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Sep 30, 2023
Oscar Health Q3 2023 Earnings Report
Oscar Health reported strong third quarter results with significant year-over-year improvement across all core ratios.
Key Takeaways
Oscar Health announced its financial results for Q3 2023, showcasing significant year-over-year improvements across core ratios. The company is raising its full year outlook for 2023 InsuranceCo Adjusted EBITDA and consolidated Adjusted EBITDA, projecting profitability in its insurance business in 2023 and Total Company Adjusted EBITDA profitability in 2024.
Direct and Assumed Policy Premiums decreased by 5% YoY to $1.6 billion.
Premiums earned increased by 46% YoY to $1.4 billion.
Net loss improved by $127.8 million YoY to $65.7 million.
Adjusted EBITDA loss improved by $139.5 million YoY to $20.3 million.
Forward Guidance
Oscar Health is raising its full year 2023 outlook for InsuranceCo Adjusted EBITDA and consolidated Adjusted EBITDA to reflect year-to-date outperformance. The Company projects InsuranceCo Adjusted EBITDA to be in the $155 million to $165 million range and consolidated Adjusted EBITDA loss to be in the ($60) million to ($50) million range.
Positive Outlook
- Direct and Assumed Policy premiums at the high-end of the $6.4 billion - $6.6 billion range
- Medical Loss Ratio at the low-end of the 82% - 84% range
- InsuranceCo Administrative Expense Ratio near the midpoint of the 17% - 18% range
- InsuranceCo Adjusted EBITDA of $155 million - $165 million, above the high-end of the prior range of $20 million - $120 million
- Adjusted Administrative Expense Ratio near the midpoint of the 20.5% - 21.5% range
Challenges Ahead
- Adjusted EBITDA loss of ($60) million - ($50) million, above the high-end of the prior range of ($175) million - ($75) million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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