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Wednesday, October 12, 2022

Bright Health Drops Individual Insurance Business

 

  • Reaffirms previous 2022 Adjusted EBITDA guidance at midpoint and accelerates Adjusted EBITDA profitability to 2023, a year earlier than previously anticipated

  • Will no longer offer Individual and Family Plan products through Bright HealthCare in 2023, or Medicare Advantage products outside of California and Florida

  • Raises $175 million of committed convertible preferred equity capital to fully fund business to profitability

  • Expects to deliver a $3 billion Net Revenue balanced business in 2023 through its risk-bearing care delivery and Medicare Advantage businesses

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