Covista, the rebranded name of Adtalem Global Education, held its Investor Day on February 24 2026 in Chicago, announcing a new three‑year growth strategy called “Purpose at Scale.”
The strategy builds on the company’s previous “Growth with Purpose” framework but places a stronger emphasis on operational excellence, strategic flexibility and disciplined capital allocation. It calls for expanding capacity, deepening employer partnerships and integrating AI‑enabled curriculum across its healthcare education platform.
Covista set fiscal‑year targets for 2027‑2029: revenue growth of 6‑8 % in FY27, 7‑10 % in FY28 and 8‑11 % in FY29; adjusted earnings per share growth of 9‑13 % in FY27, 10‑14 % in FY28 and 12‑16 % in FY29. The company also reaffirmed its FY26 outlook, projecting revenue of $1.9 billion to $1.94 billion and adjusted EPS of $7.80 to $8.00.
The announcement followed Q2 FY2026 results that showed revenue of $503.4 million, up 12.4 % year‑over‑year, and adjusted EPS of $2.43, up 34.3 % year‑over‑year. Segment contributions were $183.8 million from Chamberlain, $217.6 million from Walden and $102.0 million from Medical & Veterinary. The revenue beat was driven by strong demand in core segments, especially Walden’s enrollment growth, and the company’s AI‑enabled curriculum.
Adjusted EBITDA margin expanded to 30.8 % from 27.9 % in the prior year, a gain largely attributable to operational efficiencies and scale, particularly at Walden. The margin improvement signals that the company is successfully leveraging its larger enrollment base to drive cost efficiencies.
Management raised its FY26 adjusted EPS guidance to $7.80‑$8.00, reflecting confidence in sustained demand and cost control. CEO Steve Beard said, “our 10th consecutive quarter of enrollment growth,” and added, “Walden has achieved record total enrollment.” He also noted, “Chamberlain enrollment declined 1% and adjusted EBITDA fell 14% as the company invests to fix marketing and funnel conversion gaps, though management reports double‑digit application growth and expects a fall cycle recovery.” CFO Robert Phelan said, “Revenue in the second quarter increased by 12.4% to $503.4 million, driven by all 3 segments.” He added, “Walden continues to be a source of strength and in particular, was aided by a 1‑week academic calendar shift from the third quarter into the second quarter this fiscal year, resulting in an incremental $18 million in revenue recognized in Q2 rather than in Q3.”
Investors reacted with mixed sentiment. While the strong results and raised guidance were welcomed, concerns about Chamberlain’s enrollment decline and broader regulatory changes in student financing tempered enthusiasm.
The Investor Day coincided with Adtalem’s rebranding to Covista on February 24, 2026, and the NYSE ticker change to CVSA. The rebranding signals a strategic pivot to a pure‑play healthcare workforce platform.
Covista also announced a partnership with GE Healthcare’s HelloAI unit to advance AI fluency and a founding role in the Alliance for Advancing Rural Healthcare with SAIC, positioning the company to address the national clinician shortage.
The “Purpose at Scale” strategy aims to accelerate growth by leveraging AI, deepening employer pipelines and expanding capacity, while addressing segment disparities. The guidance and strategic shift provide investors with a clearer view of the company’s long‑term trajectory.
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