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Investors are unselecting iSelect's shares, walloping the share price after the firm slashed its earnings outlook and revealed its chief executive officer has quit.
Full-year earnings guidance is now in the range of $8 million to $12 million, significantly lower than its previous $26 million to $28 million estimate.
The share price was down 53 per cent to 49 cents at 11.30am (AEST).
The online comparison site allows consumers to pit health insurance, energy and phone plans against each other and for its troubles takes commission based on the cost of the policy, product or plan that the customer buys.
But it only gets commission if they buy.
And that is where iSelect has run into trouble — with plenty of competition, tough insurance market and consumers happy to compare plans themselves, revenue has fallen short of expectations.
Strategy has also been a problem.
"Both the Health and Energy and Telco verticals have been negatively impacted by market volatility and lower than expected leads due to changes in the marketing mix," the company has said in a statement to the market.
It blames "reduced search engine marketing" for that.
A "full strategic review" of marketing is now underway to get more people clicking through.
The rising cost of health insurance products and "ongoing affordability issues" has also softened demand for iSelect's services.
Scott Wilson has resigned effective immediately from the role of chief executive, which he has held for five years.
He has been wished "all the best for future endeavours" by the board, which is now searching for a replacement.
Non-executive director Brodie Arnhold will take the helm in the interim.
The company says its balance sheet remains "strong", with no debt and a cash balance of $21 million.
Topics: business-economics-and-finance, markets, stockmarket, health-insurance, industry, insurance, australia
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