NEW YORK - Oscar Health, Inc. (NYSE: OSCR), a prominent healthcare technology company, reported a significant beat on both earnings and revenue for the first quarter ended March 31, 2024. The company's stock soared 17.62% following the announcement, indicating a robust investor endorsement of the quarterly performance.
The company recorded adjusted earnings per share (EPS) of $0.62, surpassing the analyst consensus of $0.27 by $0.35. Total revenue reached $2.1 billion, exceeding expectations by $110 million against the consensus estimate of $1.99 billion. This revenue figure represents a substantial 46% increase year-over-year (YoY).
Oscar Health's CEO, Mark Bertolini, commented on the results, "Our performance lays a solid foundation for 2024, and gives us a clear line of sight into Total Company Adjusted EBITDA profitability this year."
He also highlighted the company's disciplined pricing strategy and cost of care initiatives as drivers behind the improved Medical Loss Ratio (MLR), which saw a 210 basis points improvement YoY to 74.2%. Additionally, the SG&A Expense Ratio improved significantly by 870 basis points YoY to 18.4%.
The net income attributable to Oscar was reported at $177.4 million, a remarkable $217.1 million improvement YoY. Adjusted EBITDA also saw a significant rise, reaching $219.3 million, up $168.2 million YoY.
Oscar Health has reaffirmed its full-year 2024 outlook, maintaining the guidance provided in its February 7, 2024, financial results press release. The positive earnings release and the company's confirmation of its full-year outlook underscore the company's confidence in its operational strategy and growth trajectory.
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