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Sep 30, 2020
GoHealth Q3 2020 Earnings Report
Reported strong third quarter results, driven by revenue growth and efficient scaling, and increased the full year outlook for 2020.
Key Takeaways
GoHealth reported a strong third quarter with a 52% increase in net revenues to $163.4 million and a 142% increase in adjusted EBITDA to $39.3 million. The company also updated its full year 2020 outlook, expecting net revenues of $850-$890 million and adjusted EBITDA of $270-$290 million.
Third quarter net revenues increased by 52% year-over-year to $163.4 million.
Third quarter net loss was $206.5 million, including $209.3 million of accelerated vesting of equity awards related to the IPO.
Third quarter adjusted EBITDA increased by 142% year-over-year to $39.3 million.
The company increased its full year 2020 outlook, projecting net revenues of $850-$890 million and adjusted EBITDA of $270-$290 million.
Forward Guidance
GoHealth updated its outlook for the fiscal year ending December 31, 2020 based on current market conditions and expectations. Full year 2020 net revenue of $850 - $890 million, representing year-over-year growth of 58% - 65%. Full year 2020 adjusted EBITDA of $270 - $290 million, representing year-over-year growth of 58% - 70%
Positive Outlook
- Robust start to the Annual Enrollment Period
- October submissions up 83% over the prior October
- Medicare market is large and growing quickly
- Realizing long-term growth opportunity
- Creating value for partners and delivering great results for shareholders
Challenges Ahead
- Trajectory of the US economy remains challenging to predict
- Heightened uncertainty associated with the COVID-19 pandemic
- Ability to comply with the numerous, complex and frequently changing laws regulating the marketing and sale of Medicare plans
Historical Earnings Impact
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Avg. Return Before/After Earnings
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