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Intellectia.AI Updated: 1970-01-01
GoHealth, Inc. Reports Q2 2024 Financial Results
GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change (%) | Consensus Estimates (Current Quarter) |
|---|---|---|---|---|
| Revenue | $105.9M | $142.8M | -25.9% | $141.79M |
| Earnings Per Share (EPS) | -$1.05 | -$1.29 | +18.6% | -$2.47 |
| Adjusted EBITDA | -$12.3M | $0.8M | -1637.5% | N/A |
| Cash Flow from Operations (TTM) | $53.8M | $85.9M | -37.4% | N/A |
GoHealth experienced a notable year-over-year decline in revenue, primarily due to a reduction in submission volumes. However, the company's net loss showed improvement, reflecting tighter cost management. The adjusted EBITDA decreased significantly, moving from a positive to a negative figure.
Operational Data
| Key Operational Metrics | Q2 2024 | Q2 2023 | YoY Change (%) |
|---|---|---|---|
| Total Submissions | 152,394 | 162,837 | -6% |
Total submissions saw a reduction, largely offset by an increase in the internal captive agents' performance while facing declines from external GoPartner Solutions agents.
Comments from Company Officers
Vijay Kotte, CEO of GoHealth, noted, "We are particularly pleased with the performance of our internal captive agents despite unchanged shopping and switching dynamics since last year's annual enrollment period ("AEP")." Kotte emphasized the company's focus on leveraging its proprietary technologies and intensifying targeted marketing efforts in preparation for the upcoming AEP.
Interim CFO Katie O'Halloran highlighted the company's strategic focus, "With our continued strategic focus and disciplined execution, we are committed to achieving our goals and delivering long-term value."
Dividends and Share Repurchase Program
The earnings release did not mention any declarations of dividends or announcements regarding a share repurchase program.
Forward Guidance
The company reiterated its confidence in its performance expectations for 2024, anticipating growth in submission volume, revenue, and adjusted EBITDA for the second half of the year.
Stock Price Movement
Following the earnings release, GoHealth's stock experienced a decline of 4.31%.
In summary, GoHealth's second-quarter financials reflect a challenging environment influencing revenues and submissions, yet the company remains optimistic about its strategic initiatives and future performance.