Oscar Health, Inc. ( (OSCR) ) has released its Q3 earnings. Here is a breakdown of the information Oscar Health, Inc. presented to its investors.
Oscar Health, Inc. is a prominent healthcare technology company that focuses on providing individual and family health plans, leveraging its innovative full-stack technology platform to enhance healthcare accessibility and affordability.
In its latest earnings report for the third quarter of 2024, Oscar Health announced significant revenue growth, reaching $2.4 billion—a 68% increase from the previous year. Despite reporting a net loss, the company showed notable improvements in other financial metrics, indicating progress towards its long-term financial goals.
Key financial highlights for the quarter include a Medical Loss Ratio of 84.6%, reflecting a slight increase due to higher medical costs, and an SG&A Expense Ratio improvement to 19.0%, demonstrating better cost efficiency. The company achieved a reduced net loss of $54.6 million and an adjusted EBITDA loss of $11.6 million, both showing year-over-year improvements.
Oscar Health has updated its full-year 2024 projections, anticipating total revenue to reach between $9.2 billion and $9.3 billion, while expecting to achieve net income profitability within the year. These projections reflect the company’s ongoing efforts to enhance efficiency and scale its operations effectively.
Looking ahead, Oscar Health remains focused on leveraging its technology and growing its membership base to achieve continued financial improvement and meet its profitability targets, as emphasized by the company’s management.
