Alignment Healthcare 2021 Financial Results, Outlook, Call

 Full Year 2021 Financial Highlights

All comparisons, unless otherwise noted, are to the twelve months ended Dec. 31, 2020.

• Total revenue was $1,167.8 million, up 21.7% year over year

• Health plan premium revenue of $1,120.9 million represented 28.4% growth year over year

• Adjusted gross profit was $144.4 million and loss from operations was ($178.1) million

  • Adjusted gross profit excludes depreciation and amortization of $16.1 million and selling, general, and administrative expenses of $291.0 million (which includes $106.6 million of equity-based compensation). Adjusted gross profit also excludes an additional $15.4 million of equity-based compensation recorded within medical expenses

  • Medical benefits ratio based on adjusted gross profit was 87.6%

• Adjusted EBITDA was ($33.1) million and net loss was ($195.3) million

• As of Dec. 31, 2021, total cash was $466.6 million, and debt was $154.1 million (excluding unamortized debt issuance costs)
  

Adjusted Gross Profit is reconciled as follows:

		Three Months Ended December 31,								Year ended December 31,
			2021				2020				2021				2020
(dollars in thousands)
Loss from operations		$	(43,466	)		$	(27,795	)		$	(178,072	)		$	(5,263	)
Add back:
Equity-based compensation (medical expenses)			3,960				—				15,418				—
Depreciation (medical expenses)			61				86				220				366
Depreciation and amortization			4,088				4,071				15,813				15,095
Selling, general, and administrative expenses			78,081				51,119				290,991				156,398
Total add back			86,190				55,276				322,442				171,859
Adjusted gross profit		$	42,724			$	27,481			$	144,370			$	166,596
Adjusted gross profit %			14.3%				11.3%				12.4%				17.4%
Medical benefit ratio			85.7%				88.7%				87.6%				82.6%

Adjusted EBITDA is reconciled as follows:

		Three Months Ended December 31,								Year ended December 31,
			2021				2020				2021				2020
(dollars in thousands)
Net loss		$	(47,834	)		$	(32,065	)		$	(195,286	)		$	(22,926	)
Add back:
Interest expense			4,452				4,308				17,443				16,931
Depreciation and amortization			4,149				4,157				16,033				15,461
EBITDA			(39,233	)			(23,600	)			(161,810	)			9,466
Equity-based compensation(1)			28,814				1,144				121,999				2,124
Reorganization and transaction-related expenses(2)			527				262				4,585				262
Acquisition expenses(3)			1,020				—				2,110				—
Adjusted EBITDA		$	(8,872	)		$	(22,194	)		$	(33,116	)		$	11,852

(1)	2021 represents equity-based compensation related to the timing of the Company’s initial public offering (“IPO”), including the previously issued stock appreciation rights liability awards, modifications related to transaction vesting units, and new grants made in conjunction with the IPO. 2020 represents equity-based compensation related to certain Class B and Class C membership units issued by Alignment Healthcare Holdings, LLC prior to the pre-IPO corporate reorganization (the “Reorganization”) described in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 3, 2022 (the “Form 10-K”).
(2)	Represents legal, professional, accounting and other advisory fees related to the Reorganization, the IPO and our November 2021 secondary offering that are considered non-recurring and non-capitalizable.
(3)	Represents acquisition-related fees, such as legal and advisory fees, that are non-capitalizable.

Outlook for First Quarter and Fiscal Year 2022

	Three Months Ending March 31, 2022		Twelve Months Ending December 31, 2022
$ Millions	Low	High	Low	High
Health Plan Membership	93,700	93,900	97,300	99,000
Revenue	$330	$335	$1,330	$1,345
Adjusted Gross Profit1	$32	$35	$163	$173
Adjusted EBITDA2	($17)	($13)	($47)	($39)

_______________________

Conference Call Details
The Company will host a conference call at 5:00 p.m. EST today to discuss these results and management’s outlook for future financial and operational performance. The conference call can be accessed by dialing (833) 607-1669 for U.S. participants, or (914) 987-7881 for international participants, and referencing participant code 7365097. A live audio webcast, along with this earnings release and financial tables, will be available online at https://ir.alignmenthealthcare.com/. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 12 months.

https://finance.yahoo.com/news/alignment-healthcare-reports-fourth-quarter-210500984.html

agilon health 2021 Results, Outlook, Call

 Revenue growth of 44% for the fourth quarter and 50% for fiscal year 2021

Total members live on the agilon platform grew 82% to 238,000, driven by 42% growth in Medicare Advantage and contribution from Direct Contracting

Guidance for 2022 includes significant gains in Adjusted EBITDA while maintaining strong revenue growth, reflecting agilon’s capital efficient partnership model

Class of 2023 new partners expected to add 80,000 Medicare Advantage members across 7 physician groups, including entry into 4 states and 8 geographies

agilon health scheduled to host inaugural Investor Day on March 11

Outlook for First Quarter and Fiscal Year 2022:

	Quarter Ended March 31, 2022				Year Ended December 31, 2022
	Low		High		Low		High
Medicare Advantage Members1	245,000		250,000		260,000		270,000
Direct Contracting Members1	85,000		90,000		80,000		85,000
Total Members Live on Platform1	330,000		340,000		340,000		355,000
Total revenues ($M)	$635		$650		$2,505		$2,590
Medical Margin ($M)	$82		$88		$290		$305
Adjusted EBITDA ($M)2	$10		$14		$0		$10

1Membership reflects management’s outlook for end of period. agilon’s partnered Direct Contracting Entities (DCEs) are not consolidated within its financial results.

2We have not reconciled guidance for Adjusted EBITDA to net income (loss), the most comparable GAAP measure, and have not provided forward-looking guidance for net income (loss), because of the uncertainty around certain items that may impact net income (loss), including stock-based compensation, that are not within our control or cannot be reasonably predicted.

Membership Details for the Year Ending 2021

Total members live on the agilon platform as of December 31, 2021, were 238,000, an increase of 82% from 2020. Total members live on the platform include 186,300 Medicare Advantage members and 51,700 attributed Direct Contracting beneficiaries.

agilon’s consolidated Medicare Advantage membership increased 42% during 2021, driven by contributions from new geographies and 15% growth within same geographies. Average Medicare Advantage membership was 186,200 during the fourth quarter and 181,800 for the fiscal year 2021.

Outlook for Class of 2023 New Partners

agilon health expects to add 80,000 Medicare Advantage members from 7 new partner groups in 2023, driving record growth and entry into 4 new states and 8 new geographies. With the addition of these new partner groups, agilon health will have long-term partnerships with 23 physician groups in 12 states and 25 geographies. Management intends to provide additional details on the Class of 2023 new partners at the company’s investor day on March 11, 2022.

Webcast and Conference Call:

agilon health will host a conference call and webcast to discuss fourth quarter and fiscal year 2021 results on Friday, March 4, 2022 at 8:30 AM Eastern Time. The conference call can be accessed by dialing (844) 200-6205 for U.S. participants and +1 (929) 526-1599 for international participants, and referencing participant code 269811. A simultaneous webcast can be accessed by visiting the "Events & Presentations" section of https://investors.agilonhealth.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call.

https://finance.yahoo.com/news/agilon-health-reports-fourth-quarter-211500318.html

Vicarious Surgical cut to Neutral from Overweight by Piper

 Target to $7 from $16

https://finviz.com/quote.ashx?t=RBOT&ty=c&ta=1&p=d