CHICAGO - GoHealth Inc. (NASDAQ: GOCO), a prominent player in the health insurance marketplace, reported a significant increase in fourth-quarter revenue, which soared to $276.7 million, marking a substantial rise from the previous year. The company's earnings per share (EPS) for the quarter stood at -$0.22.
Investors have responded positively to the earnings release, with GoHealth's stock price climbing 3.37%.
This performance reflects a remarkable 298.8% surge in net revenues compared to the same quarter last year, highlighting the company's successful shift to a non-agency operating model, which now accounts for 60% of Medicare revenue. This strategic pivot has been instrumental in driving cash generation, with the company generating $109.1 million of cash flow from operations in 2023, a striking 79.2% improvement from the prior year.
The fourth quarter's net loss improved by 98.5%, and adjusted EBITDA saw a 160.1% increase, demonstrating significant enhancements in profitability. GoHealth's full-year net revenues also increased to $734.7 million, up from $631.7 million in 2022.
GoHealth's CEO, Vijay Kotte, emphasized the company's consumer-centric approach, highlighting the PlanFit CheckUp program as a key driver of the 2023 results. CFO Jason Schulz echoed this sentiment, attributing the robust financial performance to the company's commitment to transparency, trust, and integrity.
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