are privately run health plans approved by the U.S. government as an alternative to traditional Medicare

PBMs act as middlemen in the prescription drug system and determines how much pharmacies are reimbursed per prescription

Including session's move, SLQT down 75.2% in the last 12 months