Bright Health Group(BHG) - 2024 Q3 - Quarterly Results

Financial Performance - NeueHealth reported a revenue of $232.9 million for Q3 2024, a decrease of 13.5$269.4 million in Q3 2023[4] - The company achieved an Adjusted EBITDA of $9.4 million in Q3 2024, up from$3.4 million in Q3 2023, marking the third consecutive quarter of positive Adjusted EBITDA[4] - Net loss for Q3 2024 was reported at $40.4 million, a significant improvement from a net loss of$547.1 million in Q3 2023[4] - Total revenue for the three months ended September 30, 2024, was $232,933,000, a decrease of 13.5$269,399,000 for the same period in 2023[13] - Operating loss for the nine months ended September 30, 2024, was $(77,993,000), an improvement from$(531,061,000) in the same period of 2023[13] - Net loss attributable to common shareholders for the three months ended September 30, 2024, was $(70,475,000), compared to$(646,357,000) in the prior year[13] - The company reported a net loss of $(40,365) for the three months ended September 30, 2024, compared to$(547,148) for the same period in 2023[21] Revenue Breakdown - Capitated revenue increased to $71,334,000 for the three months ended September 30, 2024, up 18.3$60,371,000 in the prior year[13] - ACO REACH revenue decreased significantly to $149,477,000, down 25.2$200,044,000 year-over-year[13] - Total segment revenue for NeueCare was $83,867,000 for the three months ended September 30, 2024, an increase of 24.9$67,134,000 in the same period of 2023[16] - Total segment revenue for the nine months ended September 30, 2024, was $478,014, down 29.6$678,521 in the prior year[17] Cost Management - Total operating expenses for the three months ended September 30, 2024, were $250,275,000, a decrease of 65.8$732,174,000 in the same period of 2023[13] - Total operating expenses for the three months ended September 30, 2024, were $157,875, down from$230,132 in the prior year[17] - Medical costs for the three months ended September 30, 2024, were $182,693,000, a decrease from$226,438,000 in the prior year[13] - Medical costs for the three months ended September 30, 2024, were $153,840, a decrease from$204,017 in the same period of 2023[17] - The Operating Cost Ratio for the three months ended September 30, 2024, was 27.5%, up from 26.9% in the prior year[22] - Adjusted Operating Cost Ratio for the nine months ended September 30, 2024, improved to 17.8% from 15.9% in the same period last year[22] - The impact of share-based compensation on the Operating Cost Ratio was (7.0)% for the three months ended September 30, 2024[22] Consumer and Market Growth - As of September 30, 2024, NeueHealth served 390,000 value-based consumers, an increase of 9.86% from 355,000 in the same period of 2023[3] - The number of lives served through enablement services rose significantly to 119,000, compared to just 31,000 a year earlier, representing a growth of 283.87%[3] - The company is well-positioned to capitalize on strategic growth opportunities in 2025 and beyond, focusing on aligning interests among consumers, providers, and payors[2] Future Projections - For the full year 2024, NeueHealth expects total revenue to be approximately $950 million, with NeueCare revenue projected at$320 million and NeueSolutions revenue at $640 million[5] - The company reaffirmed its Adjusted EBITDA guidance for 2024, expecting it to be between$15 million and $25 million[5] Asset and Liability Management - Total assets as of September 30, 2024, were reported at$696.8 million, a decrease from $1.2 billion at the end of 2023[12] - Current liabilities decreased to$872.4 million from $1.4 billion at the end of 2023, indicating improved financial management[12]