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Dec 31, 2023
eHealth Q4 2023 Earnings Report
Delivered strong Medicare enrollment and revenue growth with substantial improvement in profitability metrics.
Key Takeaways
eHealth's Q4 2023 results reflect the success of their transformation program and AEP preparedness efforts, with a 26% YoY revenue increase driven by strong Medicare enrollment growth and improved profitability metrics. The company's operating cash flow exceeded expectations due to favorable retention trends in the Medicare book of business.
Q4 2023 total revenue increased 26% year-over-year to $247.7 million.
Medicare Advantage approved members increased 22% year-over-year.
Medicare Advantage LTV increased 11% year-over-year to $1,151.
GAAP net income improved $31.5 million year-over-year to $52.2 million.
Revenue by Segment
Forward Guidance
eHealth provides guidance for the full year ending December 31, 2024, with total revenue expected to be in the range of $450 million to $475 million, GAAP net loss expected to be in the range of $(40) million to $(20) million, adjusted EBITDA expected to be in the range of $(5) million to $20 million, and operating cash flow expected to be in the range of $(15) million to $(5) million.
Positive Outlook
- Total revenue is expected to be in the range of $450 million to $475 million.
- GAAP net income (loss) is expected to be in the range of $(40) million to $(20) million.
- Adjusted EBITDA(1) is expected to be in the range of $(5) million to $20 million.
- Operating cash flow is expected to be in the range of $(15) million to $(5) million.
- Excluding the impact of positive net adjustment revenue in both years, the mid-point of our 2024 guidance reflects approximately 12% year-over-year total revenue growth and a substantial improvement in GAAP net income (loss) and adjusted EBITDA(1).
Challenges Ahead
- Actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in eHealth’s annual and quarterly reports filed with the Securities and Exchange Commission.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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