Bright Health Shares Rise 20% After Sale of California Medicare Advantage Business

Dow Jones01-03

By Chris Wack

Bright Health Group shares were up 20% to $9.87 after the company completed the sale of its California Medicare Advantage business, Brand New Day and Central Health Plan, to Molina Healthcare.

The stock hit its 52-week low of $4.94 on Dec. 21, and is down 79% in the past 12 months.

The sale closed, effective as of Monday.

Concurrent with the closing of the sale, the company also made the final repayment on its amended credit facility with J.P. Morgan, eliminating its secured debt. The remaining proceeds of the sale are expected to be put toward its continuing business, NeueHealth.

Bright Health reaffirmed its expectation for NeueHealth to be profitable on an adjusted EBITDA basis in 2024.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

January 03, 2024 10:53 ET (15:53 GMT)

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