Oscar Health reports first-ever quarterly net income of $177.4M; revenue up 46% YoY

Oscar Health, Inc.

2024-Q1 EPS reported $0.62 revenue$2,142,305,000

Q1 2024 net income of $177.4M ($0.62 diluted EPS) vs. net loss of $39.8M in Q1 2023.
Total revenue of $2.1B, up 46% YoY driven by higher membership and pricing.
Medical Loss Ratio improved 210 bps YoY to 74.2%; SG&A Expense Ratio improved 870 bps to 18.4%.
Adjusted EBITDA of $219.3M, up $168.2M YoY; total members reached 1,448,408.
Company reaffirms full-year 2024 outlook across all metrics.

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 First Quarter 2024 results: revenue $2.1 billion, net income $177.4 million, EPS $0.62. Guidance reaffirmed.

Period: First Quarter 2024
Revenue: $2.1 billion
Net income: $177.4 million
EPS: $0.62
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Oscar Health, Inc. ir.hioscar.com News Release Oscar Health Announces Results for First Quarter 2024 May 7, 2024 • For the quarter ended March 31, 2024: ◦ Total Revenue of $2.1 billion, a 46% increase YoY ◦ Medical Loss Ratio of 74.2%, a 210 bps improvement YoY ◦ SG&A Expense Ratio of 18.4%, an 870 bps improvement YoY ◦ Net Income attributable to Oscar of $177.4 million, or $0.62 of diluted earnings per share, a $217.1 million improvement YoY

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Source: SEC EDGAR

accession 0001568651-24-000013

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