Reports $462.4 million in total revenue, up 26.2% year-over-year
Medicare Advantage enrollment increases to approximately 112,200 members, up 17% year-over-year
Alignment Healthcare, Inc. (NASDAQ: ALHC), a tech-enabled Medicare Advantage company, today reported financial results for its second quarter ended June 30, 2023.
“Our employees continue to deliver results by putting our members first, helping us to beat guidance across all four of our key metrics, including membership, revenue, adjusted gross profit and adjusted EBITDA,” said John Kao, founder and CEO. “We are making our mission of changing health care one person at a time a reality.”
Second Quarter 2023 Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended June 30, 2022.
Health plan membership at the end of the quarter was approximately 112,200, up 17.0% year over year
Total revenue was $462.4 million, up 26.2% year over year
Health plan premium revenue of $424.7 million represented 21.0% growth year over year
Adjusted gross profit was $53.6 million and loss from operations was ($23.7) million
Adjusted gross profit excludes depreciation and amortization of $5.3 million and selling, general, and administrative expenses of $70.2 million (which includes $13.9 million of equity-based compensation). Adjusted gross profit also excludes an additional $1.8 million of equity-based compensation recorded within medical expenses
Medical benefits ratio based on adjusted gross profit was 88.4%
Adjusted EBITDA was ($2.1) million and net loss was ($28.5) million
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