On November 2, 2023, Agilon Health Inc (AGL, Financial) released its earnings report for the third quarter ending September 30, 2023. The company reported a significant increase in revenue and membership, demonstrating strong performance across its core partner markets.
Financial Performance
Agilon's total revenue for Q3 2023 was $1.22 billion, a 75% increase compared to $695 million in Q3 2022. The company's gross profit stood at $30 million, compared to $26 million in the same quarter of the previous year. Despite the increase in revenue and gross profit, Agilon reported a net loss of $31 million, consistent with the net loss reported in Q3 2022.
Membership Growth
Agilon reported a significant increase in its Medicare Advantage membership, which grew by 58% to 420,300. The total number of members live on the agilon platform also increased to 508,000. The company attributes this growth to the strength of its physician network and platform, which has improved patient outcomes across the Medicare Advantage and ACO REACH populations.
Sale of MDX Hawaii
In a strategic move to focus on its core partner markets, Agilon sold MDX Hawaii. This decision is expected to better position Agilon, its partner groups, and their patients for continued success in 2024 and beyond.
Outlook for Fiscal Year 2023
Agilon provided updated guidance for the fiscal year 2023, excluding MDX Hawaii. The company expects total revenues to be between $4.31 billion and $4.32 billion, with a medical margin between $455 million and $470 million. Adjusted EBITDA is projected to be between $6 million and $18 million.
Agilon Health Inc (AGL, Financial) continues to demonstrate strong performance in its core partner markets, with significant growth in revenue and membership. The company's strategic decision to sell MDX Hawaii is expected to further strengthen its position and drive continued success in the coming years.
Explore the complete 8-K earnings release (here) from Agilon Health Inc for further details.
