Bright Health Group Inc (BHG) Reports Q3 2023 Earnings: Revenue Up 39% YoY, Net Loss of $479. ...

GuruFocus.com2023-11-07

Q3 2023 revenue from continuing business reached $269.4 million, a 39% increase year over year. Value-Based Consumers served increased by 208.7% to 355,000 from the previous year. Net loss from ...

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The company reported a significant increase in revenue, but also a substantial net loss due to a non-cash Goodwill impairment charge.Despite the net loss, BHG achieved a positive Adjusted EBITDA of $1.2 million in Q3 2023. The company is maintaining its expectation for 2023 consolidated Adjusted EBITDA profitability. BHG's Enterprise Revenue is expected to be between $1.14 billion and $1.19 billion. On a segment basis, Care Solutions Revenue is expected to be between $890 mil","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"光明健康集团公司（BHG）报告2023年第三季度收益：收入同比增长39%，净亏损479美元。...","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BHG":1},"content_text":"Q3 2023 revenue from continuing business reached $269.4 million, a 39% increase year over year.\nValue-Based Consumers served increased by 208.7% to 355,000 from the previous year.\nNet loss from continuing business was $479.3 million, including a $401.4 million non-cash Goodwill impairment charge.\nPositive Adjusted EBITDA of $1.2 million in Q3 2023.\n\n\nWarning! GuruFocus has detected 5 Warning Signs with BHG.\n\nOn November 7, 2023, Bright Health Group Inc (NYSE:BHG) released its financial results for the third quarter ended September 30, 2023. The company reported a significant increase in revenue, but also a substantial net loss due to a non-cash Goodwill impairment charge.\nFinancial Performance and Challenges\nBHG's Q3 2023 revenue from its continuing business reached $269.4 million, marking a 39% increase year over year. The company served 355,000 Value-Based Consumers, a significant increase of 208.7% on a comparable basis from last year. However, the company reported a net loss from its continuing business of $479.3 million, which included a $401.4 million non-cash Goodwill impairment charge.\nFinancial Achievements and Outlook\nDespite the net loss, BHG achieved a positive Adjusted EBITDA of $1.2 million in Q3 2023. The company is maintaining its expectation for 2023 consolidated Adjusted EBITDA profitability. BHG's Enterprise Revenue is expected to be between $1.14 billion and $1.19 billion. On a segment basis, Care Solutions Revenue is expected to be between $890 million and $910 million, while Care Delivery Revenue is expected to be between $250 million and $275 million.\nKey Details from Financial Statements\nFrom the balance sheet, as of September 30, 2023, BHG had total assets of $2,055,766,000 and total liabilities of $1,861,157,000. The company's cash and cash equivalents stood at $113,430,000. From the income statement, the company's total revenue for the nine months ended September 30, 2023, was $867,931,000, while the net loss from continuing operations was $564,915,000.\nCompany's Commentary\n\n Bright Healths solid 2023 performance continued in the Third Quarter, with our second consecutive quarter of positive Adjusted EBITDA. Excluding a Goodwill impairment, our Care Delivery segment reported Operating Income profitability based on strong performance,\" said Mike Mikan, President and CEO of Bright Health.\n\nDespite the challenges, BHG continues to show resilience and growth potential, as evidenced by its increasing revenue and positive Adjusted EBITDA. The company's focus on serving aging and underserved consumers with unmet clinical needs continues to drive its performance.\n Explore the complete 8-K earnings release (here) from Bright Health Group Inc for further details. This article first appeared on \nGuruFocus.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2381983004"}