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Jun 30, 2021
GoHealth Q2 2021 Earnings Report
GoHealth's second quarter performance was driven by growth in the Medicare—Internal segment and investments in the Encompass Platform, leading to increased revenue and policy submissions.
Key Takeaways
GoHealth, Inc. reported a 55% increase in second quarter net revenue to $196.9 million, driven by an 84% increase in Medicare—Internal revenue. The company's investments in the Encompass Platform contributed $17 million in revenue. However, the company reported a net loss of $39.2 million and a decrease in Adjusted EBITDA due to strategic investments in agent capacity and technology.
Second quarter net revenue increased 55% to $196.9 million compared to the prior year period.
Medicare—Internal revenue increased 84% to $160.4 million compared to the prior year period.
Medicare Advantage Approved Submissions increased 58% to 152,749 compared to the prior year period.
MA LTV Per Approved Submission increased 5% to $953 compared to the prior year period.
Forward Guidance
The Company is revising its financial outlook for the fiscal year ending December 31, 2021 based on current market conditions and expectations.
Positive Outlook
- Full-year 2021 net revenue of $1,200 - $1,300 million, representing year-over-year growth of 37% - 48%
- Full-year 2021 commission revenue of $1,000 - $1,100 million, representing year-over-year growth of 49% - 64%, fueled by the Company’s continued investment in its Medicare business, including GoHealth’s Encompass Platform
- Seniors continue to demonstrate a high degree of interest in our model
- Consumers can explore their Medicare plan choices from the safety and comfort of their own home through our Choice platform.
- GoHealth’s telesales agents are equipped with the decision support tools and experience to help consumers select the right plan for their unique needs and achieve a superior health outcome with lower costs.
Challenges Ahead
- The trajectory of the U.S. economy remains challenging to predict, particularly given the continued uncertainty associated with the pace of recovery from the COVID-19 pandemic.
- Full-year 2021 Adjusted EBITDA1 of $300 - $330 million, representing year-over-year growth of 11% - 22%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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