MediaAlpha's second quarter results surpassed expectations, primarily due to the strong performance of its Health insurance vertical. However, the Property & Casualty insurance vertical experienced a decline due to low customer acquisition spend by carriers. The company reported revenue of $84.8 million, a net loss of $(20.0) million, and adjusted EBITDA of $3.6 million.
Revenue was $84.8 million, down 18% year over year.
Transaction Value was $125.9 million, down 31% year over year.
Gross margin was 16.2%, compared to 15.0% in the second quarter of 2022.
Net loss was $(20.0) million, compared to $(13.0) million in the second quarter of 2022.
For the third quarter of 2023, MediaAlpha expects Transaction Value between $95 million - $110 million, Revenue between $65 million - $75 million, and Adjusted EBITDA between $1.5 million and $3.5 million.
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