8-K
filed November 9, 2022, 6:59 PM ET
CIK 0001671284
earnings
confidence high
sentiment negative
materiality 0.85
NeueHealth, Inc.: restructuring charge — Bright Health Q3 revenue $1.6B (+51%), GAAP net loss $259M; guides FY22 Adj EBITDA loss $500-700M; restructures, new COO
NeueHealth, Inc.
2022-Q3 EPS reported
-$1.28
revenue$5,044,495,000
- Q3 revenue $1.6B (+51.3% YoY), GAAP net loss $259.4M, Adjusted EBITDA loss $82.9M.
- Enterprise Medical Cost Ratio improved to 90.6% from 103% in Q3'21.
- Lowered full-year 2022 Adjusted EBITDA loss guidance to $500-700M; revenue expected $6.8B.
- Announced restructuring: exiting Individual and Family Plan and Medicare Advantage outside California; expects workforce reduction.
- Appointed Jeff Cook as COO effective Nov 9; CEO of Bright HealthCare Michael Carson stepping down Dec 2.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
NeueHealth, Inc. reported the third quarter ended September 30, 2022 results: revenue $1.6 billion, net income GAAP Net Loss of $259.4 million. Guidance lowered.
- Period
- the third quarter ended September 30, 2022
- Revenue
- $1.6 billion
- Net income
- GAAP Net Loss of $259.4 million
- Guidance
- lowered
- Result
- reported results
Exact text from the filing
Act, except as expressly set forth by specific reference in such filing. --- EX-99.1 (EX-99.1) --- BRIGHT HEALTH GROUP REPORTS THIRD QUARTER 2022 RESULTS • Revenue of $1.6 billion, up 51.3% from Q3'21, GAAP Net Loss of $259.4 million, Adjusted EBITDA Loss of $82.9 million • Q2’22 Enterprise Medical Cost Ratio of 90.6%, a strong improvement from the prior
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jeff Cook was appointed as Chief Operating Officer at NeueHealth, Inc..
- Action
- appointed
- Role
- Chief Operating Officer
Exact text from the filing
the Board of the Company approved the appointment of Jeff Cook, chief executive officer, NeueHealth, as Chief Operating Officer of the Company, effective as of November 9, 2022.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Carson departed as Chief Executive Officer of Bright HealthCare at NeueHealth, Inc..
- Action
- stepping down
- Role
- Chief Executive Officer of Bright HealthCare
Exact text from the filing
On November 9, 2022, the Company announced that Michael Carson, the Chief Executive Officer of Bright HealthCare, is stepping down from his role with the Company, effective December 2, 2022.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
NeueHealth, Inc. amended Amendment No. 3 with JPMorgan Chase Bank, N.A. (effective 2022-11-08).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- JPMorgan Chase Bank, N.A.
- Effective
- 2022-11-08
Exact text from the filing
On November 8, 2022, Bright Health Group, Inc. (the "Company"), entered into Amendment No. 3 (the “Amendment”) to its Credit Agreement, dated March 1, 2021, among the Company, the other Loan Parties party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended by the Amendment, the “Credit Agreement”).
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.4
NeueHealth, Inc. announced a restructuring (restructure its workforce and reduce expenses).
- Type
- restructuring
- Headcount
- restructure its workforce and reduce expenses
Exact text from the filing
On November 4, 2022, the Board of Directors (the “Board”) of the Company approved a plan to restructure its workforce and reduce expenses based on the Company's updated business model.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.