Oscar Health Q2 2023: net loss narrows to $15.4M; Adj EBITDA turns positive at $35.6M; CFO Blackley appointed

Oscar Health, Inc.

2023-Q2 EPS reported -$0.25 revenue$2,991,220,000

Net loss of $15.4M improved $96.7M YoY; Adjusted EBITDA $35.6M vs -$75.8M YoY.
MLR improved 230 bps YoY to 79.9%; InsuranceCo Combined Ratio improved 500 bps to 96.7%.
Premiums earned $1.5B (+48% YoY); Direct and Assumed Policy Premiums $1.6B (-3% YoY).
Full-year 2023 guidance tightened: MLR towards low-end of 82-84%, Adj EBITDA towards high-end of -$175M to -$75M.
R. Scott Blackley returns as CFO effective Aug 14; Sid Sankaran steps down but stays on Board.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

R. Scott Blackley

Chief Financial Officer

OSCR · Oscar Health, Inc.

Effective: 2023-08-14
Filed: August 8, 2023, 7:59 PM ET

Effective August 14, 2023, R. Scott Blackley will become the Company’s Chief Financial Officer (“CFO”).

Departed

Siddhartha Sankaran

Chief Financial Officer

OSCR · Oscar Health, Inc.

Effective: 2023-08-14
Successor: R. Scott Blackley
Filed: August 8, 2023, 7:59 PM ET

Mr. Siddhartha Sankaran will remain CFO through that 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 full year 2023 guidance (reaffirmed).

Period: full year 2023
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Oscar is reaffirming its full year 2023 outlook across all metrics as provided in its financial results press release dated February 9, 2023, with MLR now projected to be towards the low-end of the 82% - 84% range and Adjusted EBITDA 1 projected to be towards the high-end of the ($175) million - ($75) million range, towards a ($75) million loss.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

R. Scott Blackley changed role as Chief Financial Officer at Oscar Health, Inc..

Action: will become
Role: Chief Financial Officer

Exact text from the filing

Effective August 14, 2023, R. Scott Blackley will become the Company’s Chief Financial Officer (“CFO”).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Siddhartha Sankaran departed as Chief Financial Officer at Oscar Health, Inc..

Role: Chief Financial Officer

Exact text from the filing

Mr. Siddhartha Sankaran will remain CFO through that 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 0001568651-23-000043

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