Business
Alignment Healthcare Reports Third Quarter Results; Continues to Beat Guidance Across All Key Financial Metrics; Raises Full-Year 2022 Outlook
Reports $360.3 million in total revenue, up 22.8% year-over-yearExceeds high end of guidance on four key performance indicators: membership, revenue, adjusted
About this update from Alignment Healthcare, Inc.
[{"type":"text","content":"Reports $360.3 million in total revenue, up 22.8% year-over-yearExceeds high end of guidance on four key performance indicators: membership, revenue, adjusted gross profit and adjusted EBITDA Earns high performance and quality ratings from Centers for Medicare & Medicaid Services, demonstrating replicability of business model driven by company's proprietary AVA® data platform ORANGE, Calif., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Alignment Healthcare, Inc. (NASDAQ: ALHC), a tech-enabled Medicare Advantage company, today reported financial results for its third quarter ended Sept. 30, 2022. “Alignment Healthcare’s solid performance in the third quarter is a testament to the repeatability and scalability of our operating model,” said John Kao, founder and CEO. “The quarter shows how strategic long-term investments in our people and our technology allow us to effectively deliver durable financial results across the markets we serve.” “Key to this success is Alignment’s proprietary data platform AVA® and the insights it provides across our business to drive value and innovation year after year, as evidenced by our 2023 star ratings,” Kao added. “Achieving 5 out of 5 stars in North Carolina in our first year and maintaining a notable 4 out of 5 stars for our HMO plan in California for the sixth consecutive year puts approximately 95% of our members in plans rated 4 stars or greater, at a time when the number of plans nationwide achieving 4- and 5-star ratings have dropped by double-digit percentages over the last year. This quarter’s results have added significant momentum to an already impressive first half of the year and drive confidence in our team’s ability to achieve our full-year financial targets.” Third Quarter 2022 Financial HighlightsAll comparisons, unless otherwise noted, are to the three months ended Sept. 30, 2021. Health plan membership at the end of the quarter was approximately 98,000, up 14.0% year over yearTotal revenue was $360.3 million, up 22.8% year over yearHealth plan premium revenue of $345.4 million represented 23.9% growth year over yearAdjusted gross profit was $49.5 million and loss from operations was ($33.4) million Adjusted gross profit excludes depreciation and amortization of $4.5 million and selling, general, and administrative expenses of $76.5 million (which includes $16.8 million of equity-based com...