NYSE$NEUE

NeueHealth Inc · Q4 2021 earnings

Q4 2021 earnings · · Investor relations

Briefing

Reported fourth quarter and full year 2021 financial results.

Bright Health Group reported a Q4 2021 revenue of $962.3 million, a 167.5% increase year-over-year. However, the company experienced a GAAP Net Loss of $813.4 million and an Adjusted EBITDA loss of $790.1 million.

  • Achieved substantial growth in 2021, delivering $4 billion in Revenue.
  • Reached a significant scale milestone of serving over 1 million health plan lives for the start of 2022.
  • Experienced challenges during the year which resulted in worse than expected performance.
  • Focused on driving results off our scaled platform in 2022 and beyond.

Headline financials

Total Revenue

$962M

Previous: $360M+167.5%
EPS (adj)

-$103.20

Previous: -$96.00-7.5%
Operating Cost Ratio

47.7%

Previous: 41.3%+15.5%
Capital Expenditures

$9.73M

Previous: $5.29M+83.9%
Free Cash Flow

-$161M

Previous: -$73.9M-117.7%
Net Income

-$813M

Previous: -$164M-396.5%
Operating Income

-$820M

Previous: -$164M-400.5%
Gross Profit

$962M

Previous: $360M+167.5%
Cash & Equivalents

$289M

Previous: $488M-40.8%
Total Assets

$3.6B

Previous: $1.81B+98.7%
Stock-Based Comp

$25.2M

Previous: $1.73M+1356.0%

Revenue & EPS history

NeueHealth · Revenue · Quarterly

$962M

Q4 2021+167.5%vs Q4 2020
Beat estimate in 2 of 7 quarters(29%)
ActualEstimate

Forward guidance

For full year 2022, Bright Health Group expects a revenue of $6.8 to $7.1 billion and an adjusted EBITDA loss of $500 to $800 million.

Tailwinds

  • Bright Health Group’s total Revenue is expected to be $6.8 billion to $7.1 billion
  • Enterprise Medical Cost Ratio between 90% and 94%.
  • Bright HealthCare end-of-year membership is expected to be approximately 1,000,000
  • NeueHealth Revenue is expected to be approximately $2.3 billion.
  • Intercompany Revenue elimination is expected to be approximately $1.2 to $1.4 billion.

Headwinds

  • Adjusted EBITDA for 2022 is expected to be a loss of between $500.0 and $800.0 million

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 18 quarterly earnings reports · overlaid with Q4 2021

Historical avgQ4 2021

-2.0%

Avg return

Earnings day

-6.9%

Avg return

5 days after

-17.7%

Avg return

30 days after

45%

10 / 22 earnings

Positive

+46.5%

Q1 2023

Best reaction

-43.1%

Q4 2022

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q3 2025
Q2 2025+0.0%-2.2%-2.1%
Q1 2025-2.2%-0.4%-1.5%
Q4 2024+8.9%+30.9%+29.9%
Q3 2024+2.2%+2.5%+7.8%
Q2 2024-3.6%+2.3%-4.4%
Q1 2024-4.0%-3.7%-14.3%
Q4 2023+7.6%-6.0%-27.7%
Q3 2023-1.5%-10.2%-15.5%
Q2 2023-21.8%-27.8%-61.3%
Q1 2023+46.5%+7.2%-14.1%
Q4 2022-43.1%-48.8%-77.2%
Q3 2022+4.3%-3.7%-15.3%
Q2 2022-9.3%+2.1%-15.1%
Q1 2022+35.7%+26.0%-0.6%
Q4 2019-2.6%-1.3%-16.4%
Q4 2021-29.5%-42.9%-35.6%
Q3 2020+1.3%-13.1%-15.4%
Q3 2021-35.1%-34.4%-40.5%
Q2 2020+5.1%
Q1 2021+5.1%
Q4 2020+5.1%
Q2 2021-13.6%

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