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Sep 30, 2022
NeueHealth Q3 2022 Earnings Report
Reported financial results for the third quarter ended September 30, 2022.
Key Takeaways
Bright Health Group reported a revenue of $1.6 billion, a 51.3% increase from Q3 2021. The company experienced a GAAP Net Loss of $259.4 million and an Adjusted EBITDA Loss of $82.9 million. They are lowering the Full Year 2022 Enterprise Medical Cost Ratio guidance range to 90% to 92% and positively revising the Full Year 2022 Adjusted EBITDA loss guidance range to $550 to $700 million.
Revenue of $1.6 billion, up 51.3% from Q3'21.
GAAP Net Loss of $259.4 million.
Adjusted EBITDA Loss of $82.9 million.
Q2’22 Enterprise Medical Cost Ratio of 90.6%, a strong improvement from the prior year.
NeueHealth
NeueHealth
Forward Guidance
Bright Health Group expects total revenue of $6.8 billion and an enterprise Medical Cost Ratio between 90% and 92% for full year 2022. Bright HealthCare combined Commercial and Medicare Advantage end-of-year membership is expected to be over 1,000,000, while NeueHealth Revenue is expected to be approximately $2.2 billion. Adjusted EBITDA for 2022 is expected to be a loss of between $500.0 million and $700.0 million
Positive Outlook
- Total Revenue is expected to be $6.8 billion.
- Enterprise Medical Cost Ratio between 90% and 92%.
- Bright HealthCare combined Commercial and Medicare Advantage end-of-year membership is expected to be over 1,000,000.
- NeueHealth Revenue is expected to be approximately $2.2 billion.
- Intercompany Revenue elimination, comprised of payments from Bright HealthCare to NeueHealth for managing patient care and for network services, is expected to be approximately $1.2 billion.
Challenges Ahead
- Adjusted EBITDA for 2022 is expected to be a loss of between $500.0 million and $700.0 million