Q2 2024 Oscar Health Inc Earnings Call Transcript
Key Points
- Oscar Health Inc (OSCR) reported a 46% year-over-year increase in total revenue, reaching $2.2 billion for the second quarter.
- The company improved its medical loss ratio by 90 basis points year-over-year to 79%.
- Oscar Health Inc (OSCR) achieved total company adjusted EBITDA of $104.1 million, a nearly $69 million improvement versus the prior year.
- Membership grew by 63% year-over-year, reaching approximately 1.6 million members.
- The company raised its full-year 2024 revenue guidance by $700 million to a range of $9 billion to $9.1 billion and adjusted EBITDA guidance to a range of $160 million to $210 million.
- The increase in SEP (Special Enrollment Period) membership comes with an in-year medical loss ratio (MLR) headwind due to partial year risk adjustment dynamics.
- Higher risk adjustment as a percentage of premiums partially offset the revenue growth.
- The company expects a medical loss ratio in the range of 80.5% to 81.5% for the full year, driven primarily by SEP member risk adjustment dynamics.
- Oscar Health Inc (OSCR) noted that SEP members added in the second half of the year carry an in-year MLR headwind due to partial year risk adjustment dynamics.
- The company has seen some higher usage of the ER among SEP members, which could impact overall medical costs.
Good morning, everyone. My name is Ellie, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Oscar Health's Second Quarter 2024 Earnings Conference Call. Please note that this call is being recorded. [Operator Instructions] Thank you. I will now turn the conference over to Chris Potochar, Vice President of Treasury and Investor Relations. You may now begin.
Good morning, everyone. Thank you for joining us for our second quarter 2024 earnings call. Mark Bertolini, Oscar's Chief Executive Officer; and
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