Q3 2024 Oscar Health Inc Earnings Call Transcript
Key Points
- Oscar Health Inc (OSCR) reported a 68% year-over-year increase in revenue, reaching $2.4 billion for the third quarter.
- The company achieved a total company adjusted EBITDA of $312 million year-to-date, representing a $246 million increase year over year.
- Oscar Health Inc (OSCR) closed the first nine months of 2024 with approximately 1.65 million members, a 68% increase year over year.
- The company is on track to achieve net income profitability this year, marking a significant milestone.
- Oscar Health Inc (OSCR) is expanding its market presence, increasing its total addressable lives to approximately 11 million, an increase of 700,000 lives year over year.
- The medical loss ratio increased by 80 basis points year over year to 84.6%, primarily driven by higher SEP membership and a late summer COVID uptick.
- SEP member additions have been higher than anticipated, creating a headwind for the medical loss ratio.
- The company expects a medical loss ratio towards the high end of their prior range of 80.5% to 81.5%, driven by SEP membership risk adjustment dynamics.
- Oscar Health Inc (OSCR) faces competitive pricing pressures, with some market players pricing closer to flat due to minimum MLR requirements.
- The company acknowledges that the 15% growth assumption for the ACA market next year may be at the high end of the range due to CMS's program integrity efforts.
Good morning. My name is Angela and I will be your conference operator today. At this time, I would like to welcome everyone to Oscar Health third quarter, 2024 earnings conference call at this time. (operator instructions) I will now turn the conference over to Chris Potachar, Vice President of Treasury and Investor Relations.
Good morning, everyone. Thank you for joining us for our third quarter, 2024 earnings call mark Bertolini Oscar's Chief Executive Officer and
This call can also be accessed through our investor relations website at Ir dot Hioscar dotcom.
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