Oscar Health Q3 net loss $137.5M ($0.53 EPS); exchanges $187.5M notes for 23.3M shares

Oscar Health, Inc.

2025-Q3 EPS reported -$0.35 revenue$8,896,192,000

Q3 total revenue $2.99B (+23% YoY); net loss $137.5M vs $54.6M loss YoY; Adj EBITDA loss $101.5M vs $11.6M loss.
Medical loss ratio 88.5% (vs 84.6% YoY) driven by $130M increase in risk adjustment accrual; SG&A ratio improved to 17.5%.
Reaffirmed FY2025 guidance: revenue $12.0-12.2B, loss from operations $200-300M, MLR 86-87%.
On Nov 5, exchanged $187.5M of 7.25% convertible notes due 2031 for 23.3M shares; up to $62.5M more by Dec 14.
Debt covenants extinguished; $410M subordinated notes due 2030 no longer subordinated to 2031 notes.

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