secwatch.observer — SEC 8-K summary
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Issuer:     Oscar Health, Inc. (OSCR)
CIK:        0001568651
Form:       8-K
Filed at:   2025-11-06T23:59:59+00:00
Accession:  0001568651-25-000035
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1568651/000156865125000035/0001568651-25-000035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1568651/000156865125000035/oscr-20251103.htm
  HTML page:      https://secwatch.observer/filing/0001568651-25-000035

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