NeueHealth Inc · Q2 2023 earnings

Briefing

Bright Health Group reported strong performance with positive Adjusted EBITDA and operating income in Care Delivery and Care Solutions segments.

Bright Health Group reported Q2 2023 results, featuring a 100% year-over-year revenue increase from continuing business, reaching $298.0 million. The company achieved positive Adjusted EBITDA of $6.4 million and positive operating income in both Care Delivery and Care Solutions segments. They are maintaining expectations for 2023 consolidated Adjusted EBITDA profitability.

• Revenue from continuing business increased by 100% year-over-year, reaching $298.0 million.
• Value-Based Consumers served totaled 371,000, a 214% increase compared to the previous year.
• Net Loss from Continuing Business was $31.7 million.
• Adjusted EBITDA was positive at $6.4 million.

Headline financials

Revenue & EPS history

Bright Health Group revised its 2023 financial outlook to reflect the movement of their California Medicare Advantage business to Held for Sale accounting. They expect enterprise revenue between $1.15 billion and $1.2 billion, Care Solutions revenue between $900 million and $925 million, and Care Delivery revenue between $250 million and $275 million. The Enterprise Adjusted Operating Cost Ratio is expected to be between 17.5% and 18.5%, and the company expects to be Adjusted EBITDA profitable in 2023.