Oscar Health Q1 net loss narrows to $39.6M; adjusted EBITDA turns positive at $51.1M

Oscar Health, Inc.

2023-Q1 EPS reported -$0.18 revenue$1,469,685,000

Premiums earned up 50% YoY to $1.4B; Direct & Assumed Policy Premiums $1.7B (+2% YoY).
Medical Loss Ratio improved 108 bps YoY to 76.3%; InsuranceCo Combined Ratio 94.9% (+230 bps).
Adjusted EBITDA of $51.1M vs. -$37.0M in prior year; net loss improved $37.7M YoY to -$39.6M.
FY2023 outlook reaffirmed: MLR 82-84%, Adj EBITDA loss of -$175M to -$75M.
Membership at 1.02M (down 5% YoY) but Cigna+Oscar partnership grew to 67K members.

item 2.02 item 9.01

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. reported the first quarter ended March 31, 2023 results: revenue Premiums earned of $1.4 billion, net income Net loss of $39.6 million. Guidance reaffirmed.

Period: the first quarter ended March 31, 2023
Revenue: Premiums earned of $1.4 billion
Net income: Net loss of $39.6 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

YoY Improvements Across all KPIs May 9, 2023 • For the quarter ended March 31, 2023: ◦ Direct and Assumed Policy Premiums of $1.7 billion, a 2% increase YoY ◦ Premiums earned of $1.4 billion, a 50% increase YoY ◦ Medical Loss Ratio of 76.3%, a 108 bps improvement YoY ◦ Net loss of $39.6 million, an improvement of $37.7 million YoY ◦ Adjusted EBITDA of $51.1 million,

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Oscar Health, Inc. filing history →

Source: SEC EDGAR

accession 0001568651-23-000026

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