Oscar Health Raises Full Year Revenue and Adjusted EBITDA Outlook

 

• For the quarter ended June 30, 2024:
• Total Revenue of $2.2 billion, a 46% increase YoY
• Medical Loss Ratio of 79.0%, a 90 bps improvement YoY
• SG&A Expense Ratio of 19.6%, a 260 bps improvement YoY
• Net income attributable to Oscar of $56.2 million, or $0.20 of diluted earnings per share, a $71.7 million improvement YoY
• Adjusted EBITDA of $104.1 million, a $68.6 million improvement YoY

Oscar is updating its full year 2024 outlook to reflect first half outperformance. The Company projects Revenue to be in the $9.0 billion to $9.1 billion range, $700 million above the prior range of $8.3 billion to $8.4 billion, and Adjusted EBITDA to be in the $160 million to $210 million range, $35 million higher than the prior range of $125 million to $175 million. Additionally, the Company now projects a lower SG&A Expense Ratio in the range of 19.75% to 20.25%, and a modestly higher Medical Loss Ratio in the range of 80.5% to 81.5%.

https://www.businesswire.com/news/home/20240807220528/en/