GoHealth Reports First Quarter 2022 Results

About this update from Gohealth, Inc.

[{"type":"text","content":"Reaffirms Full-Year Guidance\nCHICAGO, May 10, 2022 /PRNewswire/ -- GoHealth, Inc. (NASDAQ: GOCO), a leading health insurance marketplace and Medicare-focused digital health company, announced financial results for the three months ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nFirst quarter 2022 net revenue of $270.6 million increased 33% compared to the prior year period.First quarter 2022 net loss of $37.2 million compared to a net loss of $7.3 million in the prior year period; Adjusted EBITDA1 of $11.1 million decreased 65% compared to the prior year period.First quarter 2022 Medicare Submitted Policies of 300,643 increased 62% compared to the prior year period.Cash flow from operations increased 75% to $54.5 millionThe Company reaffirmed its full-year 2022 outlook, and expects total net revenue of $900 - $1,100 million (-15% to +4%) powered by commission revenue of $700 - $900 million (-21% to +2%). The Company expects Adjusted EBITDA1 of $110 - $150 million (+224% to +343%). The Company also expects negative cash flow from operations of $50 - $10 million (+83% to +97%). Clint Jones, co-founder and CEO said, \"I want to thank our people for their continued commitment to our mission. We executed well given our operating strategy to slow our growth and optimize the customer experience. We were pleased with our first quarter results, which finished in-line with our internal expectations and observed promising operating results that accelerated towards the end of the quarter, including reduced marketing costs per submission, higher quality rates and lower CTM rates, and strong agent retention results, all while executing on our cost optimization strategy. While the impacts of this strategy do not fully flow through our first quarter results, we expect to see the financial benefits throughout the year as we continue to focus on cash flow generation.\"\n \nJones continued, \"We're proud to announce that we are expanding our Encompass Platform to serve our carrier partners as a holistic Enterprise Solution. We've expanded our capabilities to serve our carrier partners' most pressing needs, introducing two new modules – Encompass Connect and Encompass Engage. We plan to share more information about the details of Encompass as a Service in coming quarters as we seek out opportunities to drive differentiated value to our partners an...

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