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Jun 30, 2024
GoHealth Q2 2024 Earnings Report
GoHealth's Q2 2024 performance saw a decrease in revenue and submissions, but an improvement in net loss compared to the prior year period.
Key Takeaways
GoHealth reported a decrease in net revenues to $105.9 million due to a 6% decrease in total submissions. The company experienced a net loss of $59.3 million, an improvement of $10.9 million compared to the prior year period. Despite the revenue decline, GoHealth is intensifying targeted marketing efforts for the upcoming AEP and focusing on technology advancements in AI and automation.
Net revenues for Q2 2024 were $105.9 million, a decrease of $36.9 million compared to the prior year period.
Submissions for Q2 2024 totaled 152,394, a 6% decrease compared to the prior year period.
Net loss for Q2 2024 was $59.3 million, an improvement of $10.9 million compared to the prior year period.
Adjusted EBITDA for Q2 2024 was negative $12.3 million, a decrease of $13.1 million compared to the prior year period.
GoHealth
GoHealth
GoHealth Revenue by Segment
Revenue by Segment
Medicare Agency Revenue
CapyFin.comMedicare Non-Agency Revenue
CapyFin.comOther Non-Agency Revenue
CapyFin.comOther Agency Revenue
CapyFin.com Forward Guidance
GoHealth anticipates growth in Submission volume, revenue, and Adjusted EBITDA for the remainder of 2024. The mix of agency versus non-agency agreements will be a key driver of cash flow from operations performance.
Positive Outlook
- Anticipates growth in Submission volume
- Expects increase in revenue
- Projects growth in Adjusted EBITDA
- Strategic focus on agency versus non-agency agreements
- Disciplined execution to achieve goals and deliver long-term value
Challenges Ahead
- Various factors expected to influence the second half of the year
- Decline in net revenues due to decrease in total Submissions
- Decrease in Submissions generated by external GoPartner Solutions agents
- Decrease in Adjusted EBITDA compared to prior year period
- Trailing twelve months positive cash flow from operations decreased compared to prior year period
Revenue & Expenses
Visualization of income flow from segment revenue to net income