Business
Alignment Healthcare Reports Fourth Quarter and Full-Year 2022 Results; Provides Full-Year 2023 Financial Guidance
Reports $1.43 billion in total revenue for 2022, up 23% year-over-yearBeats high end of fourth quarter and full-year guidance on revenue, adjusted gross
About this update from Alignment Healthcare, Inc.
[{"type":"text","content":"Reports $1.43 billion in total revenue for 2022, up 23% year-over-yearBeats high end of fourth quarter and full-year guidance on revenue, adjusted gross profit and adjusted EBITDA Demonstrates replicability of the company's clinical management capabilities outside its core markets through its Care Anywhere clinical model and proprietary AVA® data platform, reporting nearly 40% fewer hospitalizations than traditional Medicare in California and each new market ORANGE, Calif., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Alignment Healthcare, Inc. (NASDAQ: ALHC), a tech-enabled Medicare Advantage company, today reported financial results for its fourth quarter and full year ending Dec. 31, 2022. “Alignment Healthcare’s relentless focus on quality allowed us to deliver strong financial results in 2022, having exceeded or met our guidance across all four of our key performance indicators for the eighth consecutive quarter,” said John Kao, founder and CEO. “As we approach the company’s 10-year anniversary, we’re confident that strategic investments in our people and technology will continue to drive meaningful improvements in the health and quality of life of all those we serve.” Fourth Quarter 2022 Financial HighlightsAll comparisons, unless otherwise noted, are to the three months ended Dec. 31, 2021. Health plan membership at the end of the quarter was approximately 98,400, up 14.3% year over yearTotal revenue was $361.8 million, up 21.3% year over yearHealth plan premium revenue of $344.9 million represented 21.5% growth year over yearAdjusted gross profit was $38.3 million and loss from operations was ($52.1) million Adjusted gross profit excludes depreciation and amortization of $4.8 million and selling, general, and administrative expenses of $83.2 million (which includes $20.5 million of equity-based compensation). Adjusted gross profit also excludes an additional $2.4 million of equity-based compensation recorded within medical expensesMedical benefits ratio based on adjusted gross profit was 89.4% Adjusted EBITDA was ($23.7) million and net loss was ($57.0) million Full Year 2022 Financial HighlightsAll comparisons, unless otherwise noted, are to the twelve months ended Dec. 31, 2021. Total revenue was $1,434.2 million, up 22.8% year over yearHealth plan premium revenue of $1,372.3 million represented 22.4% growth year over yearAdjuste...