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Jun 30, 2022
GoHealth Q2 2022 Earnings Report
Announced second quarter 2022 results, with a decrease in net revenue and an increase in medicare submitted policies.
Key Takeaways
GoHealth reported a decrease in net revenue by 19% compared to the prior year period, totaling $158.7 million. The company experienced a net loss of $113.8 million, a significant increase from the previous year's $39.2 million loss. However, Medicare Submitted Policies increased by 9% compared to the prior year period, reaching 177,911.
Medicare Submitted Policies increased 9% compared to the prior year period.
Net revenue decreased 19% compared to the prior year period.
Net loss significantly increased compared to the prior year period.
Adjusted EBITDA decreased compared to the prior year period.
GoHealth
GoHealth
Forward Guidance
GoHealth has suspended the Company’s previously issued quantitative guidance for the remainder of 2022 and expects to achieve cash flow breakeven on a trailing twelve-month basis by the middle of next year.
Positive Outlook
- Renewed focus on high-quality customer experience.
- Efficiency improvements.
- Focus on cash flow.
- Strategic moves, including cost actions, to strengthen ability to achieve cash flow breakeven.
- Ramping up Encompass programs to be fully deployed for the upcoming AEP.
Challenges Ahead
- Suspension of previously issued quantitative guidance for the remainder of 2022.
- Competitive dynamics amongst carrier partners.
- Evolving needs of Medicare beneficiaries.
- This quarter’s results do not represent the financial performance they are capable of achieving.
- facing a natural inflection point