Oscar Health Q3: Net loss $194M, membership up 81%; CFO transition announced, targets 2024 profitability

Oscar Health, Inc.

2022-Q3 EPS reported -$1.80 revenue$2,968,511,000

Membership of 1,075,445 as of Sep 30, 2022, up 81% YoY; premiums earned $954M, up 116% YoY.
Net loss of $194M improved $18M YoY; Adjusted EBITDA loss of $160M improved $28M YoY.
Medical Loss Ratio improved 980 bps to 89.9%; InsuranceCo Combined Ratio improved 1,220 bps to 110.6%.
FY2022 guidance updated: Direct and Assumed Policy Premiums $6.7-6.9B; Adjusted EBITDA loss modestly above $480M high-end.
CFO R. Scott Blackley transitions to Chief Transformation Officer; Sid Sankaran returns as Interim CFO effective Dec 1, 2022.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Role change

R. Scott Blackley

Chief Transformation Officer

OSCR · Oscar Health, Inc.

Effective: 2022-12-01
Filed: November 8, 2022, 6:59 PM ET

On November 7, 2022, the Board of Directors of the Company (the “Board”) appointed R. Scott Blackley as the Chief Transformation Officer of the Company and Siddhartha Sankaran as Interim Chief Financial Officer of the Company, each effective December 1, 2022 (the “Transition Date”).

Appointed (interim)

Siddhartha Sankaran

Interim Chief Financial Officer

OSCR · Oscar Health, Inc.

Effective: 2022-12-01
Filed: November 8, 2022, 6:59 PM ET

On November 7, 2022, the Board of Directors of the Company (the “Board”) appointed R. Scott Blackley as the Chief Transformation Officer of the Company and Siddhartha Sankaran as Interim Chief Financial Officer of the Company, each effective December 1, 2022 (the “Transition Date”).

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Oscar Health, Inc. updated its the third quarter ended September 30, 2022 guidance (reaffirmed).

Period: the third quarter ended September 30, 2022
Guidance: reaffirmed
Result: reported results

Exact text from the filing

On November 8 , 2022, Oscar Health, Inc. (the “Company”), announced the Company’s financial results for the quarter ended September 30, 2022.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Oscar Health, Inc. updated its Full Year 2022 guidance (reaffirmed).

Period: Full Year 2022
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Oscar is updating its FY22 outlook to reflect the impact of higher membership.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

R. Scott Blackley was appointed as Chief Transformation Officer at Oscar Health, Inc..

Action: appointed
Role: Chief Transformation Officer

Exact text from the filing

On November 7, 2022, the Board of Directors of the Company (the “Board”) appointed R. Scott Blackley as the Chief Transformation Officer of the Company and Siddhartha Sankaran as Interim Chief Financial Officer of the Company, each effective December 1, 2022 (the “Transition Date”).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Siddhartha Sankaran was appointed as Interim Chief Financial Officer at Oscar Health, Inc..

Action: appointed
Role: Interim Chief Financial Officer

Exact text from the filing

On November 7, 2022, the Board of Directors of the Company (the “Board”) appointed R. Scott Blackley as the Chief Transformation Officer of the Company and Siddhartha Sankaran as Interim Chief Financial Officer of the Company, each effective December 1, 2022 (the “Transition Date”).

View on SEC.gov

13 earnings releases filed in the last 30 days. Browse all earnings releases →

Oscar Health, Inc. filing history →

Source: SEC EDGAR

accession 0001568651-22-000054

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