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Mar 31, 2023
NeueHealth Q1 2023 Earnings Report
Reported strong start to the year with Consumer Care segment generating positive Operating Income and Medical Cost Ratio in line with expectations.
Key Takeaways
Bright Health Group reported a 23% year-over-year increase in revenue from continuing business, reaching $756.3 million. The Consumer Care segment achieved positive operating income, and the California MCR was 89.0%, excluding prior period medical costs. The company maintains its expectation for 2023 consolidated Adjusted EBITDA profitability.
Revenue from Continuing Business increased by 23% year over year, reaching $756.3 million.
Net Loss from Continuing Business was $94.8 million, with an Adjusted EBITDA Loss of $35.1 million.
Consumer Care segment achieved positive Operating Income in Q1 2023.
California MCR was 89.0% excluding prior period Medical Costs, consistent with seasonal expectations.
NeueHealth
NeueHealth
Forward Guidance
Bright Health's 2023 Revenue and Adjusted EBITDA profitability expectations are unchanged, while Adjusted Operating Cost Ratio now forecast for the high end of the prior range.
Positive Outlook
- Enterprise Revenue is expected to be between $2.9 billion and $3.1 billion
- Bright HealthCare Revenue is expected to be greater than $1.8 billion
- Consumer Care Revenue is expected to be between $1.1 billion and $1.3 billion
- Enterprise Adjusted Operating Cost Ratio is expected to be approximately 14%
- Bright Health expects to be Adjusted EBITDA profitable in 2023